PBAP vs. PMDE

Last updated Jul 15, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - PBAP is a Options Trading fund actively managed by PGIM, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). PBAP is actively managed, while PMDE is passively managed. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PBAP vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAP achieves a 7.44% return, which is significantly higher than PMDE's 3.16% return.

PBAP

• 1D: 0.18%
• 1M: 0.87%
• 6M: 7.15%
• YTD: 7.44%
• 1Y: 12.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: 0.06%
• 1M: 0.64%
• 6M: 2.74%
• YTD: 3.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PBAP vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
PBAP PGIM US Large-Cap Buffer 20 ETF - April	7.44%	0.96%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.16%	0.44%

Correlation

The correlation between PBAP and PMDE is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.70

Return for Risk

PBAP vs. PMDE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 97
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 98
PBAP Martin Ratio Rank: 98

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PBAP vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and PGIM S&P 500 Max Buffer ETF - December (PMDE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PBAP	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	3.73	—	—
Sortino ratio: Return per unit of downside risk	6.18	—	—
Omega ratio: Gain probability vs. loss probability	1.95	—	—
Calmar ratio: Return relative to maximum drawdown	10.42	—	—
Martin ratio: Return relative to average drawdown	62.42	—	—

Drawdowns

PBAP vs. PMDE - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for PBAP and PMDE.

Drawdown Indicators

	PBAP	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-1.59%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	—	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.24%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	—	—

Volatility

Volatility by Period

	PBAP	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	2.39%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	2.39%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	2.39%	+4.60%

PBAP vs. PMDE - Expense Ratio Comparison

Both PBAP and PMDE have an expense ratio of 0.50%.

Dividends

PBAP vs. PMDE - Dividend Comparison

Neither PBAP nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBAP and PMDE in my portfolio?

PBAP and PMDE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBAP or PMDE?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBAP or PMDE?

PBAP and PMDE have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBAP or PMDE?

PBAP and PMDE have nearly identical dividend yields, around 0.00%.

What is the main difference between PBAP and PMDE?

PBAP is categorized as Options Trading, while PMDE is Defined Outcome.