PBAU vs. PMMY

Last updated Jun 4, 2026

PBAU (PGIM S&P 500 Buffer 20 ETF - August) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PBAU returned 13.47% vs 5.98% for PMMY. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PBAU vs. PMMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - August (PBAU) and PGIM S&P 500 Max Buffer ETF - May (PMMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAU achieves a 4.33% return, which is significantly higher than PMMY's 2.19% return.

PBAU

• 1D: -0.05%
• 1M: 1.38%
• YTD: 4.33%
• 6M: 5.01%
• 1Y: 13.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMMY

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.19%
• 6M: 2.74%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBAU vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
PBAU PGIM S&P 500 Buffer 20 ETF - August	4.33%	12.95%
PMMY PGIM S&P 500 Max Buffer ETF - May	2.19%	4.59%

Correlation

The correlation between PBAU and PMMY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.76

The correlation between PBAU and PMMY has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

Return for Risk

PBAU vs. PMMY — Risk / Return Rank

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

PBAU

PBAU Risk / Return Rank: 87
PBAU Sharpe Ratio Rank: 85
PBAU Sortino Ratio Rank: 89
PBAU Omega Ratio Rank: 90
PBAU Calmar Ratio Rank: 80
PBAU Martin Ratio Rank: 91

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 99
PMMY Omega Ratio Rank: 99
PMMY Calmar Ratio Rank: 98
PMMY Martin Ratio Rank: 99

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.

PBAU vs. PMMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - August (PBAU) and PGIM S&P 500 Max Buffer ETF - May (PMMY). 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.

	PBAU	PMMY	Difference
Sharpe ratio: Return per unit of total volatility	2.76	5.35	-2.59
Sortino ratio: Return per unit of downside risk	4.09	9.00	-4.91
Omega ratio: Gain probability vs. loss probability	1.58	2.45	-0.88
Calmar ratio: Return relative to maximum drawdown	4.11	16.90	-12.79
Martin ratio: Return relative to average drawdown	21.83	89.69	-67.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBAU vs. PMMY - Sharpe Ratio Comparison

The current PBAU Sharpe Ratio is 2.76, which is lower than the PMMY Sharpe Ratio of 5.35. The chart below compares the historical Sharpe Ratios of PBAU and PMMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBAU	PMMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	5.35	-2.59
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	4.56	-2.98

Drawdowns

PBAU vs. PMMY - Drawdown Comparison

The maximum PBAU drawdown since its inception was -8.87%, which is greater than PMMY's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for PBAU and PMMY.

Drawdown Indicators

	PBAU	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	-8.87%	-0.36%	-8.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-0.36%	-2.93%
Current Drawdown Current decline from peak	-0.05%	-0.04%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.04%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.07%	+0.55%

Volatility

PBAU vs. PMMY - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - August (PBAU) has a higher volatility of 0.47% compared to PGIM S&P 500 Max Buffer ETF - May (PMMY) at 0.36%. This indicates that PBAU's price experiences larger fluctuations and is considered to be riskier than PMMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAU	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.36%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	0.87%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	4.91%	1.12%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	1.39%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	1.39%	+5.82%

PBAU vs. PMMY - Expense Ratio Comparison

Both PBAU and PMMY have an expense ratio of 0.50%.

Dividends

PBAU vs. PMMY - Dividend Comparison

Neither PBAU nor PMMY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBAU and PMMY in my portfolio?

PBAU and PMMY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBAU or PMMY?

PBAU has higher volatility (0.47%) compared to PMMY (0.36%). In terms of maximum drawdown, PBAU dropped -8.87% vs PMMY's -0.36%.

Which ETF is better, PBAU or PMMY?

On 1-year performance, PBAU leads with 13.47% vs 5.98% for PMMY. Both ETFs have the same 0.50% expense ratio. On volatility, PMMY has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAU or PMMY?

Over the 1-year period, PBAU has performed better with a 13.47% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAU or PMMY?

PBAU and PMMY have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBAU or PMMY?

PBAU and PMMY have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (5.35 vs 2.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.