PBDE vs. MMAX

Last updated Jun 4, 2026

PBDE (PGIM S&P 500 Buffer 20 ETF - December) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PBDE returned 15.21% vs 7.67% for MMAX. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PBDE vs. MMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PBDE achieves a 4.81% return, which is significantly higher than MMAX's 3.09% return.

PBDE

• 1D: -0.13%
• 1M: 1.81%
• YTD: 4.81%
• 6M: 5.33%
• 1Y: 15.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDE vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PBDE PGIM S&P 500 Buffer 20 ETF - December	4.81%	13.32%
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.88%

Correlation

The correlation between PBDE and MMAX is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.68

The correlation between PBDE and MMAX has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

PBDE vs. MMAX — Risk / Return Rank

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

PBDE

PBDE Risk / Return Rank: 86
PBDE Sharpe Ratio Rank: 84
PBDE Sortino Ratio Rank: 89
PBDE Omega Ratio Rank: 88
PBDE Calmar Ratio Rank: 77
PBDE Martin Ratio Rank: 90

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX 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.

PBDE vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - December (PBDE) and iShares Large Cap Max Buffer Mar ETF (MMAX). 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.

	PBDE	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	5.52	-2.82
Sortino ratio: Return per unit of downside risk	4.03	10.56	-6.53
Omega ratio: Gain probability vs. loss probability	1.55	2.51	-0.96
Calmar ratio: Return relative to maximum drawdown	3.88	22.49	-18.61
Martin ratio: Return relative to average drawdown	20.58	112.49	-91.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBDE vs. MMAX - Sharpe Ratio Comparison

The current PBDE Sharpe Ratio is 2.70, which is lower than the MMAX Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of PBDE and MMAX, 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

	PBDE	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	5.52	-2.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	3.13	-1.60

Drawdowns

PBDE vs. MMAX - Drawdown Comparison

The maximum PBDE drawdown since its inception was -8.73%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for PBDE and MMAX.

Drawdown Indicators

	PBDE	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.73%	-1.93%	-6.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-0.34%	-3.60%
Current Drawdown Current decline from peak	-0.13%	-0.13%	0.00%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.10%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.07%	+0.67%

Volatility

PBDE vs. MMAX - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - December (PBDE) has a higher volatility of 0.81% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that PBDE's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDE	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.36%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	0.96%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	1.39%	+4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	2.49%	+4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.15%	2.49%	+4.66%

PBDE vs. MMAX - Expense Ratio Comparison

Both PBDE and MMAX have an expense ratio of 0.50%.

Dividends

PBDE vs. MMAX - Dividend Comparison

PBDE has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%
PBDE PGIM S&P 500 Buffer 20 ETF - December	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBDE and MMAX in my portfolio?

PBDE and MMAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBDE or MMAX?

PBDE has higher volatility (0.81%) compared to MMAX (0.36%). In terms of maximum drawdown, PBDE dropped -8.73% vs MMAX's -1.93%.

Which ETF is better, PBDE or MMAX?

On 1-year performance, PBDE leads with 15.21% vs 7.67% for MMAX. Both ETFs have the same 0.50% expense ratio. On volatility, MMAX 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, PBDE or MMAX?

Over the 1-year period, PBDE has performed better with a 15.21% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDE or MMAX?

PBDE and MMAX have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBDE or MMAX?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for PBDE.

What is the main difference between PBDE and MMAX?

They also come from different issuers: PGIM and iShares.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 vs 2.70), 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.