PBJN vs. PMSE

Last updated Aug 1, 2026

PBJN (PGIM S&P 500 Buffer 20 ETF - June) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds from PGIM. Both are actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

PBJN vs. PMSE - Performance Comparison

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

Returns By Period

In the year-to-date period, PBJN achieves a 3.13% return, which is significantly lower than PMSE's 3.65% return.

PBJN

• 1D: 0.14%
• 1M: 0.17%
• 6M: 2.54%
• YTD: 3.13%
• 1Y: 7.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.15%

PMSE

• 1D: 0.09%
• 1M: 0.53%
• 6M: 3.26%
• YTD: 3.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBJN PGIM S&P 500 Buffer 20 ETF - June	$190.56K	$168.44K	$656.43K
PMSE PGIM S&P 500 Max Buffer ETF - September	$163.79	$609.46	$1.32K

PBJN vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
PBJN PGIM S&P 500 Buffer 20 ETF - June	3.13%	2.97%
PMSE PGIM S&P 500 Max Buffer ETF - September	3.65%	2.13%

Correlation

The correlation between PBJN and PMSE is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 2, 2025	0.78

Return for Risk

PBJN vs. PMSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBJN

PBJN Risk / Return Rank: 77
PBJN Sharpe Ratio Rank: 68
PBJN Sortino Ratio Rank: 69
PBJN Omega Ratio Rank: 78
PBJN Calmar Ratio Rank: 82
PBJN Martin Ratio Rank: 90

PMSE

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBJN vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - June (PBJN) and PGIM S&P 500 Max Buffer ETF - September (PMSE). 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.

	PBJN	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	1.59	—	—
Sortino ratio: Return per unit of downside risk	2.28	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.02	—	—
Martin ratio: Return relative to average drawdown	14.32	—	—

Drawdowns

PBJN vs. PMSE - Drawdown Comparison

The maximum PBJN drawdown since its inception was -8.70%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for PBJN and PMSE.

Drawdown Indicators

	PBJN	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-1.44%	-7.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	—	—
Current Drawdown Current decline from peak	-0.52%	0.00%	-0.52%
Average Drawdown Average peak-to-trough decline	-0.61%	-0.15%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	—	—

Volatility

Volatility by Period

	PBJN	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	2.18%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.29%	2.18%	+5.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.29%	2.18%	+5.11%

PBJN vs. PMSE - Expense Ratio Comparison

Both PBJN and PMSE have an expense ratio of 0.50%.

Dividends

PBJN vs. PMSE - Dividend Comparison

Neither PBJN nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBJN and PMSE in my portfolio?

PBJN and PMSE 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 ETF is better, PBJN or PMSE?

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, PBJN or PMSE?

PBJN and PMSE have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBJN or PMSE?

PBJN and PMSE have nearly identical dividend yields, around 0.00%.