PBMR vs. GMAY

Last updated Jun 5, 2026

PBMR (PGIM US Large-Cap Buffer 20 ETF - March) and GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) are both Options Trading funds. Both are actively managed. Over the past year, PBMR returned 13.38% vs 12.68% for GMAY. Their correlation of 0.83 suggests significant overlap in exposure. PBMR charges 0.50%/yr vs 0.85%/yr for GMAY.

Performance

PBMR vs. GMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - March (PBMR) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBMR achieves a 5.16% return, which is significantly higher than GMAY's 4.67% return.

PBMR

• 1D: 0.20%
• 1M: 1.41%
• YTD: 5.16%
• 6M: 6.05%
• 1Y: 13.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GMAY

• 1D: 0.23%
• 1M: 1.48%
• YTD: 4.67%
• 6M: 5.36%
• 1Y: 12.68%
• 3Y*: 12.29%
• 5Y*: —
• 10Y*: —

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

PBMR vs. GMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBMR PGIM US Large-Cap Buffer 20 ETF - March	5.16%	10.89%	9.41%
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	4.67%	11.94%	9.11%

Correlation

The correlation between PBMR and GMAY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 4, 2024	0.83

The correlation between PBMR and GMAY has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

PBMR vs. GMAY — Risk / Return Rank

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

PBMR

PBMR Risk / Return Rank: 90
PBMR Sharpe Ratio Rank: 91
PBMR Sortino Ratio Rank: 94
PBMR Omega Ratio Rank: 95
PBMR Calmar Ratio Rank: 80
PBMR Martin Ratio Rank: 93

GMAY

GMAY Risk / Return Rank: 87
GMAY Sharpe Ratio Rank: 84
GMAY Sortino Ratio Rank: 89
GMAY Omega Ratio Rank: 90
GMAY Calmar Ratio Rank: 80
GMAY Martin Ratio Rank: 93

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.

PBMR vs. GMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - March (PBMR) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY). 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.

	PBMR	GMAY	Difference
Sharpe ratio: Return per unit of total volatility	3.12	2.68	+0.44
Sortino ratio: Return per unit of downside risk	4.75	4.03	+0.72
Omega ratio: Gain probability vs. loss probability	1.69	1.57	+0.13
Calmar ratio: Return relative to maximum drawdown	4.04	4.10	-0.06
Martin ratio: Return relative to average drawdown	23.69	24.02	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBMR vs. GMAY - Sharpe Ratio Comparison

The current PBMR Sharpe Ratio is 3.12, which is comparable to the GMAY Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of PBMR and GMAY, 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

	PBMR	GMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	2.68	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	1.60	+0.13

Drawdowns

PBMR vs. GMAY - Drawdown Comparison

The maximum PBMR drawdown since its inception was -7.64%, smaller than the maximum GMAY drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for PBMR and GMAY.

Drawdown Indicators

	PBMR	GMAY	Difference
Max Drawdown Largest peak-to-trough decline	-7.64%	-11.75%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-3.11%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.75%	—
Current Drawdown Current decline from peak	-0.05%	-0.12%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.50%	-0.72%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.53%	+0.04%

Volatility

PBMR vs. GMAY - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - March (PBMR) is 0.76%, while FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) has a volatility of 1.22%. This indicates that PBMR experiences smaller price fluctuations and is considered to be less risky than GMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBMR	GMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	1.22%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	3.71%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	4.76%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.60%	7.84%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.60%	7.84%	-1.24%

PBMR vs. GMAY - Expense Ratio Comparison

PBMR has a 0.50% expense ratio, which is lower than GMAY's 0.85% expense ratio.

Dividends

PBMR vs. GMAY - Dividend Comparison

Neither PBMR nor GMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBMR and GMAY in my portfolio?

PBMR and GMAY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMR or GMAY?

GMAY has higher volatility (1.22%) compared to PBMR (0.76%). In terms of maximum drawdown, PBMR dropped -7.64% vs GMAY's -11.75%.

Which ETF is better, PBMR or GMAY?

On 1-year performance, PBMR leads with 13.38% vs 12.68% for GMAY. On fees, PBMR is cheaper at 0.50% per year. On volatility, PBMR has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBMR or GMAY?

Over the 1-year period, PBMR has performed better with a 13.38% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBMR or GMAY?

PBMR is cheaper with a 0.50% expense ratio, compared with 0.85% for GMAY.

Which ETF pays a higher dividend yield, PBMR or GMAY?

PBMR and GMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between PBMR and GMAY?

They also come from different issuers: PGIM and FT Vest. Their fees differ too: 0.50% for PBMR and 0.85% for GMAY.

Which has better risk-adjusted returns?

PBMR currently has the higher Sharpe Ratio (3.12 vs 2.68), 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.