PBMY vs. PSH

Last updated Jun 4, 2026

PBMY (PGIM S&P 500 Buffer 20 ETF - May) and PSH (PGIM Short Duration High Yield ETF) are both exchange-traded funds - PBMY is a Defined Outcome fund actively managed by PGIM, while PSH is a High Yield Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PBMY returned 10.11% vs 6.11% for PSH. A 0.54 correlation means they provide meaningful diversification when combined. PBMY charges 0.50%/yr vs 0.45%/yr for PSH.

Performance

PBMY vs. PSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - May (PBMY) and PGIM Short Duration High Yield ETF (PSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBMY achieves a 3.80% return, which is significantly higher than PSH's 1.88% return.

PBMY

• 1D: -0.19%
• 1M: 1.80%
• YTD: 3.80%
• 6M: 4.61%
• 1Y: 10.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSH

• 1D: -0.11%
• 1M: 0.08%
• YTD: 1.88%
• 6M: 2.38%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBMY vs. PSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBMY PGIM S&P 500 Buffer 20 ETF - May	3.80%	9.89%	9.46%
PSH PGIM Short Duration High Yield ETF	1.88%	7.34%	5.97%

Correlation

The correlation between PBMY and PSH is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.54

The correlation between PBMY and PSH has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Return for Risk

PBMY vs. PSH — Risk / Return Rank

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

PBMY

PBMY Risk / Return Rank: 96
PBMY Sharpe Ratio Rank: 93
PBMY Sortino Ratio Rank: 96
PBMY Omega Ratio Rank: 96
PBMY Calmar Ratio Rank: 96
PBMY Martin Ratio Rank: 97

PSH

PSH Risk / Return Rank: 71
PSH Sharpe Ratio Rank: 60
PSH Sortino Ratio Rank: 69
PSH Omega Ratio Rank: 72
PSH Calmar Ratio Rank: 82
PSH Martin Ratio Rank: 69

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.

PBMY vs. PSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - May (PBMY) and PGIM Short Duration High Yield ETF (PSH). 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.

	PBMY	PSH	Difference
Sharpe ratio: Return per unit of total volatility	3.42	2.04	+1.38
Sortino ratio: Return per unit of downside risk	5.42	3.19	+2.24
Omega ratio: Gain probability vs. loss probability	1.80	1.43	+0.36
Calmar ratio: Return relative to maximum drawdown	9.00	4.33	+4.67
Martin ratio: Return relative to average drawdown	50.32	12.80	+37.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBMY vs. PSH - Sharpe Ratio Comparison

The current PBMY Sharpe Ratio is 3.42, which is higher than the PSH Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PBMY and PSH, 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

	PBMY	PSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	2.04	+1.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	2.21	-0.64

Drawdowns

PBMY vs. PSH - Drawdown Comparison

The maximum PBMY drawdown since its inception was -8.11%, which is greater than PSH's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for PBMY and PSH.

Drawdown Indicators

	PBMY	PSH	Difference
Max Drawdown Largest peak-to-trough decline	-8.11%	-3.06%	-5.05%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-1.42%	+0.29%
Current Drawdown Current decline from peak	-0.19%	-0.16%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.27%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.48%	-0.28%

Volatility

PBMY vs. PSH - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - May (PBMY) has a higher volatility of 0.92% compared to PGIM Short Duration High Yield ETF (PSH) at 0.69%. This indicates that PBMY's price experiences larger fluctuations and is considered to be riskier than PSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBMY	PSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.69%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	2.10%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	3.02%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	3.26%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.16%	3.26%	+3.90%

PBMY vs. PSH - Expense Ratio Comparison

PBMY has a 0.50% expense ratio, which is higher than PSH's 0.45% expense ratio.

Dividends

PBMY vs. PSH - Dividend Comparison

PBMY's dividend yield for the trailing twelve months is around 0.07%, less than PSH's 6.66% yield.

Position	TTM	2025	2024
PBMY PGIM S&P 500 Buffer 20 ETF - May	0.07%	0.08%	0.00%
PSH PGIM Short Duration High Yield ETF	6.66%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PBMY and PSH in my portfolio?

PBMY and PSH have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMY or PSH?

PBMY has higher volatility (0.92%) compared to PSH (0.69%). In terms of maximum drawdown, PBMY dropped -8.11% vs PSH's -3.06%.

Which ETF is better, PBMY or PSH?

On 1-year performance, PBMY leads with 10.11% vs 6.11% for PSH. On fees, PSH is cheaper at 0.45% per year. On volatility, PSH has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBMY or PSH?

Over the 1-year period, PBMY has performed better with a 10.11% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBMY or PSH?

PSH is cheaper with a 0.45% expense ratio, compared with 0.50% for PBMY.

Which ETF pays a higher dividend yield, PBMY or PSH?

PSH has the higher dividend yield at 6.66%, compared with 0.07% for PBMY.

What is the main difference between PBMY and PSH?

PBMY is categorized as Defined Outcome, while PSH is High Yield Bonds. Their fees differ too: 0.50% for PBMY and 0.45% for PSH.

Which has better risk-adjusted returns?

PBMY currently has the higher Sharpe Ratio (3.42 vs 2.04), 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.