PBNV vs. PMSE

Last updated Jun 4, 2026

PBNV (PGIM S&P 500 Buffer 20 ETF - November) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds from PGIM. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBNV vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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, PBNV achieves a 5.20% return, which is significantly higher than PMSE's 2.85% return.

PBNV

• 1D: -0.18%
• 1M: 1.97%
• YTD: 5.20%
• 6M: 5.74%
• 1Y: 12.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.85%
• 6M: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBNV vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
PBNV PGIM S&P 500 Buffer 20 ETF - November	5.20%	2.98%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%

Correlation

The correlation between PBNV and PMSE is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 3, 2025	0.82

Return for Risk

PBNV vs. PMSE — Risk / Return Rank

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

PBNV

PBNV Risk / Return Rank: 79
PBNV Sharpe Ratio Rank: 80
PBNV Sortino Ratio Rank: 83
PBNV Omega Ratio Rank: 88
PBNV Calmar Ratio Rank: 65
PBNV Martin Ratio Rank: 82

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.

PBNV vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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.

	PBNV	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	2.54	—	—
Sortino ratio: Return per unit of downside risk	3.70	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	3.16	—	—
Martin ratio: Return relative to average drawdown	16.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PBNV	PMSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	3.05	-1.45

Drawdowns

PBNV vs. PMSE - Drawdown Comparison

The maximum PBNV drawdown since its inception was -8.37%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for PBNV and PMSE.

Drawdown Indicators

	PBNV	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-1.44%	-6.93%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.02%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.17%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	—	—

Volatility

Volatility by Period

	PBNV	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.05%	2.28%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.96%	2.28%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	2.28%	+4.68%

PBNV vs. PMSE - Expense Ratio Comparison

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

Dividends

PBNV vs. PMSE - Dividend Comparison

Neither PBNV nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBNV and PMSE in my portfolio?

PBNV and PMSE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBNV 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, PBNV or PMSE?

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

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

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