PBNV vs. SMAX
PBNV (PGIM S&P 500 Buffer 20 ETF - November) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PBNV returned 11.35% vs 8.56% for SMAX. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
PBNV vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, PBNV achieves a 4.66% return, which is significantly higher than SMAX's 2.98% return.
PBNV
- 1D
- -0.47%
- 1M
- -0.02%
- YTD
- 4.66%
- 6M
- 4.43%
- 1Y
- 11.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMAX
- 1D
- -0.22%
- 1M
- 0.14%
- YTD
- 2.98%
- 6M
- 2.87%
- 1Y
- 8.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBNV vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PBNV PGIM S&P 500 Buffer 20 ETF - November | 4.66% | 9.61% | 2.82% |
SMAX iShares Large Cap Max Buffer Sep ETF | 2.98% | 8.01% | 1.06% |
Correlation
The correlation between PBNV and SMAX is 0.85, 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 | 0.85 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.84 |
The correlation between PBNV and SMAX has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.
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Return for Risk
PBNV vs. SMAX — Risk / Return Rank
PBNV
SMAX
PBNV vs. SMAX - 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 iShares Large Cap Max Buffer Sep ETF (SMAX). 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.
| PBNV | SMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.67 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 4.49 | -1.68 |
| Martin ratioReturn relative to average drawdown | 14.00 | 24.03 | -10.03 |
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Drawdowns
PBNV vs. SMAX - Drawdown Comparison
The maximum PBNV drawdown since its inception was -8.37%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for PBNV and SMAX.
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Drawdown Indicators
| PBNV | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.37% | -3.90% | -4.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.06% | -1.91% | -2.15% |
Current DrawdownCurrent decline from peak | -0.69% | -0.29% | -0.40% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -0.40% | -0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.36% | +0.45% |
Volatility
PBNV vs. SMAX - Volatility Comparison
PGIM S&P 500 Buffer 20 ETF - November (PBNV) has a higher volatility of 1.72% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.77%. This indicates that PBNV's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBNV | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 0.77% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 2.18% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.21% | 2.72% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.96% | 3.65% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 3.65% | +3.31% |
PBNV vs. SMAX - Expense Ratio Comparison
Both PBNV and SMAX have an expense ratio of 0.50%.
Dividends
PBNV vs. SMAX - Dividend Comparison
PBNV has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
PBNV PGIM S&P 500 Buffer 20 ETF - November | 0.00% | 0.00% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% |
Frequently Asked Questions
PBNV and SMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBNV has higher volatility (1.72%) compared to SMAX (0.77%). In terms of maximum drawdown, PBNV dropped -8.37% vs SMAX's -3.90%.
On 1-year performance, PBNV leads with 11.35% vs 8.56% for SMAX. Both ETFs have the same 0.50% expense ratio. On volatility, SMAX has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PBNV has performed better with a 11.35% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBNV and SMAX have the same expense ratio: 0.50% per year.
SMAX has the higher dividend yield at 0.95%, compared with 0.00% for PBNV.
They also come from different issuers: PGIM and iShares.
SMAX currently has the higher Sharpe Ratio (3.17 vs 2.19), 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.
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