PBSE vs. PMAU

Last updated Aug 1, 2026

PBSE (PGIM S&P 500 Buffer 20 ETF - September) and PMAU (PGIM S&P 500 Max Buffer ETF - August) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PBSE returned 10.92% vs 7.00% for PMAU. Their correlation of 0.86 means they have usually moved in the same direction. Both charge a 0.50% expense ratio.

Performance

PBSE vs. PMAU - Performance Comparison

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

Returns By Period

In the year-to-date period, PBSE achieves a 5.39% return, which is significantly higher than PMAU's 3.90% return.

PBSE

• 1D: -0.03%
• 1M: 0.60%
• 6M: 4.83%
• YTD: 5.39%
• 1Y: 10.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.10%

PMAU

• 1D: 0.09%
• 1M: 0.49%
• 6M: 3.48%
• YTD: 3.90%
• 1Y: 7.00%
• 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)
PBSE PGIM S&P 500 Buffer 20 ETF - September	$98.73K	$100.58K	$135.58K
PMAU PGIM S&P 500 Max Buffer ETF - August	$48.78K	$23.35K	$8.53K

PBSE vs. PMAU - Yearly Performance Comparison

	2026 (YTD)	2025
PBSE PGIM S&P 500 Buffer 20 ETF - September	5.39%	4.60%
PMAU PGIM S&P 500 Max Buffer ETF - August	3.90%	2.94%

Correlation

The correlation between PBSE and PMAU is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.86

Return for Risk

PBSE vs. PMAU — Risk / Return Rank

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

PBSE

PBSE Risk / Return Rank: 90
PBSE Sharpe Ratio Rank: 90
PBSE Sortino Ratio Rank: 92
PBSE Omega Ratio Rank: 92
PBSE Calmar Ratio Rank: 85
PBSE Martin Ratio Rank: 93

PMAU

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.

PBSE vs. PMAU - Risk-Adjusted Trends Comparison

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

	PBSE	PMAU	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.39	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	3.26	—	—
Martin ratio: Return relative to average drawdown	17.32	—	—

Drawdowns

PBSE vs. PMAU - Drawdown Comparison

The maximum PBSE drawdown since its inception was -8.35%, which is greater than PMAU's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for PBSE and PMAU.

Drawdown Indicators

	PBSE	PMAU	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-1.79%	-6.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-1.79%	-1.36%
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.15%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	—	—

Volatility

Volatility by Period

	PBSE	PMAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.52%	2.35%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.50%	2.35%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.50%	2.35%	+4.15%

PBSE vs. PMAU - Expense Ratio Comparison

Both PBSE and PMAU have an expense ratio of 0.50%.

Dividends

PBSE vs. PMAU - Dividend Comparison

Neither PBSE nor PMAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBSE and PMAU in my portfolio?

PBSE and PMAU have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBSE or PMAU?

On 1-year performance, PBSE leads with 10.92% vs 7.00% for PMAU. 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 has performed better, PBSE or PMAU?

Over the 1-year period, PBSE has performed better with a 10.92% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBSE or PMAU?

PBSE and PMAU have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBSE or PMAU?

PBSE and PMAU have nearly identical dividend yields, around 0.00%.