PMAP vs. MARM

Last updated Jun 4, 2026

PMAP (PGIM S&P 500 Max Buffer ETF - April) and MARM (FT Vest U.S. Equity Max Buffer ETF - March) are both Defined Outcome funds. Both are actively managed. Over the past year, PMAP returned 7.34% vs 7.26% for MARM. A 0.75 correlation means they provide meaningful diversification when combined. PMAP charges 0.50%/yr vs 0.85%/yr for MARM.

Performance

PMAP vs. MARM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - April (PMAP) and FT Vest U.S. Equity Max Buffer ETF - March (MARM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PMAP having a 3.28% return and MARM slightly lower at 3.24%.

PMAP

• 1D: -0.06%
• 1M: 0.59%
• YTD: 3.28%
• 6M: 3.83%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MARM

• 1D: -0.06%
• 1M: 0.60%
• YTD: 3.24%
• 6M: 3.86%
• 1Y: 7.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMAP vs. MARM - Yearly Performance Comparison

	2026 (YTD)	2025
PMAP PGIM S&P 500 Max Buffer ETF - April	3.28%	5.37%
MARM FT Vest U.S. Equity Max Buffer ETF - March	3.24%	5.47%

Correlation

The correlation between PMAP and MARM is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.75

The correlation between PMAP and MARM has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

PMAP vs. MARM — Risk / Return Rank

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

PMAP

PMAP Risk / Return Rank: 99
PMAP Sharpe Ratio Rank: 99
PMAP Sortino Ratio Rank: 99
PMAP Omega Ratio Rank: 99
PMAP Calmar Ratio Rank: 99
PMAP Martin Ratio Rank: 99

MARM

MARM Risk / Return Rank: 98
MARM Sharpe Ratio Rank: 97
MARM Sortino Ratio Rank: 98
MARM Omega Ratio Rank: 98
MARM Calmar Ratio Rank: 97
MARM Martin Ratio Rank: 98

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.

PMAP vs. MARM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - April (PMAP) and FT Vest U.S. Equity Max Buffer ETF - March (MARM). 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.

	PMAP	MARM	Difference
Sharpe ratio: Return per unit of total volatility	6.43	4.55	+1.87
Sortino ratio: Return per unit of downside risk	13.39	8.03	+5.36
Omega ratio: Gain probability vs. loss probability	2.92	2.16	+0.76
Calmar ratio: Return relative to maximum drawdown	21.40	11.63	+9.77
Martin ratio: Return relative to average drawdown	133.92	77.52	+56.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAP vs. MARM - Sharpe Ratio Comparison

The current PMAP Sharpe Ratio is 6.43, which is higher than the MARM Sharpe Ratio of 4.55. The chart below compares the historical Sharpe Ratios of PMAP and MARM, 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

	PMAP	MARM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.43	4.55	+1.87
Sharpe Ratio (All Time) Calculated using the full available price history	3.23	2.23	+1.00

Drawdowns

PMAP vs. MARM - Drawdown Comparison

The maximum PMAP drawdown since its inception was -1.75%, smaller than the maximum MARM drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for PMAP and MARM.

Drawdown Indicators

	PMAP	MARM	Difference
Max Drawdown Largest peak-to-trough decline	-1.75%	-2.74%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.34%	-0.63%	+0.29%
Current Drawdown Current decline from peak	-0.06%	-0.10%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.20%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.09%	-0.04%

Volatility

PMAP vs. MARM - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - April (PMAP) is 0.27%, while FT Vest U.S. Equity Max Buffer ETF - March (MARM) has a volatility of 0.41%. This indicates that PMAP experiences smaller price fluctuations and is considered to be less risky than MARM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAP	MARM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.41%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	1.28%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	1.15%	1.60%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	3.38%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	3.38%	-1.05%

PMAP vs. MARM - Expense Ratio Comparison

PMAP has a 0.50% expense ratio, which is lower than MARM's 0.85% expense ratio.

Dividends

PMAP vs. MARM - Dividend Comparison

Neither PMAP nor MARM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAP and MARM in my portfolio?

PMAP and MARM have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAP or MARM?

MARM has higher volatility (0.41%) compared to PMAP (0.27%). In terms of maximum drawdown, PMAP dropped -1.75% vs MARM's -2.74%.

Which ETF is better, PMAP or MARM?

On 1-year performance, PMAP leads with 7.34% vs 7.26% for MARM. On fees, PMAP is cheaper at 0.50% per year. On volatility, PMAP has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAP or MARM?

Over the 1-year period, PMAP has performed better with a 7.34% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAP or MARM?

PMAP is cheaper with a 0.50% expense ratio, compared with 0.85% for MARM.

Which ETF pays a higher dividend yield, PMAP or MARM?

PMAP and MARM have nearly identical dividend yields, around 0.00%.

What is the main difference between PMAP and MARM?

They also come from different issuers: PGIM and First Trust. Their fees differ too: 0.50% for PMAP and 0.85% for MARM.

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (6.43 vs 4.55), 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.