PMAP vs. PMMY

Last updated Jun 4, 2026

PMAP (PGIM S&P 500 Max Buffer ETF - April) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PMAP returned 7.34% vs 5.98% for PMMY. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PMAP vs. PMMY - 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 PGIM S&P 500 Max Buffer ETF - May (PMMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAP achieves a 3.28% return, which is significantly higher than PMMY's 2.19% return.

PMAP

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

PMMY

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.19%
• 6M: 2.74%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMAP vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
PMAP PGIM S&P 500 Max Buffer ETF - April	3.28%	5.09%
PMMY PGIM S&P 500 Max Buffer ETF - May	2.19%	4.59%

Correlation

The correlation between PMAP and PMMY 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 (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.81

The correlation between PMAP and PMMY has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

PMAP vs. PMMY — 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

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 99
PMMY Omega Ratio Rank: 99
PMMY Calmar Ratio Rank: 98
PMMY Martin Ratio Rank: 99

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. PMMY - 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 PGIM S&P 500 Max Buffer ETF - May (PMMY). 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	PMMY	Difference
Sharpe ratio: Return per unit of total volatility	6.43	5.35	+1.08
Sortino ratio: Return per unit of downside risk	13.39	9.00	+4.40
Omega ratio: Gain probability vs. loss probability	2.92	2.45	+0.47
Calmar ratio: Return relative to maximum drawdown	21.40	16.90	+4.50
Martin ratio: Return relative to average drawdown	133.92	89.69	+44.23
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. PMMY - Sharpe Ratio Comparison

The current PMAP Sharpe Ratio is 6.43, which is comparable to the PMMY Sharpe Ratio of 5.35. The chart below compares the historical Sharpe Ratios of PMAP and PMMY, 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	PMMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.43	5.35	+1.08
Sharpe Ratio (All Time) Calculated using the full available price history	3.23	4.56	-1.33

Drawdowns

PMAP vs. PMMY - Drawdown Comparison

The maximum PMAP drawdown since its inception was -1.75%, which is greater than PMMY's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for PMAP and PMMY.

Drawdown Indicators

	PMAP	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	-1.75%	-0.36%	-1.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.34%	-0.36%	+0.02%
Current Drawdown Current decline from peak	-0.06%	-0.04%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.04%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.07%	-0.02%

Volatility

PMAP vs. PMMY - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - April (PMAP) is 0.27%, while PGIM S&P 500 Max Buffer ETF - May (PMMY) has a volatility of 0.36%. This indicates that PMAP experiences smaller price fluctuations and is considered to be less risky than PMMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAP	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.36%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	0.87%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.15%	1.12%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	1.39%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	1.39%	+0.94%

PMAP vs. PMMY - Expense Ratio Comparison

Both PMAP and PMMY have an expense ratio of 0.50%.

Dividends

PMAP vs. PMMY - Dividend Comparison

Neither PMAP nor PMMY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAP and PMMY in my portfolio?

PMAP and PMMY 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 is riskier, PMAP or PMMY?

PMMY has higher volatility (0.36%) compared to PMAP (0.27%). In terms of maximum drawdown, PMAP dropped -1.75% vs PMMY's -0.36%.

Which ETF is better, PMAP or PMMY?

On 1-year performance, PMAP leads with 7.34% vs 5.98% for PMMY. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAP or PMMY?

Over the 1-year period, PMAP has performed better with a 7.34% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAP or PMMY?

PMAP and PMMY have the same expense ratio: 0.50% per year.

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

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

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (6.43 vs 5.35), 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.