PMAU vs. DMAX
PMAU (PGIM S&P 500 Max Buffer ETF - August) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. PMAU is actively managed, while DMAX is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
PMAU vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, PMAU achieves a 3.05% return, which is significantly higher than DMAX's 2.19% return.
PMAU
- 1D
- -0.13%
- 1M
- 0.30%
- YTD
- 3.05%
- 6M
- 3.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- -0.15%
- 1M
- 0.07%
- YTD
- 2.19%
- 6M
- 2.35%
- 1Y
- 7.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMAU vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMAU PGIM S&P 500 Max Buffer ETF - August | 3.05% | 2.94% |
DMAX iShares Large Cap Max Buffer December ETF | 2.19% | 3.68% |
Correlation
The correlation between PMAU and DMAX 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 Aug 1, 2025 | 0.82 |
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Return for Risk
PMAU vs. DMAX — Risk / Return Rank
PMAU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DMAX
PMAU vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - August (PMAU) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
| PMAU | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.70 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.51 | — |
| Martin ratioReturn relative to average drawdown | — | 27.58 | — |
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Drawdowns
PMAU vs. DMAX - Drawdown Comparison
The maximum PMAU drawdown since its inception was -1.79%, smaller than the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PMAU and DMAX.
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Drawdown Indicators
| PMAU | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.79% | -3.37% | +1.58% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.41% | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.38% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.38% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.28% | — |
Volatility
PMAU vs. DMAX - Volatility Comparison
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Volatility by Period
| PMAU | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.65% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.65% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 2.34% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 3.38% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.48% | 3.38% | -0.90% |
PMAU vs. DMAX - Expense Ratio Comparison
Both PMAU and DMAX have an expense ratio of 0.50%.
Dividends
PMAU vs. DMAX - Dividend Comparison
PMAU has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
PMAU PGIM S&P 500 Max Buffer ETF - August | 0.00% | 0.00% |
Frequently Asked Questions
PMAU and DMAX 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.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PMAU and DMAX have the same expense ratio: 0.50% per year.
DMAX has the higher dividend yield at 1.15%, compared with 0.00% for PMAU.
They also come from different issuers: PGIM and iShares.
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