PMDE vs. MMAX
PMDE (PGIM S&P 500 Max Buffer ETF - December) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. PMDE is passively managed, while MMAX is actively managed. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
PMDE vs. MMAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PMDE achieves a 2.65% return, which is significantly lower than MMAX's 3.01% return.
PMDE
- 1D
- -0.02%
- 1M
- 0.27%
- YTD
- 2.65%
- 6M
- 2.57%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.04%
- 1M
- 0.09%
- YTD
- 3.01%
- 6M
- 3.19%
- 1Y
- 7.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMDE vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMDE PGIM S&P 500 Max Buffer ETF - December | 2.65% | 0.44% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.01% | 0.76% |
Correlation
The correlation between PMDE and MMAX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025 | 0.59 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PMDE vs. MMAX — Risk / Return Rank
PMDE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
PMDE vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - December (PMDE) and iShares Large Cap Max Buffer Mar ETF (MMAX). 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.
| PMDE | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 15.86 | — |
| Martin ratioReturn relative to average drawdown | — | 84.16 | — |
Loading charts...
Drawdowns
PMDE vs. MMAX - Drawdown Comparison
The maximum PMDE drawdown since its inception was -1.59%, smaller than the maximum MMAX drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for PMDE and MMAX.
Loading charts...
Drawdown Indicators
| PMDE | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.59% | -1.93% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.20% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -0.11% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.09% | — |
Volatility
PMDE vs. MMAX - Volatility Comparison
Loading charts...
Volatility by Period
| PMDE | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.52% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.47% | 1.42% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.47% | 2.48% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.47% | 2.48% | -0.01% |
PMDE vs. MMAX - Expense Ratio Comparison
Both PMDE and MMAX have an expense ratio of 0.50%.
Dividends
PMDE vs. MMAX - Dividend Comparison
PMDE has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.28%.
| Position | TTM | 2025 |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
PMDE PGIM S&P 500 Max Buffer ETF - December | 0.00% | 0.00% |
Frequently Asked Questions
PMDE and MMAX have a correlation of 0.59, 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.
PMDE and MMAX have the same expense ratio: 0.50% per year.
MMAX has the higher dividend yield at 1.28%, compared with 0.00% for PMDE.
They also come from different issuers: PGIM and iShares.
Find the right allocation for PMDE and MMAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer