PMDE vs. NVBW

Last updated Jul 12, 2026

PMDE (PGIM S&P 500 Max Buffer ETF - December) and NVBW (Allianzim U.S. Large Cap Buffer20 Nov ETF) are both exchange-traded funds - PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY), while NVBW is a Options Trading fund actively managed by Allianz. PMDE is passively managed, while NVBW is actively managed. Their correlation of 0.88 suggests significant overlap in exposure. PMDE charges 0.50%/yr vs 0.74%/yr for NVBW.

Performance

PMDE vs. NVBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - December (PMDE) and Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMDE achieves a 3.12% return, which is significantly lower than NVBW's 5.87% return.

PMDE

• 1D: 0.10%
• 1M: 0.60%
• 6M: 2.74%
• YTD: 3.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVBW

• 1D: 0.20%
• 1M: 1.23%
• 6M: 4.92%
• YTD: 5.87%
• 1Y: 10.74%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

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

PMDE vs. NVBW - Yearly Performance Comparison

	2026 (YTD)	2025
PMDE PGIM S&P 500 Max Buffer ETF - December	3.12%	0.44%
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	5.87%	0.50%

Correlation

The correlation between PMDE and NVBW is 0.88, 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 Dec 1, 2025	0.88

Return for Risk

PMDE vs. NVBW — Risk / Return Rank

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

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NVBW

NVBW Risk / Return Rank: 81
NVBW Sharpe Ratio Rank: 83
NVBW Sortino Ratio Rank: 86
NVBW Omega Ratio Rank: 88
NVBW Calmar Ratio Rank: 66
NVBW Martin Ratio Rank: 84

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.

PMDE vs. NVBW - 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 Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW). 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	NVBW	Difference
Sharpe ratio: Return per unit of total volatility	—	2.09	—
Sortino ratio: Return per unit of downside risk	—	3.08	—
Omega ratio: Gain probability vs. loss probability	—	1.44	—
Calmar ratio: Return relative to maximum drawdown	—	2.66	—
Martin ratio: Return relative to average drawdown	—	13.22	—

Drawdowns

PMDE vs. NVBW - Drawdown Comparison

The maximum PMDE drawdown since its inception was -1.59%, smaller than the maximum NVBW drawdown of -8.41%. Use the drawdown chart below to compare losses from any high point for PMDE and NVBW.

Drawdown Indicators

	PMDE	NVBW	Difference
Max Drawdown Largest peak-to-trough decline	-1.59%	-8.41%	+6.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.41%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.74%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.81%	—

Volatility

Volatility by Period

	PMDE	NVBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	5.13%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.40%	6.90%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.40%	6.90%	-4.50%

PMDE vs. NVBW - Expense Ratio Comparison

PMDE has a 0.50% expense ratio, which is lower than NVBW's 0.74% expense ratio.

Dividends

PMDE vs. NVBW - Dividend Comparison

Neither PMDE nor NVBW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMDE and NVBW in my portfolio?

PMDE and NVBW have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMDE or NVBW?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMDE or NVBW?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.74% for NVBW.

Which ETF pays a higher dividend yield, PMDE or NVBW?

PMDE and NVBW have nearly identical dividend yields, around 0.00%.

What is the main difference between PMDE and NVBW?

PMDE is categorized as Defined Outcome, while NVBW is Options Trading. They also come from different issuers: PGIM and Allianz. Their fees differ too: 0.50% for PMDE and 0.74% for NVBW.