PMFB vs. SPYM

Last updated Jun 4, 2026

PMFB (PGIM S&P 500 Max Buffer ETF - February) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - PMFB is a Defined Outcome fund actively managed by PGIM, while SPYM is a S&P 500 fund tracking the S&P 500 Index. PMFB is actively managed, while SPYM is passively managed. Over the past year, PMFB returned 8.06% vs 28.09% for SPYM. Their correlation of 0.89 suggests significant overlap in exposure. PMFB charges 0.50%/yr vs 0.02%/yr for SPYM.

Performance

PMFB vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - February (PMFB) and State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMFB achieves a 2.56% return, which is significantly lower than SPYM's 10.98% return.

PMFB

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.56%
• 6M: 3.26%
• 1Y: 8.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYM

• 1D: -0.66%
• 1M: 5.06%
• YTD: 10.98%
• 6M: 10.98%
• 1Y: 28.09%
• 3Y*: 22.46%
• 5Y*: 13.91%
• 10Y*: 15.62%

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

PMFB vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025
PMFB PGIM S&P 500 Max Buffer ETF - February	2.56%	6.28%
SPYM State Street SPDR Portfolio S&P 500 ETF	10.98%	15.50%

Correlation

The correlation between PMFB and SPYM is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.89

The correlation between PMFB and SPYM has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

PMFB vs. SPYM — Risk / Return Rank

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

PMFB

PMFB Risk / Return Rank: 95
PMFB Sharpe Ratio Rank: 95
PMFB Sortino Ratio Rank: 97
PMFB Omega Ratio Rank: 97
PMFB Calmar Ratio Rank: 92
PMFB Martin Ratio Rank: 95

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 71
SPYM Sortino Ratio Rank: 70
SPYM Omega Ratio Rank: 71
SPYM Calmar Ratio Rank: 62
SPYM Martin Ratio Rank: 76

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.

PMFB vs. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - February (PMFB) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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.

	PMFB	SPYM	Difference
Sharpe ratio Return per unit of total volatility	3.83	2.39	+1.43
Sortino ratio Return per unit of downside risk	6.15	3.27	+2.88
Omega ratio Gain probability vs. loss probability	1.88	1.44	+0.44
Calmar ratio Return relative to maximum drawdown	6.04	3.17	+2.87
Martin ratio Return relative to average drawdown	31.52	14.76	+16.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMFB vs. SPYM - Sharpe Ratio Comparison

The current PMFB Sharpe Ratio is 3.83, which is higher than the SPYM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PMFB and SPYM, 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

	PMFB	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.83	2.39	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.43	0.62	+1.82

Drawdowns

PMFB vs. SPYM - Drawdown Comparison

The maximum PMFB drawdown since its inception was -2.94%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for PMFB and SPYM.

Drawdown Indicators

	PMFB	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-54.46%	+51.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-8.90%	+7.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	-0.06%	-0.66%	+0.60%
Average Drawdown Average peak-to-trough decline	-0.37%	-7.15%	+6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	1.91%	-1.65%

Volatility

PMFB vs. SPYM - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - February (PMFB) is 0.37%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 2.83%. This indicates that PMFB experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMFB	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	2.83%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	8.90%	-7.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.12%	11.80%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.77%	16.80%	-14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.77%	18.00%	-15.23%

PMFB vs. SPYM - Expense Ratio Comparison

PMFB has a 0.50% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

PMFB vs. SPYM - Dividend Comparison

PMFB has not paid dividends to shareholders, while SPYM's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMFB PGIM S&P 500 Max Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.00%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both PMFB and SPYM in my portfolio?

PMFB and SPYM have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMFB or SPYM?

SPYM has higher volatility (2.83%) compared to PMFB (0.37%). In terms of maximum drawdown, PMFB dropped -2.94% vs SPYM's -54.46%.

Which ETF is better, PMFB or SPYM?

On 1-year performance, SPYM leads with 28.09% vs 8.06% for PMFB. On fees, SPYM is cheaper at 0.02% per year. On volatility, PMFB has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMFB or SPYM?

Over the 1-year period, SPYM has performed better with a 28.09% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMFB or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.50% for PMFB.

Which ETF pays a higher dividend yield, PMFB or SPYM?

SPYM has the higher dividend yield at 1.00%, compared with 0.00% for PMFB.

What is the main difference between PMFB and SPYM?

PMFB is categorized as Defined Outcome, while SPYM is S&P 500. They also come from different issuers: PGIM and State Street. Their fees differ too: 0.50% for PMFB and 0.02% for SPYM.

Which has better risk-adjusted returns?

PMFB currently has the higher Sharpe Ratio (3.83 vs 2.39), 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.