PMMF vs. STEN

Last updated Jun 4, 2026

PMMF (iShares Prime Money Market ETF) and STEN (iShares Large Cap 10% Target Buffer Sep ETF) are both exchange-traded funds - PMMF is a Money Market fund actively managed by BlackRock, while STEN is a Defined Outcome fund actively managed by BlackRock. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. PMMF charges 0.20%/yr vs 0.50%/yr for STEN.

Performance

PMMF vs. STEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Prime Money Market ETF (PMMF) and iShares Large Cap 10% Target Buffer Sep ETF (STEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMF achieves a 1.52% return, which is significantly lower than STEN's 8.12% return.

PMMF

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.82%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

STEN

• 1D: 0.07%
• 1M: 3.29%
• YTD: 8.12%
• 6M: 8.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMMF vs. STEN - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	1.52%	0.99%
STEN iShares Large Cap 10% Target Buffer Sep ETF	8.12%	2.05%

Correlation

The correlation between PMMF and STEN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.22

Return for Risk

PMMF vs. STEN — Risk / Return Rank

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

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 100
PMMF Martin Ratio Rank: 100

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.

PMMF vs. STEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) and iShares Large Cap 10% Target Buffer Sep ETF (STEN). 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.

	PMMF	STEN	Difference
Sharpe ratio Return per unit of total volatility	19.72	—	—
Sortino ratio Return per unit of downside risk	95.22	—	—
Omega ratio Gain probability vs. loss probability	38.37	—	—
Calmar ratio Return relative to maximum drawdown	161.17	—	—
Martin ratio Return relative to average drawdown	1,488.23	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PMMF	STEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.97	1.73	+10.24

Drawdowns

PMMF vs. STEN - Drawdown Comparison

The maximum PMMF drawdown since its inception was -0.13%, smaller than the maximum STEN drawdown of -6.21%. Use the drawdown chart below to compare losses from any high point for PMMF and STEN.

Drawdown Indicators

	PMMF	STEN	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-6.21%	+6.08%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.93%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	PMMF	STEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	9.26%	-9.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	9.26%	-8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	9.26%	-8.92%

PMMF vs. STEN - Expense Ratio Comparison

PMMF has a 0.20% expense ratio, which is lower than STEN's 0.50% expense ratio.

Dividends

PMMF vs. STEN - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.83%, more than STEN's 0.29% yield.

Position	TTM	2025
PMMF iShares Prime Money Market ETF	3.83%	3.59%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both PMMF and STEN in my portfolio?

PMMF and STEN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMMF or STEN?

On fees, PMMF is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMMF or STEN?

PMMF is cheaper with a 0.20% expense ratio, compared with 0.50% for STEN.

Which ETF pays a higher dividend yield, PMMF or STEN?

PMMF has the higher dividend yield at 3.83%, compared with 0.29% for STEN.

What is the main difference between PMMF and STEN?

PMMF is categorized as Money Market, while STEN is Defined Outcome. Their fees differ too: 0.20% for PMMF and 0.50% for STEN.