PMMY vs. PSH

Last updated Jun 4, 2026

PMMY (PGIM S&P 500 Max Buffer ETF - May) and PSH (PGIM Short Duration High Yield ETF) are both exchange-traded funds - PMMY is a Defined Outcome fund actively managed by PGIM, while PSH is a High Yield Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PMMY returned 5.98% vs 6.11% for PSH. At a 0.46 correlation, their price movements are largely independent. PMMY charges 0.50%/yr vs 0.45%/yr for PSH.

Performance

PMMY vs. PSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - May (PMMY) and PGIM Short Duration High Yield ETF (PSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMY achieves a 2.19% return, which is significantly higher than PSH's 1.88% return.

PMMY

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.19%
• 6M: 2.74%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSH

• 1D: -0.11%
• 1M: 0.08%
• YTD: 1.88%
• 6M: 2.38%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMMY vs. PSH - Yearly Performance Comparison

	2026 (YTD)	2025
PMMY PGIM S&P 500 Max Buffer ETF - May	2.19%	4.59%
PSH PGIM Short Duration High Yield ETF	1.88%	5.70%

Correlation

The correlation between PMMY and PSH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.46

Return for Risk

PMMY vs. PSH — Risk / Return Rank

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

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 99
PMMY Omega Ratio Rank: 99
PMMY Calmar Ratio Rank: 98
PMMY Martin Ratio Rank: 99

PSH

PSH Risk / Return Rank: 71
PSH Sharpe Ratio Rank: 60
PSH Sortino Ratio Rank: 69
PSH Omega Ratio Rank: 72
PSH Calmar Ratio Rank: 82
PSH Martin Ratio Rank: 69

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.

PMMY vs. PSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - May (PMMY) and PGIM Short Duration High Yield ETF (PSH). 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.

	PMMY	PSH	Difference
Sharpe ratio: Return per unit of total volatility	5.35	2.04	+3.31
Sortino ratio: Return per unit of downside risk	9.00	3.19	+5.81
Omega ratio: Gain probability vs. loss probability	2.45	1.43	+1.02
Calmar ratio: Return relative to maximum drawdown	16.90	4.33	+12.57
Martin ratio: Return relative to average drawdown	89.69	12.80	+76.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMMY vs. PSH - Sharpe Ratio Comparison

The current PMMY Sharpe Ratio is 5.35, which is higher than the PSH Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PMMY and PSH, 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

	PMMY	PSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.35	2.04	+3.31
Sharpe Ratio (All Time) Calculated using the full available price history	4.56	2.21	+2.35

Drawdowns

PMMY vs. PSH - Drawdown Comparison

The maximum PMMY drawdown since its inception was -0.36%, smaller than the maximum PSH drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for PMMY and PSH.

Drawdown Indicators

	PMMY	PSH	Difference
Max Drawdown Largest peak-to-trough decline	-0.36%	-3.06%	+2.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-1.42%	+1.06%
Current Drawdown Current decline from peak	-0.04%	-0.16%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.27%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.48%	-0.41%

Volatility

PMMY vs. PSH - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - May (PMMY) is 0.36%, while PGIM Short Duration High Yield ETF (PSH) has a volatility of 0.69%. This indicates that PMMY experiences smaller price fluctuations and is considered to be less risky than PSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMY	PSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.69%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	0.87%	2.10%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	3.02%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	3.26%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	3.26%	-1.87%

PMMY vs. PSH - Expense Ratio Comparison

PMMY has a 0.50% expense ratio, which is higher than PSH's 0.45% expense ratio.

Dividends

PMMY vs. PSH - Dividend Comparison

PMMY has not paid dividends to shareholders, while PSH's dividend yield for the trailing twelve months is around 6.66%.

Position	TTM	2025	2024
PMMY PGIM S&P 500 Max Buffer ETF - May	0.00%	0.00%	0.00%
PSH PGIM Short Duration High Yield ETF	6.66%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PMMY and PSH in my portfolio?

PMMY and PSH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMMY or PSH?

PSH has higher volatility (0.69%) compared to PMMY (0.36%). In terms of maximum drawdown, PMMY dropped -0.36% vs PSH's -3.06%.

Which ETF is better, PMMY or PSH?

On 1-year performance, PSH leads with 6.11% vs 5.98% for PMMY. On fees, PSH is cheaper at 0.45% per year. On volatility, PMMY has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMMY or PSH?

Over the 1-year period, PSH has performed better with a 6.11% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMY or PSH?

PSH is cheaper with a 0.45% expense ratio, compared with 0.50% for PMMY.

Which ETF pays a higher dividend yield, PMMY or PSH?

PSH has the higher dividend yield at 6.66%, compared with 0.00% for PMMY.

What is the main difference between PMMY and PSH?

PMMY is categorized as Defined Outcome, while PSH is High Yield Bonds. Their fees differ too: 0.50% for PMMY and 0.45% for PSH.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (5.35 vs 2.04), 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.