PMMY vs. SMAX

Last updated Jun 4, 2026

PMMY (PGIM S&P 500 Max Buffer ETF - May) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PMMY returned 5.98% vs 9.17% for SMAX. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PMMY vs. SMAX - 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 iShares Large Cap Max Buffer Sep ETF (SMAX). 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 lower than SMAX's 3.09% return.

PMMY

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

SMAX

• 1D: -0.09%
• 1M: 1.09%
• YTD: 3.09%
• 6M: 3.54%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMMY vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PMMY PGIM S&P 500 Max Buffer ETF - May	2.19%	4.59%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	8.18%

Correlation

The correlation between PMMY and SMAX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.71

The correlation between PMMY and SMAX has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.

Return for Risk

PMMY vs. SMAX — 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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
SMAX Martin Ratio Rank: 94

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. SMAX - 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 iShares Large Cap Max Buffer Sep ETF (SMAX). 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	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	5.35	3.46	+1.89
Sortino ratio: Return per unit of downside risk	9.00	5.32	+3.68
Omega ratio: Gain probability vs. loss probability	2.45	1.75	+0.70
Calmar ratio: Return relative to maximum drawdown	16.90	4.81	+12.09
Martin ratio: Return relative to average drawdown	89.69	26.11	+63.58
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. SMAX - Sharpe Ratio Comparison

The current PMMY Sharpe Ratio is 5.35, which is higher than the SMAX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of PMMY and SMAX, 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	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.35	3.46	+1.89
Sharpe Ratio (All Time) Calculated using the full available price history	4.56	2.01	+2.55

Drawdowns

PMMY vs. SMAX - Drawdown Comparison

The maximum PMMY drawdown since its inception was -0.36%, smaller than the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for PMMY and SMAX.

Drawdown Indicators

	PMMY	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.36%	-3.90%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-1.91%	+1.55%
Current Drawdown Current decline from peak	-0.04%	-0.09%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.40%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.35%	-0.28%

Volatility

PMMY vs. SMAX - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - May (PMMY) is 0.36%, while iShares Large Cap Max Buffer Sep ETF (SMAX) has a volatility of 0.38%. This indicates that PMMY experiences smaller price fluctuations and is considered to be less risky than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMY	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.38%	-0.02%
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%	2.67%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	3.67%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	3.67%	-2.28%

PMMY vs. SMAX - Expense Ratio Comparison

Both PMMY and SMAX have an expense ratio of 0.50%.

Dividends

PMMY vs. SMAX - Dividend Comparison

PMMY has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024
PMMY PGIM S&P 500 Max Buffer ETF - May	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both PMMY and SMAX in my portfolio?

PMMY and SMAX have a correlation of 0.71, 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 SMAX?

SMAX has higher volatility (0.38%) compared to PMMY (0.36%). In terms of maximum drawdown, PMMY dropped -0.36% vs SMAX's -3.90%.

Which ETF is better, PMMY or SMAX?

On 1-year performance, SMAX leads with 9.17% vs 5.98% for PMMY. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMMY or SMAX?

Over the 1-year period, SMAX has performed better with a 9.17% 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 SMAX?

PMMY and SMAX have the same expense ratio: 0.50% per year.

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

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for PMMY.

What is the main difference between PMMY and SMAX?

They also come from different issuers: PGIM and iShares.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (5.35 vs 3.46), 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.