PMOC vs. MMAX

Last updated Jun 4, 2026

PMOC (PGIM S&P 500 Max Buffer ETF - October) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PMOC vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - October (PMOC) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMOC achieves a 2.83% return, which is significantly lower than MMAX's 3.09% return.

PMOC

• 1D: 0.06%
• 1M: 0.91%
• YTD: 2.83%
• 6M: 3.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMOC vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PMOC PGIM S&P 500 Max Buffer ETF - October	2.83%	0.93%
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	1.64%

Correlation

The correlation between PMOC and MMAX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.68

Return for Risk

PMOC vs. MMAX — Risk / Return Rank

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

MMAX

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

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.

PMOC vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - October (PMOC) and iShares Large Cap Max Buffer Mar ETF (MMAX). 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.

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

Sharpe Ratios by Period

	PMOC	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.38	3.13	-0.75

Drawdowns

PMOC vs. MMAX - Drawdown Comparison

The maximum PMOC drawdown since its inception was -1.50%, smaller than the maximum MMAX drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for PMOC and MMAX.

Drawdown Indicators

	PMOC	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-1.93%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.34%	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.10%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	PMOC	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	1.39%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.42%	2.49%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.42%	2.49%	-0.07%

PMOC vs. MMAX - Expense Ratio Comparison

Both PMOC and MMAX have an expense ratio of 0.50%.

Dividends

PMOC vs. MMAX - Dividend Comparison

PMOC has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%
PMOC PGIM S&P 500 Max Buffer ETF - October	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMOC and MMAX in my portfolio?

PMOC and MMAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMOC or MMAX?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMOC or MMAX?

PMOC and MMAX have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PMOC or MMAX?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for PMOC.

What is the main difference between PMOC and MMAX?

They also come from different issuers: PGIM and iShares.