PMSE vs. DMAX
PMSE (PGIM S&P 500 Max Buffer ETF - September) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. PMSE is actively managed, while DMAX is passively managed. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
PMSE vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, PMSE achieves a 2.77% return, which is significantly higher than DMAX's 2.14% return.
PMSE
- 1D
- -0.04%
- 1M
- 0.15%
- YTD
- 2.77%
- 6M
- 2.72%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- -0.06%
- 1M
- 0.02%
- YTD
- 2.14%
- 6M
- 2.21%
- 1Y
- 7.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMSE vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMSE PGIM S&P 500 Max Buffer ETF - September | 2.77% | 2.13% |
DMAX iShares Large Cap Max Buffer December ETF | 2.14% | 2.88% |
Correlation
The correlation between PMSE and DMAX is 0.77, 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 Sep 2, 2025 | 0.77 |
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Return for Risk
PMSE vs. DMAX — Risk / Return Rank
PMSE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DMAX
PMSE vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - September (PMSE) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PMSE | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.66 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.20 | — |
| Martin ratioReturn relative to average drawdown | — | 25.88 | — |
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Drawdowns
PMSE vs. DMAX - Drawdown Comparison
The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PMSE and DMAX.
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Drawdown Indicators
| PMSE | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.44% | -3.37% | +1.93% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.41% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.44% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.38% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.28% | — |
Volatility
PMSE vs. DMAX - Volatility Comparison
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Volatility by Period
| PMSE | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.66% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.64% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 2.32% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 3.38% | -1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.28% | 3.38% | -1.10% |
PMSE vs. DMAX - Expense Ratio Comparison
Both PMSE and DMAX have an expense ratio of 0.50%.
Dividends
PMSE vs. DMAX - Dividend Comparison
PMSE has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.16%.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.16% | 1.18% |
PMSE PGIM S&P 500 Max Buffer ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
PMSE and DMAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PMSE and DMAX have the same expense ratio: 0.50% per year.
DMAX has the higher dividend yield at 1.16%, compared with 0.00% for PMSE.
They also come from different issuers: PGIM and iShares.
Find the right allocation for PMSE and DMAX
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