PMSE vs. FEBU

Last updated Aug 1, 2026

PMSE (PGIM S&P 500 Max Buffer ETF - September) and FEBU (AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.87 means they have usually moved in the same direction. PMSE charges 0.50%/yr vs 0.74%/yr for FEBU.

Performance

PMSE vs. FEBU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - September (PMSE) and AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMSE achieves a 3.65% return, which is significantly lower than FEBU's 6.95% return.

PMSE

• 1D: 0.09%
• 1M: 0.53%
• 6M: 3.26%
• YTD: 3.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FEBU

• 1D: 0.69%
• 1M: 0.09%
• 6M: 5.67%
• YTD: 6.95%
• 1Y: 14.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	$35.68K	$44.43K	$83.16K
PMSE PGIM S&P 500 Max Buffer ETF - September	$163.79	$609.46	$1.32K

PMSE vs. FEBU - Yearly Performance Comparison

	2026 (YTD)	2025
PMSE PGIM S&P 500 Max Buffer ETF - September	3.65%	2.13%
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	6.95%	4.75%

Correlation

The correlation between PMSE and FEBU is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 2, 2025	0.87

Return for Risk

PMSE vs. FEBU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMSE

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

FEBU

FEBU Risk / Return Rank: 58
FEBU Sharpe Ratio Rank: 56
FEBU Sortino Ratio Rank: 53
FEBU Omega Ratio Rank: 53
FEBU Calmar Ratio Rank: 65
FEBU Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMSE vs. FEBU - 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 AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU). 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	FEBU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.35	—
Sortino ratio: Return per unit of downside risk	—	1.89	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.29	—
Martin ratio: Return relative to average drawdown	—	7.87	—

Drawdowns

PMSE vs. FEBU - Drawdown Comparison

The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum FEBU drawdown of -11.73%. Use the drawdown chart below to compare losses from any high point for PMSE and FEBU.

Drawdown Indicators

	PMSE	FEBU	Difference
Max Drawdown Largest peak-to-trough decline	-1.44%	-11.73%	+10.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.99%	—
Current Drawdown Current decline from peak	0.00%	-1.73%	+1.73%
Average Drawdown Average peak-to-trough decline	-0.15%	-1.89%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.74%	—

Volatility

Volatility by Period

	PMSE	FEBU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.18%	10.18%	-8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.18%	11.48%	-9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.18%	11.48%	-9.30%

PMSE vs. FEBU - Expense Ratio Comparison

PMSE has a 0.50% expense ratio, which is lower than FEBU's 0.74% expense ratio.

Dividends

PMSE vs. FEBU - Dividend Comparison

Neither PMSE nor FEBU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMSE and FEBU in my portfolio?

PMSE and FEBU have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMSE or FEBU?

On fees, PMSE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMSE or FEBU?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.74% for FEBU.

Which ETF pays a higher dividend yield, PMSE or FEBU?

PMSE and FEBU have nearly identical dividend yields, around 0.00%.

What is the main difference between PMSE and FEBU?

They also come from different issuers: PGIM and Allianz. Their fees differ too: 0.50% for PMSE and 0.74% for FEBU.