PMSE vs. MMAX
PMSE (PGIM S&P 500 Max Buffer ETF - September) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
PMSE vs. MMAX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PMSE having a 2.77% return and MMAX slightly higher at 2.86%.
PMSE
- 1D
- -0.04%
- 1M
- 0.15%
- YTD
- 2.77%
- 6M
- 2.72%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- 0.00%
- 1M
- -0.05%
- YTD
- 2.86%
- 6M
- 2.94%
- 1Y
- 6.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMSE vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMSE PGIM S&P 500 Max Buffer ETF - September | 2.77% | 2.13% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 2.33% |
Correlation
The correlation between PMSE and MMAX is 0.63, 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 | 0.63 |
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Return for Risk
PMSE vs. MMAX — Risk / Return Rank
PMSE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
PMSE vs. MMAX - 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 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.
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 | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.22 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 14.70 | — |
| Martin ratioReturn relative to average drawdown | — | 73.42 | — |
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Drawdowns
PMSE vs. MMAX - Drawdown Comparison
The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum MMAX drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for PMSE and MMAX.
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Drawdown Indicators
| PMSE | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.44% | -1.93% | +0.49% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.35% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.11% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.09% | — |
Volatility
PMSE vs. MMAX - Volatility Comparison
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Volatility by Period
| PMSE | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.53% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.07% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 1.43% | +0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 2.48% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.28% | 2.48% | -0.20% |
PMSE vs. MMAX - Expense Ratio Comparison
Both PMSE and MMAX have an expense ratio of 0.50%.
Dividends
PMSE vs. MMAX - Dividend Comparison
PMSE has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.28%.
| Position | TTM | 2025 |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
PMSE PGIM S&P 500 Max Buffer ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
PMSE and MMAX have a correlation of 0.63, 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 MMAX have the same expense ratio: 0.50% per year.
MMAX has the higher dividend yield at 1.28%, compared with 0.00% for PMSE.
They also come from different issuers: PGIM and iShares.
Find the right allocation for PMSE and MMAX
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