PMSE vs. NVDO

Last updated Jun 5, 2026

PMSE (PGIM S&P 500 Max Buffer ETF - September) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. PMSE charges 0.50%/yr vs 0.77%/yr for NVDO.

Performance

PMSE vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMSE achieves a 2.86% return, which is significantly lower than NVDO's 20.98% return.

PMSE

• 1D: 0.02%
• 1M: 0.82%
• YTD: 2.86%
• 6M: 3.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDO

• 1D: 1.80%
• 1M: 17.25%
• YTD: 20.98%
• 6M: 29.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMSE vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
PMSE PGIM S&P 500 Max Buffer ETF - September	2.86%	2.23%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	20.98%	17.44%

Correlation

The correlation between PMSE and NVDO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 3, 2025	0.47

Return for Risk

PMSE vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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

	PMSE	NVDO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	3.05	1.39	+1.65

Drawdowns

PMSE vs. NVDO - Drawdown Comparison

The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for PMSE and NVDO.

Drawdown Indicators

	PMSE	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-1.44%	-16.25%	+14.81%
Current Drawdown Current decline from peak	-0.00%	-0.93%	+0.93%
Average Drawdown Average peak-to-trough decline	-0.17%	-4.97%	+4.80%

Volatility

Volatility by Period

	PMSE	NVDO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	31.91%	-29.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.27%	31.91%	-29.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	31.91%	-29.64%

PMSE vs. NVDO - Expense Ratio Comparison

PMSE has a 0.50% expense ratio, which is lower than NVDO's 0.77% expense ratio.

Dividends

PMSE vs. NVDO - Dividend Comparison

PMSE has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 13.77%.

Position	TTM	2025
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	13.77%	16.66%
PMSE PGIM S&P 500 Max Buffer ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMSE and NVDO in my portfolio?

PMSE and NVDO have a correlation of 0.47, 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 NVDO?

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 NVDO?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.77% for NVDO.

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

NVDO has the higher dividend yield at 13.77%, compared with 0.00% for PMSE.

What is the main difference between PMSE and NVDO?

They also come from different issuers: PGIM and Leverage Shares. Their fees differ too: 0.50% for PMSE and 0.77% for NVDO.