PMSE vs. SPBW
PMSE (PGIM S&P 500 Max Buffer ETF - September) and SPBW (AllianzIM Buffer20 Allocation ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. PMSE charges 0.50%/yr vs 0.79%/yr for SPBW.
Performance
PMSE vs. SPBW - Performance Comparison
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Returns By Period
In the year-to-date period, PMSE achieves a 2.81% return, which is significantly lower than SPBW's 4.22% return.
PMSE
- 1D
- -0.15%
- 1M
- 0.19%
- YTD
- 2.81%
- 6M
- 2.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPBW
- 1D
- -0.28%
- 1M
- 0.11%
- YTD
- 4.22%
- 6M
- 4.12%
- 1Y
- 11.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMSE vs. SPBW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMSE PGIM S&P 500 Max Buffer ETF - September | 2.81% | 2.13% |
SPBW AllianzIM Buffer20 Allocation ETF | 4.22% | 3.24% |
Correlation
The correlation between PMSE and SPBW is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 2, 2025 | 0.86 |
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Return for Risk
PMSE vs. SPBW — Risk / Return Rank
PMSE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPBW
PMSE vs. SPBW - 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 Buffer20 Allocation ETF (SPBW). 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 | SPBW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.57 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.98 | — |
| Martin ratioReturn relative to average drawdown | — | 21.18 | — |
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Drawdowns
PMSE vs. SPBW - Drawdown Comparison
The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum SPBW drawdown of -8.76%. Use the drawdown chart below to compare losses from any high point for PMSE and SPBW.
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Drawdown Indicators
| PMSE | SPBW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.44% | -8.76% | +7.32% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.86% | — |
Current DrawdownCurrent decline from peak | -0.15% | -0.45% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.76% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.54% | — |
Volatility
PMSE vs. SPBW - Volatility Comparison
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Volatility by Period
| PMSE | SPBW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.31% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.32% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 4.19% | -1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 7.54% | -5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.28% | 7.54% | -5.26% |
PMSE vs. SPBW - Expense Ratio Comparison
PMSE has a 0.50% expense ratio, which is lower than SPBW's 0.79% expense ratio.
Dividends
PMSE vs. SPBW - Dividend Comparison
Neither PMSE nor SPBW has paid dividends to shareholders.
Frequently Asked Questions
PMSE and SPBW have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PMSE is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBW.
PMSE and SPBW have nearly identical dividend yields, around 0.00%.
They also come from different issuers: PGIM and AllianzIM. Their fees differ too: 0.50% for PMSE and 0.79% for SPBW.
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