PMSE vs. SPBW

Last updated Jun 4, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - September (PMSE) and AllianzIM Buffer20 Allocation ETF (SPBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMSE achieves a 2.85% return, which is significantly lower than SPBW's 4.44% return.

PMSE

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.85%
• 6M: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPBW

• 1D: -0.14%
• 1M: 1.45%
• YTD: 4.44%
• 6M: 5.15%
• 1Y: 12.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMSE vs. SPBW - Yearly Performance Comparison

	2026 (YTD)	2025
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%
SPBW AllianzIM Buffer20 Allocation ETF	4.44%	3.36%

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 3, 2025	0.86

Return for Risk

PMSE vs. SPBW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPBW

SPBW Risk / Return Rank: 90
SPBW Sharpe Ratio Rank: 89
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 82
SPBW Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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

Sharpe Ratios by Period

	PMSE	SPBW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.05	1.34	+1.70

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.

Drawdown Indicators

	PMSE	SPBW	Difference
Max Drawdown Largest peak-to-trough decline	-1.44%	-8.76%	+7.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.86%	—
Current Drawdown Current decline from peak	-0.02%	-0.17%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.78%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	PMSE	SPBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	4.13%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	7.62%	-5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.28%	7.62%	-5.34%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMSE and SPBW in my portfolio?

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.

Which ETF is better, PMSE or SPBW?

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 SPBW?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBW.

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

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

What is the main difference between PMSE and SPBW?

They also come from different issuers: PGIM and AllianzIM. Their fees differ too: 0.50% for PMSE and 0.79% for SPBW.