PMSE vs. TMAR

Last updated Jul 17, 2026

PMSE (PGIM S&P 500 Max Buffer ETF - September) and TMAR (FT Vest Emerging Markets Buffer ETF - March) are both Defined Outcome funds. PMSE is actively managed, while TMAR is passively managed. A 0.62 correlation means they provide meaningful diversification when combined. PMSE charges 0.50%/yr vs 0.95%/yr for TMAR.

Performance

PMSE vs. TMAR - 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 FT Vest Emerging Markets Buffer ETF - March (TMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMSE achieves a 3.44% return, which is significantly lower than TMAR's 10.28% return.

PMSE

• 1D: 0.02%
• 1M: 0.48%
• 6M: 3.11%
• YTD: 3.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMAR

• 1D: -1.33%
• 1M: -3.30%
• 6M: 9.42%
• YTD: 10.28%
• 1Y: 18.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMSE vs. TMAR - Yearly Performance Comparison

	2026 (YTD)	2025
PMSE PGIM S&P 500 Max Buffer ETF - September	3.44%	2.13%
TMAR FT Vest Emerging Markets Buffer ETF - March	10.28%	5.96%

Correlation

The correlation between PMSE and TMAR is 0.62, 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	0.62

Return for Risk

PMSE vs. TMAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

TMAR

TMAR Risk / Return Rank: 76
TMAR Sharpe Ratio Rank: 62
TMAR Sortino Ratio Rank: 61
TMAR Omega Ratio Rank: 81
TMAR Calmar Ratio Rank: 87
TMAR Martin Ratio Rank: 89

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. TMAR - 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 FT Vest Emerging Markets Buffer ETF - March (TMAR). 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	TMAR	Difference
Sharpe ratio: Return per unit of total volatility	—	1.64	—
Sortino ratio: Return per unit of downside risk	—	2.32	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	3.99	—
Martin ratio: Return relative to average drawdown	—	15.26	—

Drawdowns

PMSE vs. TMAR - Drawdown Comparison

The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum TMAR drawdown of -9.93%. Use the drawdown chart below to compare losses from any high point for PMSE and TMAR.

Drawdown Indicators

	PMSE	TMAR	Difference
Max Drawdown Largest peak-to-trough decline	-1.44%	-9.93%	+8.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.69%	—
Current Drawdown Current decline from peak	0.00%	-4.63%	+4.63%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.83%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.23%	—

Volatility

Volatility by Period

	PMSE	TMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	11.44%	-9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.21%	12.49%	-10.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.21%	12.49%	-10.28%

PMSE vs. TMAR - Expense Ratio Comparison

PMSE has a 0.50% expense ratio, which is lower than TMAR's 0.95% expense ratio.

Dividends

PMSE vs. TMAR - Dividend Comparison

Neither PMSE nor TMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMSE and TMAR in my portfolio?

PMSE and TMAR have a correlation of 0.62, 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 TMAR?

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 TMAR?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.95% for TMAR.

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

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

What is the main difference between PMSE and TMAR?

They also come from different issuers: PGIM and First Trust. Their fees differ too: 0.50% for PMSE and 0.95% for TMAR.