PSCW vs. DMAX

Last updated Apr 1, 2026

Compare and contrast key facts about Pacer Swan SOS Conservative (April) ETF (PSCW) and iShares Large Cap Max Buffer December ETF (DMAX).

PSCW and DMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSCW is an actively managed fund by Pacer. It was launched on Mar 31, 2021. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024.

Performance

PSCW vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Conservative (April) ETF (PSCW) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

PSCW vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PSCW Pacer Swan SOS Conservative (April) ETF	1.91%	6.44%
DMAX iShares Large Cap Max Buffer December ETF	-0.37%	7.81%

Returns By Period

In the year-to-date period, PSCW achieves a 1.91% return, which is significantly higher than DMAX's -0.37% return.

PSCW

• 1D: 0.60%
• 1M: 0.85%
• YTD: 1.91%
• 6M: 3.81%
• 1Y: 12.27%
• 3Y*: 10.73%
• 5Y*: —
• 10Y*: —

DMAX

• 1D: 0.40%
• 1M: -0.84%
• YTD: -0.37%
• 6M: 1.76%
• 1Y: 7.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSCW vs. DMAX - Expense Ratio Comparison

PSCW has a 0.61% expense ratio, which is higher than DMAX's 0.50% expense ratio.

PSCW

Pacer Swan SOS Conservative (April) ETF

DMAX

iShares Large Cap Max Buffer December ETF

Return for Risk

PSCW vs. DMAX — Risk / Return Rank

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

PSCW

PSCW Risk / Return Rank: 86
PSCW Sharpe Ratio Rank: 80
PSCW Sortino Ratio Rank: 85
PSCW Omega Ratio Rank: 94
PSCW Calmar Ratio Rank: 77
PSCW Martin Ratio Rank: 93

DMAX

DMAX Risk / Return Rank: 96
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 95
DMAX Martin Ratio Rank: 97

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.

PSCW vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Conservative (April) ETF (PSCW) and iShares Large Cap Max Buffer December ETF (DMAX). 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.

	PSCW	DMAX	Difference
Sharpe ratio Return per unit of total volatility	1.54	2.26	-0.72
Sortino ratio Return per unit of downside risk	2.31	3.38	-1.07
Omega ratio Gain probability vs. loss probability	1.45	1.51	-0.06
Calmar ratio Return relative to maximum drawdown	2.10	3.99	-1.89
Martin ratio Return relative to average drawdown	13.94	19.40	-5.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSCW vs. DMAX - Sharpe Ratio Comparison

The current PSCW Sharpe Ratio is 1.54, which is lower than the DMAX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of PSCW and DMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSCW	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.26	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.68	-0.82

Correlation

The correlation between PSCW and DMAX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PSCW vs. DMAX - Dividend Comparison

PSCW has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.18%.

	TTM	2025
PSCW Pacer Swan SOS Conservative (April) ETF	0.00%	0.00%
DMAX iShares Large Cap Max Buffer December ETF	1.18%	1.18%

Drawdowns

PSCW vs. DMAX - Drawdown Comparison

The maximum PSCW drawdown since its inception was -11.89%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PSCW and DMAX.

Drawdown Indicators

	PSCW	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.89%	-3.37%	-8.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-2.00%	-4.16%
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-2.26%	-0.42%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.41%	+0.52%

Volatility

PSCW vs. DMAX - Volatility Comparison

Pacer Swan SOS Conservative (April) ETF (PSCW) has a higher volatility of 1.44% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.98%. This indicates that PSCW's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCW	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	0.98%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	1.81%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	3.46%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.69%	3.57%	+4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.69%	3.57%	+4.12%