PSMD vs. APXM

Last updated Aug 2, 2026

PSMD (Pacer Swan SOS Moderate (December) ETF) and APXM (FT Vest U.S. Equity Max Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, PSMD returned 12.94% vs 4.89% for APXM. Their 0.72 correlation means they have sometimes moved together and sometimes differently. PSMD charges 0.75%/yr vs 0.85%/yr for APXM.

Performance

PSMD vs. APXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Moderate (December) ETF (PSMD) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSMD achieves a 6.35% return, which is significantly higher than APXM's 2.54% return.

PSMD

• 1D: 0.30%
• 1M: 0.61%
• 6M: 5.65%
• YTD: 6.35%
• 1Y: 12.94%
• 3Y*: 11.74%
• 5Y*: 9.18%
• 10Y*: —
• ALL TIME*: 9.68%

APXM

• 1D: 0.14%
• 1M: 0.43%
• 6M: 2.26%
• YTD: 2.54%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.15%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APXM FT Vest U.S. Equity Max Buffer ETF - April	$4.81K	$22.83K	$59.08K
PSMD Pacer Swan SOS Moderate (December) ETF	$12.30K	$15.12K	$38.33K

PSMD vs. APXM - Yearly Performance Comparison

	2026 (YTD)	2025
PSMD Pacer Swan SOS Moderate (December) ETF	6.35%	17.00%
APXM FT Vest U.S. Equity Max Buffer ETF - April	2.54%	5.24%

Correlation

The correlation between PSMD and APXM is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Apr 21, 2025	0.72

The correlation between PSMD and APXM has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

PSMD vs. APXM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSMD

PSMD Risk / Return Rank: 87
PSMD Sharpe Ratio Rank: 87
PSMD Sortino Ratio Rank: 89
PSMD Omega Ratio Rank: 90
PSMD Calmar Ratio Rank: 78
PSMD Martin Ratio Rank: 90

APXM

APXM Risk / Return Rank: 98
APXM Sharpe Ratio Rank: 97
APXM Sortino Ratio Rank: 98
APXM Omega Ratio Rank: 98
APXM Calmar Ratio Rank: 97
APXM Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSMD vs. APXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Moderate (December) ETF (PSMD) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). 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.

	PSMD	APXM	Difference
Sharpe ratio: Return per unit of total volatility	2.08	3.66	-1.58
Sortino ratio: Return per unit of downside risk	3.09	5.79	-2.71
Omega ratio: Gain probability vs. loss probability	1.42	1.95	-0.53
Calmar ratio: Return relative to maximum drawdown	2.75	8.14	-5.39
Martin ratio: Return relative to average drawdown	14.24	41.84	-27.60

PSMD vs. APXM - Sharpe Ratio Comparison

The current PSMD Sharpe Ratio is 2.08, which is lower than the APXM Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of PSMD and APXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSMD vs. APXM - Drawdown Comparison

The maximum PSMD drawdown since its inception was -11.96%, which is greater than APXM's maximum drawdown of -0.60%. Use the drawdown chart below to compare losses from any high point for PSMD and APXM.

Drawdown Indicators

	PSMD	APXM	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-0.60%	-11.36%
Max Drawdown (1Y) Largest decline over 1 year	-4.42%	-0.60%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-10.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.05%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.12%	+0.73%

Volatility

PSMD vs. APXM - Volatility Comparison

Pacer Swan SOS Moderate (December) ETF (PSMD) has a higher volatility of 1.44% compared to FT Vest U.S. Equity Max Buffer ETF - April (APXM) at 0.60%. This indicates that PSMD's price experiences larger fluctuations and is considered to be riskier than APXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSMD	APXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	0.60%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	1.21%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	1.33%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.65%	1.41%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	1.41%	+7.01%

PSMD vs. APXM - Expense Ratio Comparison

PSMD has a 0.75% expense ratio, which is lower than APXM's 0.85% expense ratio.

Dividends

PSMD vs. APXM - Dividend Comparison

Neither PSMD nor APXM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
APXM FT Vest U.S. Equity Max Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSMD Pacer Swan SOS Moderate (December) ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%

Frequently Asked Questions

Can I hold both PSMD and APXM in my portfolio?

PSMD and APXM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMD or APXM?

PSMD has higher volatility (1.44%) compared to APXM (0.60%). In terms of maximum drawdown, PSMD dropped -11.96% vs APXM's -0.60%.

Which ETF is better, PSMD or APXM?

On 1-year performance, PSMD leads with 12.94% vs 4.89% for APXM. On fees, PSMD is cheaper at 0.75% per year. On volatility, APXM has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSMD or APXM?

Over the 1-year period, PSMD has performed better with a 12.94% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMD or APXM?

PSMD is cheaper with a 0.75% expense ratio, compared with 0.85% for APXM.

Which ETF pays a higher dividend yield, PSMD or APXM?

PSMD and APXM have nearly identical dividend yields, around 0.00%.

What is the main difference between PSMD and APXM?

They also come from different issuers: Pacer and First Trust. Their fees differ too: 0.75% for PSMD and 0.85% for APXM.

Which has better risk-adjusted returns?

APXM currently has the higher Sharpe Ratio (3.66 vs 2.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.