PSMJ vs. DMAX

Last updated Jun 3, 2026

PSMJ (Pacer Swan SOS Moderate (July) ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. PSMJ is actively managed, while DMAX is passively managed. Over the past year, PSMJ returned 16.12% vs 8.68% for DMAX. Their correlation of 0.81 suggests significant overlap in exposure. PSMJ charges 0.61%/yr vs 0.50%/yr for DMAX.

Performance

PSMJ vs. DMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PSMJ achieves a 4.54% return, which is significantly higher than DMAX's 2.42% return.

PSMJ

• 1D: 0.04%
• 1M: 1.17%
• YTD: 4.54%
• 6M: 5.78%
• 1Y: 16.12%
• 3Y*: 13.98%
• 5Y*: —
• 10Y*: —

DMAX

• 1D: 0.02%
• 1M: 0.83%
• YTD: 2.42%
• 6M: 3.14%
• 1Y: 8.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSMJ vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PSMJ Pacer Swan SOS Moderate (July) ETF	4.54%	13.39%
DMAX iShares Large Cap Max Buffer December ETF	2.42%	7.81%

Correlation

The correlation between PSMJ and DMAX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.81

The correlation between PSMJ and DMAX has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

PSMJ vs. DMAX — Risk / Return Rank

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

PSMJ

PSMJ Risk / Return Rank: 89
PSMJ Sharpe Ratio Rank: 84
PSMJ Sortino Ratio Rank: 91
PSMJ Omega Ratio Rank: 91
PSMJ Calmar Ratio Rank: 84
PSMJ Martin Ratio Rank: 93

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 92
DMAX Martin Ratio Rank: 95

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.

PSMJ vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Moderate (July) ETF (PSMJ) 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.

	PSMJ	DMAX	Difference
Sharpe ratio Return per unit of total volatility	2.83	3.74	-0.91
Sortino ratio Return per unit of downside risk	4.33	5.80	-1.47
Omega ratio Gain probability vs. loss probability	1.62	1.81	-0.20
Calmar ratio Return relative to maximum drawdown	4.60	6.15	-1.55
Martin ratio Return relative to average drawdown	25.33	31.49	-6.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSMJ vs. DMAX - Sharpe Ratio Comparison

The current PSMJ Sharpe Ratio is 2.83, which is comparable to the DMAX Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of PSMJ and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSMJ	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	3.74	-0.91
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	2.16	-0.98

Drawdowns

PSMJ vs. DMAX - Drawdown Comparison

The maximum PSMJ drawdown since its inception was -10.87%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PSMJ and DMAX.

Drawdown Indicators

	PSMJ	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.87%	-3.37%	-7.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.70%	-1.41%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.37%	-0.38%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.28%	+0.39%

Volatility

PSMJ vs. DMAX - Volatility Comparison

Pacer Swan SOS Moderate (July) ETF (PSMJ) has a higher volatility of 0.41% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.33%. This indicates that PSMJ'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

	PSMJ	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.33%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	1.54%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	2.33%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.96%	3.40%	+5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.96%	3.40%	+5.56%

PSMJ vs. DMAX - Expense Ratio Comparison

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

Dividends

PSMJ vs. DMAX - Dividend Comparison

PSMJ has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025	2024	2023	2022	2021
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	0.00%	0.00%	0.00%	0.00%
PSMJ Pacer Swan SOS Moderate (July) ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both PSMJ and DMAX in my portfolio?

PSMJ and DMAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMJ or DMAX?

PSMJ has higher volatility (0.41%) compared to DMAX (0.33%). In terms of maximum drawdown, PSMJ dropped -10.87% vs DMAX's -3.37%.

Which ETF is better, PSMJ or DMAX?

On 1-year performance, PSMJ leads with 16.12% vs 8.68% for DMAX. On fees, DMAX is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSMJ or DMAX?

Over the 1-year period, PSMJ has performed better with a 16.12% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMJ or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.61% for PSMJ.

Which ETF pays a higher dividend yield, PSMJ or DMAX?

DMAX has the higher dividend yield at 1.15%, compared with 0.00% for PSMJ.

What is the main difference between PSMJ and DMAX?

They also come from different issuers: Pacer and iShares. Their fees differ too: 0.61% for PSMJ and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.74 vs 2.83), 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.