PSMR vs. DMAX

Last updated Aug 2, 2026

PSMR (Pacer Swan SOS Moderate (April) ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. PSMR is actively managed, while DMAX is passively managed. Over the past year, PSMR returned 13.45% vs 7.41% for DMAX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. PSMR charges 0.61%/yr vs 0.50%/yr for DMAX.

Performance

PSMR vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Moderate (April) ETF (PSMR) 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, PSMR achieves a 8.76% return, which is significantly higher than DMAX's 3.19% return.

PSMR

• 1D: 0.35%
• 1M: 0.70%
• 6M: 8.10%
• YTD: 8.76%
• 1Y: 13.45%
• 3Y*: 10.88%
• 5Y*: 8.47%
• 10Y*: —
• ALL TIME*: 8.69%

DMAX

• 1D: 0.27%
• 1M: 0.66%
• 6M: 2.84%
• YTD: 3.19%
• 1Y: 7.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.82%

*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)
DMAX iShares Large Cap Max Buffer December ETF	$158.92K	$293.43K	$280.72K
PSMR Pacer Swan SOS Moderate (April) ETF	$7.64K	$9.12K	$119.55K

PSMR vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PSMR Pacer Swan SOS Moderate (April) ETF	8.76%	6.74%
DMAX iShares Large Cap Max Buffer December ETF	3.19%	7.51%

Correlation

The correlation between PSMR and DMAX is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.77

The correlation between PSMR and DMAX has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

PSMR vs. DMAX — Risk / Return Rank

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

PSMR

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

DMAX

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

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.

PSMR vs. DMAX - Risk-Adjusted Trends Comparison

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

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.

	PSMR	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.50	3.01	+0.49
Sortino ratio: Return per unit of downside risk	5.73	4.56	+1.17
Omega ratio: Gain probability vs. loss probability	1.75	1.61	+0.14
Calmar ratio: Return relative to maximum drawdown	11.97	4.97	+7.00
Martin ratio: Return relative to average drawdown	52.08	24.54	+27.54

PSMR vs. DMAX - Sharpe Ratio Comparison

The current PSMR Sharpe Ratio is 3.50, which is comparable to the DMAX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of PSMR 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.

Drawdowns

PSMR vs. DMAX - Drawdown Comparison

The maximum PSMR drawdown since its inception was -11.78%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PSMR and DMAX.

Drawdown Indicators

	PSMR	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-3.37%	-8.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-1.41%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-11.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.36%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.29%	-0.04%

Volatility

PSMR vs. DMAX - Volatility Comparison

Pacer Swan SOS Moderate (April) ETF (PSMR) has a higher volatility of 1.08% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.60%. This indicates that PSMR'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

	PSMR	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.60%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	1.70%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	2.33%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	3.30%	+5.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.33%	3.30%	+5.03%

PSMR vs. DMAX - Expense Ratio Comparison

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

Dividends

PSMR vs. DMAX - Dividend Comparison

PSMR has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.14%.

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.14%	1.18%
PSMR Pacer Swan SOS Moderate (April) ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSMR and DMAX in my portfolio?

PSMR and DMAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMR or DMAX?

PSMR has higher volatility (1.08%) compared to DMAX (0.60%). In terms of maximum drawdown, PSMR dropped -11.78% vs DMAX's -3.37%.

Which ETF is better, PSMR or DMAX?

On 1-year performance, PSMR leads with 13.45% vs 7.41% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX 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, PSMR or DMAX?

Over the 1-year period, PSMR has performed better with a 13.45% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMR or DMAX?

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

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

DMAX has the higher dividend yield at 1.14%, compared with 0.00% for PSMR.

What is the main difference between PSMR and DMAX?

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

Which has better risk-adjusted returns?

PSMR currently has the higher Sharpe Ratio (3.50 vs 3.01), 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.