SEPZ vs. PMDE

Last updated Jun 24, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). Both are passively managed. Their correlation of 0.86 suggests significant overlap in exposure. SEPZ charges 0.80%/yr vs 0.50%/yr for PMDE.

Performance

SEPZ vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPZ achieves a 6.07% return, which is significantly higher than PMDE's 2.51% return.

SEPZ

• 1D: -1.11%
• 1M: -1.13%
• YTD: 6.07%
• 6M: 5.54%
• 1Y: 17.69%
• 3Y*: 15.18%
• 5Y*: 10.94%
• 10Y*: —

PMDE

• 1D: -0.14%
• 1M: 0.14%
• YTD: 2.51%
• 6M: 2.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPZ vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
SEPZ TrueShares Structured Outcome (September) ETF	6.07%	0.22%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between SEPZ and PMDE is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.86

Return for Risk

SEPZ vs. PMDE — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 55
SEPZ Sharpe Ratio Rank: 53
SEPZ Sortino Ratio Rank: 53
SEPZ Omega Ratio Rank: 51
SEPZ Calmar Ratio Rank: 53
SEPZ Martin Ratio Rank: 63

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SEPZ vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

	SEPZ	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.39	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.43	—	—
Martin ratio: Return relative to average drawdown	10.52	—	—

Drawdowns

SEPZ vs. PMDE - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for SEPZ and PMDE.

Drawdown Indicators

	SEPZ	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-1.59%	-13.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	—	—
Current Drawdown Current decline from peak	-2.81%	-0.21%	-2.60%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.25%	-2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	—	—

Volatility

Volatility by Period

	SEPZ	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	2.47%	+8.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.39%	2.47%	+9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	2.47%	+10.03%

SEPZ vs. PMDE - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

SEPZ vs. PMDE - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.07%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.07%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and PMDE in my portfolio?

SEPZ and PMDE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SEPZ or PMDE?

On fees, PMDE 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, SEPZ or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.80% for SEPZ.

Which ETF pays a higher dividend yield, SEPZ or PMDE?

SEPZ has the higher dividend yield at 2.07%, compared with 0.00% for PMDE.

What is the main difference between SEPZ and PMDE?

SEPZ is categorized as Options Trading, while PMDE is Defined Outcome. SEPZ tracks Cboe S&P 500 Buffer Protect Index September, while PMDE tracks SPDR S&P 500 ETF Trust (SPY). They also come from different issuers: TrueShares and PGIM. Their fees differ too: 0.80% for SEPZ and 0.50% for PMDE.