SPBW vs. PMSE
SPBW (AllianzIM Buffer20 Allocation ETF) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. SPBW charges 0.79%/yr vs 0.50%/yr for PMSE.
Performance
SPBW vs. PMSE - Performance Comparison
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Returns By Period
In the year-to-date period, SPBW achieves a 4.22% return, which is significantly higher than PMSE's 2.81% return.
SPBW
- 1D
- -0.28%
- 1M
- 0.11%
- YTD
- 4.22%
- 6M
- 4.12%
- 1Y
- 11.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMSE
- 1D
- -0.15%
- 1M
- 0.19%
- YTD
- 2.81%
- 6M
- 2.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPBW vs. PMSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPBW AllianzIM Buffer20 Allocation ETF | 4.22% | 3.24% |
PMSE PGIM S&P 500 Max Buffer ETF - September | 2.81% | 2.13% |
Correlation
The correlation between SPBW and PMSE 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 Sep 2, 2025 | 0.86 |
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Return for Risk
SPBW vs. PMSE — Risk / Return Rank
SPBW
PMSE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPBW vs. PMSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer20 Allocation ETF (SPBW) and PGIM S&P 500 Max Buffer ETF - September (PMSE). 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.
| SPBW | PMSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.57 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | — | — |
| Martin ratioReturn relative to average drawdown | 21.18 | — | — |
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Drawdowns
SPBW vs. PMSE - Drawdown Comparison
The maximum SPBW drawdown since its inception was -8.76%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for SPBW and PMSE.
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Drawdown Indicators
| SPBW | PMSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.76% | -1.44% | -7.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | — | — |
Current DrawdownCurrent decline from peak | -0.45% | -0.15% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -0.17% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | — | — |
Volatility
SPBW vs. PMSE - Volatility Comparison
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Volatility by Period
| SPBW | PMSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.32% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 2.28% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 2.28% | +5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.54% | 2.28% | +5.26% |
SPBW vs. PMSE - Expense Ratio Comparison
SPBW has a 0.79% expense ratio, which is higher than PMSE's 0.50% expense ratio.
Dividends
SPBW vs. PMSE - Dividend Comparison
Neither SPBW nor PMSE has paid dividends to shareholders.
Frequently Asked Questions
SPBW and PMSE 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.
On fees, PMSE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PMSE is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBW.
SPBW and PMSE have nearly identical dividend yields, around 0.00%.
They also come from different issuers: AllianzIM and PGIM. Their fees differ too: 0.79% for SPBW and 0.50% for PMSE.
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