SPBW vs. PMSE

Last updated Jun 3, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer20 Allocation ETF (SPBW) and PGIM S&P 500 Max Buffer ETF - September (PMSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBW achieves a 4.59% return, which is significantly higher than PMSE's 2.85% return.

SPBW

• 1D: -0.03%
• 1M: 1.34%
• YTD: 4.59%
• 6M: 5.36%
• 1Y: 12.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: -0.02%
• 1M: 0.78%
• YTD: 2.85%
• 6M: 3.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBW vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
SPBW AllianzIM Buffer20 Allocation ETF	4.59%	3.36%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%

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 3, 2025	0.86

Return for Risk

SPBW vs. PMSE — Risk / Return Rank

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

SPBW

SPBW Risk / Return Rank: 90
SPBW Sharpe Ratio Rank: 89
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 94
SPBW Calmar Ratio Rank: 83
SPBW Martin Ratio Rank: 93

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.

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.

	SPBW	PMSE	Difference
Sharpe ratio Return per unit of total volatility	3.12	—	—
Sortino ratio Return per unit of downside risk	4.75	—	—
Omega ratio Gain probability vs. loss probability	1.67	—	—
Calmar ratio Return relative to maximum drawdown	4.55	—	—
Martin ratio Return relative to average drawdown	24.71	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPBW	PMSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	3.05	-1.70

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.

Drawdown Indicators

	SPBW	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-1.44%	-7.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.02%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.17%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	—	—

Volatility

Volatility by Period

	SPBW	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	2.28%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	2.28%	+5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.63%	2.28%	+5.35%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBW and PMSE in my portfolio?

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.

Which ETF is better, SPBW or PMSE?

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.

Which ETF is cheaper, SPBW or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBW.

Which ETF pays a higher dividend yield, SPBW or PMSE?

SPBW and PMSE have nearly identical dividend yields, around 0.00%.

What is the main difference between SPBW and PMSE?

They also come from different issuers: AllianzIM and PGIM. Their fees differ too: 0.79% for SPBW and 0.50% for PMSE.