SPLV vs. PMMY

Last updated Jun 4, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while PMMY is a Defined Outcome fund actively managed by PGIM. SPLV is passively managed, while PMMY is actively managed. Over the past year, SPLV returned -0.03% vs 5.98% for PMMY. At a 0.26 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 0.50%/yr for PMMY.

Performance

SPLV vs. PMMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and PGIM S&P 500 Max Buffer ETF - May (PMMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPLV achieves a 1.32% return, which is significantly lower than PMMY's 2.19% return.

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

PMMY

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.19%
• 6M: 2.74%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPLV vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	0.23%
PMMY PGIM S&P 500 Max Buffer ETF - May	2.19%	4.59%

Correlation

The correlation between SPLV and PMMY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.26

Return for Risk

SPLV vs. PMMY — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 99
PMMY Omega Ratio Rank: 99
PMMY Calmar Ratio Rank: 98
PMMY Martin Ratio Rank: 99

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.

SPLV vs. PMMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and PGIM S&P 500 Max Buffer ETF - May (PMMY). 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.

	SPLV	PMMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	5.35	-5.35
Sortino ratio: Return per unit of downside risk	0.06	9.00	-8.93
Omega ratio: Gain probability vs. loss probability	1.01	2.45	-1.44
Calmar ratio: Return relative to maximum drawdown	-0.00	16.90	-16.90
Martin ratio: Return relative to average drawdown	-0.01	89.69	-89.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLV vs. PMMY - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is -0.00, which is lower than the PMMY Sharpe Ratio of 5.35. The chart below compares the historical Sharpe Ratios of SPLV and PMMY, 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

	SPLV	PMMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	5.35	-5.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	4.56	-3.88

Drawdowns

SPLV vs. PMMY - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, which is greater than PMMY's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for SPLV and PMMY.

Drawdown Indicators

	SPLV	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-0.36%	-35.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-0.36%	-7.05%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	—	—
Current Drawdown Current decline from peak	-6.91%	-0.04%	-6.87%
Average Drawdown Average peak-to-trough decline	-3.55%	-0.04%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	0.07%	+2.98%

Volatility

SPLV vs. PMMY - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 2.97% compared to PGIM S&P 500 Max Buffer ETF - May (PMMY) at 0.36%. This indicates that SPLV's price experiences larger fluctuations and is considered to be riskier than PMMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	0.36%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	0.87%	+5.91%
Volatility (1Y) Calculated over the trailing 1-year period	9.78%	1.12%	+8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	1.39%	+11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	1.39%	+13.97%

SPLV vs. PMMY - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than PMMY's 0.50% expense ratio.

Dividends

SPLV vs. PMMY - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.22%, while PMMY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMMY PGIM S&P 500 Max Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both SPLV and PMMY in my portfolio?

SPLV and PMMY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPLV or PMMY?

SPLV has higher volatility (2.97%) compared to PMMY (0.36%). In terms of maximum drawdown, SPLV dropped -36.26% vs PMMY's -0.36%.

Which ETF is better, SPLV or PMMY?

On 1-year performance, PMMY leads with 5.98% vs -0.03% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, PMMY has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or PMMY?

Over the 1-year period, PMMY has performed better with a 5.98% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or PMMY?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.50% for PMMY.

Which ETF pays a higher dividend yield, SPLV or PMMY?

SPLV has the higher dividend yield at 2.22%, compared with 0.00% for PMMY.

What is the main difference between SPLV and PMMY?

SPLV is categorized as S&P 500, while PMMY is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.25% for SPLV and 0.50% for PMMY.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (5.35 vs -0.00), 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.