SPMV vs. PMMY

Last updated Jun 5, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while PMMY is a Defined Outcome fund actively managed by PGIM. SPMV is passively managed, while PMMY is actively managed. A 0.63 correlation means they provide meaningful diversification when combined. SPMV charges 0.10%/yr vs 0.50%/yr for PMMY.

Performance

SPMV vs. PMMY - Performance Comparison

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

Returns By Period

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMMY

• 1D: 0.06%
• 1M: 0.70%
• YTD: 2.25%
• 6M: 2.76%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPMV vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	10.60%
PMMY PGIM S&P 500 Max Buffer ETF - May	2.25%	4.59%

Correlation

The correlation between SPMV and PMMY is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.63

The correlation between SPMV and PMMY has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

SPMV vs. PMMY — Risk / Return Rank

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

PMMY

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

SPMV vs. PMMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) 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.

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

Sharpe Ratios by Period

	SPMV	PMMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	4.59	—

Drawdowns

Drawdown Indicators

	SPMV	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.36%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.36%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	SPMV	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.12%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.39%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.39%	—

SPMV vs. PMMY - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than PMMY's 0.50% expense ratio.

Dividends

SPMV vs. PMMY - Dividend Comparison

SPMV's dividend yield for the trailing twelve months is around 1.45%, while PMMY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPMV Invesco S&P 500 Minimum Variance ETF	1.45%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%

Frequently Asked Questions

Can I hold both SPMV and PMMY in my portfolio?

SPMV and PMMY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMV or PMMY?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMV or PMMY?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.50% for PMMY.

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

SPMV has the higher dividend yield at 1.45%, compared with 0.00% for PMMY.

What is the main difference between SPMV and PMMY?

SPMV is categorized as S&P 500, while PMMY is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.10% for SPMV and 0.50% for PMMY.