SPXT vs. PMFB

Last updated Jun 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and PMFB (PGIM S&P 500 Max Buffer ETF - February) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while PMFB is a Defined Outcome fund actively managed by PGIM. SPXT is passively managed, while PMFB is actively managed. Over the past year, SPXT returned 15.02% vs 8.06% for PMFB. Their correlation of 0.80 suggests significant overlap in exposure. SPXT charges 0.09%/yr vs 0.50%/yr for PMFB.

Performance

SPXT vs. PMFB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) and PGIM S&P 500 Max Buffer ETF - February (PMFB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXT achieves a 2.70% return, which is significantly higher than PMFB's 2.56% return.

SPXT

• 1D: -0.15%
• 1M: -1.41%
• YTD: 2.70%
• 6M: 3.39%
• 1Y: 15.02%
• 3Y*: 16.34%
• 5Y*: 9.16%
• 10Y*: 11.34%

PMFB

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.56%
• 6M: 3.26%
• 1Y: 8.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXT vs. PMFB - Yearly Performance Comparison

	2026 (YTD)	2025
SPXT ProShares S&P 500 Ex-Technology ETF	2.70%	9.21%
PMFB PGIM S&P 500 Max Buffer ETF - February	2.56%	6.28%

Correlation

The correlation between SPXT and PMFB is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.80

The correlation between SPXT and PMFB has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

SPXT vs. PMFB — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 41
SPXT Sharpe Ratio Rank: 40
SPXT Sortino Ratio Rank: 41
SPXT Omega Ratio Rank: 38
SPXT Calmar Ratio Rank: 38
SPXT Martin Ratio Rank: 49

PMFB

PMFB Risk / Return Rank: 95
PMFB Sharpe Ratio Rank: 95
PMFB Sortino Ratio Rank: 97
PMFB Omega Ratio Rank: 97
PMFB Calmar Ratio Rank: 92
PMFB Martin Ratio Rank: 95

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.

SPXT vs. PMFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) and PGIM S&P 500 Max Buffer ETF - February (PMFB). 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.

	SPXT	PMFB	Difference
Sharpe ratio: Return per unit of total volatility	1.46	3.83	-2.37
Sortino ratio: Return per unit of downside risk	2.11	6.15	-4.04
Omega ratio: Gain probability vs. loss probability	1.26	1.88	-0.62
Calmar ratio: Return relative to maximum drawdown	1.91	6.04	-4.13
Martin ratio: Return relative to average drawdown	8.32	31.52	-23.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. PMFB - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.46, which is lower than the PMFB Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of SPXT and PMFB, 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

	SPXT	PMFB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	3.83	-2.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	2.43	-1.71

Drawdowns

SPXT vs. PMFB - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, which is greater than PMFB's maximum drawdown of -2.94%. Use the drawdown chart below to compare losses from any high point for SPXT and PMFB.

Drawdown Indicators

	SPXT	PMFB	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-2.94%	-31.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-1.34%	-6.56%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	—	—
Current Drawdown Current decline from peak	-2.52%	-0.06%	-2.46%
Average Drawdown Average peak-to-trough decline	-4.14%	-0.37%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.26%	+1.55%

Volatility

SPXT vs. PMFB - Volatility Comparison

ProShares S&P 500 Ex-Technology ETF (SPXT) has a higher volatility of 2.57% compared to PGIM S&P 500 Max Buffer ETF - February (PMFB) at 0.37%. This indicates that SPXT's price experiences larger fluctuations and is considered to be riskier than PMFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXT	PMFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	0.37%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	1.43%	+6.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	2.12%	+8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	2.77%	+11.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	2.77%	+13.46%

SPXT vs. PMFB - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is lower than PMFB's 0.50% expense ratio.

Dividends

SPXT vs. PMFB - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.39%, while PMFB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMFB PGIM S&P 500 Max Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXT ProShares S&P 500 Ex-Technology ETF	1.39%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%

Frequently Asked Questions

Can I hold both SPXT and PMFB in my portfolio?

SPXT and PMFB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or PMFB?

SPXT has higher volatility (2.57%) compared to PMFB (0.37%). In terms of maximum drawdown, SPXT dropped -34.38% vs PMFB's -2.94%.

Which ETF is better, SPXT or PMFB?

On 1-year performance, SPXT leads with 15.02% vs 8.06% for PMFB. On fees, SPXT is cheaper at 0.09% per year. On volatility, PMFB has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or PMFB?

Over the 1-year period, SPXT has performed better with a 15.02% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or PMFB?

SPXT is cheaper with a 0.09% expense ratio, compared with 0.50% for PMFB.

Which ETF pays a higher dividend yield, SPXT or PMFB?

SPXT has the higher dividend yield at 1.39%, compared with 0.00% for PMFB.

What is the main difference between SPXT and PMFB?

SPXT is categorized as S&P 500, while PMFB is Defined Outcome. They also come from different issuers: ProShares and PGIM. Their fees differ too: 0.09% for SPXT and 0.50% for PMFB.

Which has better risk-adjusted returns?

PMFB currently has the higher Sharpe Ratio (3.83 vs 1.46), 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.