SQMX vs. PMSE

Last updated Jun 5, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. SQMX is passively managed, while PMSE is actively managed. A 0.78 correlation means they provide meaningful diversification when combined. SQMX charges 0.85%/yr vs 0.50%/yr for PMSE.

Performance

SQMX vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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, SQMX achieves a 2.15% return, which is significantly lower than PMSE's 2.86% return.

SQMX

• 1D: 0.01%
• 1M: 0.50%
• YTD: 2.15%
• 6M: 2.98%
• 1Y: 8.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.02%
• 1M: 0.82%
• YTD: 2.86%
• 6M: 3.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQMX vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.15%	3.22%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.86%	2.23%

Correlation

The correlation between SQMX and PMSE is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 3, 2025	0.78

Return for Risk

SQMX vs. PMSE — Risk / Return Rank

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

SQMX

SQMX Risk / Return Rank: 85
SQMX Sharpe Ratio Rank: 80
SQMX Sortino Ratio Rank: 83
SQMX Omega Ratio Rank: 92
SQMX Calmar Ratio Rank: 82
SQMX Martin Ratio Rank: 86

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.

SQMX vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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.

	SQMX	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	2.54	—	—
Sortino ratio: Return per unit of downside risk	3.67	—	—
Omega ratio: Gain probability vs. loss probability	1.60	—	—
Calmar ratio: Return relative to maximum drawdown	4.19	—	—
Martin ratio: Return relative to average drawdown	17.93	—	—
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

	SQMX	PMSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	3.05	-1.88

Drawdowns

SQMX vs. PMSE - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for SQMX and PMSE.

Drawdown Indicators

	SQMX	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-1.44%	-5.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	—	—
Current Drawdown Current decline from peak	0.00%	-0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.55%	-0.17%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	—	—

Volatility

Volatility by Period

	SQMX	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	2.27%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	2.27%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.27%	2.27%	+4.00%

SQMX vs. PMSE - Expense Ratio Comparison

SQMX has a 0.85% expense ratio, which is higher than PMSE's 0.50% expense ratio.

Dividends

SQMX vs. PMSE - Dividend Comparison

Neither SQMX nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SQMX and PMSE in my portfolio?

SQMX and PMSE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SQMX 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, SQMX or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.85% for SQMX.

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

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

What is the main difference between SQMX and PMSE?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for SQMX and 0.50% for PMSE.