STEN vs. PMAU

Last updated Jun 4, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and PMAU (PGIM S&P 500 Max Buffer ETF - August) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

STEN vs. PMAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Sep ETF (STEN) and PGIM S&P 500 Max Buffer ETF - August (PMAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STEN achieves a 7.79% return, which is significantly higher than PMAU's 2.95% return.

STEN

• 1D: -0.30%
• 1M: 3.31%
• YTD: 7.79%
• 6M: 8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMAU

• 1D: -0.02%
• 1M: 0.89%
• YTD: 2.95%
• 6M: 3.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STEN vs. PMAU - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	7.79%	2.05%
PMAU PGIM S&P 500 Max Buffer ETF - August	2.95%	1.16%

Correlation

The correlation between STEN and PMAU is 0.94, 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 Oct 2, 2025	0.94

Return for Risk

STEN vs. PMAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) and PGIM S&P 500 Max Buffer ETF - August (PMAU). 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

	STEN	PMAU	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	2.90	-1.23

Drawdowns

STEN vs. PMAU - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, which is greater than PMAU's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for STEN and PMAU.

Drawdown Indicators

	STEN	PMAU	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-1.79%	-4.42%
Current Drawdown Current decline from peak	-0.30%	-0.02%	-0.28%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.17%	-0.75%

Volatility

Volatility by Period

	STEN	PMAU	Difference
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	2.51%	+6.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	2.51%	+6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	2.51%	+6.73%

STEN vs. PMAU - Expense Ratio Comparison

Both STEN and PMAU have an expense ratio of 0.50%.

Dividends

STEN vs. PMAU - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, while PMAU has not paid dividends to shareholders.

Position	TTM	2025
PMAU PGIM S&P 500 Max Buffer ETF - August	0.00%	0.00%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both STEN and PMAU in my portfolio?

With a correlation of 0.94, STEN and PMAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, STEN or PMAU?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STEN or PMAU?

STEN and PMAU have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, STEN or PMAU?

STEN has the higher dividend yield at 0.29%, compared with 0.00% for PMAU.

What is the main difference between STEN and PMAU?

They also come from different issuers: BlackRock and PGIM.