TSLY vs. PMDE

Last updated Jun 26, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). TSLY is actively managed, while PMDE is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. TSLY charges 1.07%/yr vs 0.50%/yr for PMDE.

Performance

TSLY vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Option Income Strategy ETF (TSLY) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLY achieves a -10.44% return, which is significantly lower than PMDE's 2.39% return.

TSLY

• 1D: -0.09%
• 1M: -10.60%
• YTD: -10.44%
• 6M: -16.11%
• 1Y: 19.99%
• 3Y*: 9.70%
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.02%
• 1M: -0.04%
• YTD: 2.39%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLY vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
TSLY YieldMax TSLA Option Income Strategy ETF	-10.44%	3.51%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.39%	0.44%

Correlation

The correlation between TSLY and PMDE is 0.57, 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 Dec 1, 2025	0.57

Return for Risk

TSLY vs. PMDE — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 20
TSLY Sharpe Ratio Rank: 18
TSLY Sortino Ratio Rank: 19
TSLY Omega Ratio Rank: 19
TSLY Calmar Ratio Rank: 22
TSLY Martin Ratio Rank: 20

PMDE

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

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.

TSLY vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TSLY	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	0.57	—	—
Sortino ratio: Return per unit of downside risk	0.98	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.93	—	—
Martin ratio: Return relative to average drawdown	2.20	—	—

Drawdowns

TSLY vs. PMDE - Drawdown Comparison

The maximum TSLY drawdown since its inception was -49.52%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for TSLY and PMDE.

Drawdown Indicators

	TSLY	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-1.59%	-47.93%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	—	—
Current Drawdown Current decline from peak	-16.26%	-0.33%	-15.93%
Average Drawdown Average peak-to-trough decline	-19.86%	-0.26%	-19.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.11%	—	—

Volatility

Volatility by Period

	TSLY	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.63%	2.46%	+33.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.47%	2.46%	+43.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.47%	2.46%	+43.01%

TSLY vs. PMDE - Expense Ratio Comparison

TSLY has a 1.07% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

TSLY vs. PMDE - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 92.69%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%
TSLY YieldMax TSLA Option Income Strategy ETF	92.69%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both TSLY and PMDE in my portfolio?

TSLY and PMDE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSLY or PMDE?

On fees, PMDE 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, TSLY or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 1.07% for TSLY.

Which ETF pays a higher dividend yield, TSLY or PMDE?

TSLY has the higher dividend yield at 92.69%, compared with 0.00% for PMDE.

What is the main difference between TSLY and PMDE?

TSLY is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: YieldMax and PGIM. Their fees differ too: 1.07% for TSLY and 0.50% for PMDE.