XISE vs. PMDE

Last updated Jul 17, 2026

XISE (FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - XISE is a Options Trading fund actively managed by FT Vest, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). XISE is actively managed, while PMDE is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. XISE charges 0.85%/yr vs 0.50%/yr for PMDE.

Performance

XISE vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) 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, XISE achieves a 3.64% return, which is significantly higher than PMDE's 3.18% return.

XISE

• 1D: 0.07%
• 1M: 0.43%
• 6M: 3.34%
• YTD: 3.64%
• 1Y: 6.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: 0.00%
• 1M: 0.45%
• 6M: 2.80%
• YTD: 3.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XISE vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	3.64%	0.75%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.18%	0.44%

Correlation

The correlation between XISE and PMDE is 0.80, 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 Dec 1, 2025	0.80

Return for Risk

XISE vs. PMDE — Risk / Return Rank

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

XISE

XISE Risk / Return Rank: 88
XISE Sharpe Ratio Rank: 85
XISE Sortino Ratio Rank: 90
XISE Omega Ratio Rank: 93
XISE Calmar Ratio Rank: 81
XISE Martin Ratio Rank: 93

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.

XISE vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) 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.

	XISE	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.20	—	—
Sortino ratio: Return per unit of downside risk	3.42	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	3.41	—	—
Martin ratio: Return relative to average drawdown	19.07	—	—

Drawdowns

XISE vs. PMDE - Drawdown Comparison

The maximum XISE drawdown since its inception was -6.17%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for XISE and PMDE.

Drawdown Indicators

	XISE	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-6.17%	-1.59%	-4.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.24%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	—	—

Volatility

Volatility by Period

	XISE	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	2.37%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	2.37%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.82%	2.37%	+2.45%

XISE vs. PMDE - Expense Ratio Comparison

XISE has a 0.85% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

XISE vs. PMDE - Dividend Comparison

XISE's dividend yield for the trailing twelve months is around 5.93%, 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%
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	5.93%	5.81%	7.04%	1.20%

Frequently Asked Questions

Can I hold both XISE and PMDE in my portfolio?

XISE and PMDE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XISE 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, XISE or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.85% for XISE.

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

XISE has the higher dividend yield at 5.93%, compared with 0.00% for PMDE.

What is the main difference between XISE and PMDE?

XISE is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for XISE and 0.50% for PMDE.