PMSE vs SPY
PGIM S&P 500 Max Buffer ETF - September vs State Street SPDR S&P 500 ETF Trust
Which is better, PMSE or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.95.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PMSE | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $4M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 7 | 505 |
| YTD Return | +3.76% | +10.96%Best |
| 1Y Return | +5.28% | +15.52%Best |
| 3Y Return (annualized) | - | +20.73% |
| 5Y Return (annualized) | - | +12.53% |
| Volatility (annualized) | 2.4%Best | 13.4% |
| Max Drawdown | -1.4%Best | -8.9% |
| $10,000 over 1 years | $10,584 | $11,832Best |
| Fund Family | PGIM Investments | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | Sep 1, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Sep 2, 2025 to Sep 16, 2026 (1 years).
PMSE vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1 years both funds cover.
PMSE vs SPY Performance
PGIM S&P 500 Max Buffer ETF - September (PMSE) is an ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PMSE returned +5.28% while SPY returned +15.52%. Year to date, PMSE is up 3.76% versus a gain of 10.96% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.4% compared with 2.4% for PMSE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -1.4% for PMSE and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PMSE charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PMSE currently yields 0.00% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of PMSE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PMSE or SPY?
PMSE has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, PMSE or SPY?
Over the past year PMSE returned +5.28% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), PMSE annualized +5.84% vs +18.32% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PMSE or SPY?
SPY has been the more volatile fund at 13.4% annualized versus 2.4% for PMSE. Worst drawdown: PMSE -1.4% vs SPY -8.9%.
Should I hold both PMSE and SPY?
PMSE and SPY have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, PMSE or SPY?
PMSE yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PMSE?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.95. Which one suits a particular account depends on what it is for. This is information, not a recommendation.