APXM vs. PMJA

Last updated Jun 23, 2026

APXM (FT Vest U.S. Equity Max Buffer ETF - April) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, APXM returned 5.14% vs 7.51% for PMJA. A 0.72 correlation means they provide meaningful diversification when combined. APXM charges 0.85%/yr vs 0.50%/yr for PMJA.

Performance

APXM vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - April (APXM) and PGIM S&P 500 Max Buffer ETF - January (PMJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APXM achieves a 2.01% return, which is significantly lower than PMJA's 2.36% return.

APXM

• 1D: -0.05%
• 1M: 0.14%
• YTD: 2.01%
• 6M: 2.14%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.04%
• 1M: 0.24%
• YTD: 2.36%
• 6M: 2.49%
• 1Y: 7.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APXM vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
APXM FT Vest U.S. Equity Max Buffer ETF - April	2.01%	5.24%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.36%	8.22%

Correlation

The correlation between APXM and PMJA is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 21, 2025	0.72

The correlation between APXM and PMJA has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

APXM vs. PMJA — Risk / Return Rank

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

APXM

APXM Risk / Return Rank: 97
APXM Sharpe Ratio Rank: 97
APXM Sortino Ratio Rank: 98
APXM Omega Ratio Rank: 98
APXM Calmar Ratio Rank: 96
APXM Martin Ratio Rank: 98

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 89
PMJA Martin Ratio Rank: 94

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.

APXM vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - April (APXM) and PGIM S&P 500 Max Buffer ETF - January (PMJA). 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.

	APXM	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	4.29	3.71	+0.58
Sortino ratio: Return per unit of downside risk	7.06	5.96	+1.11
Omega ratio: Gain probability vs. loss probability	2.22	1.84	+0.37
Calmar ratio: Return relative to maximum drawdown	8.62	5.19	+3.43
Martin ratio: Return relative to average drawdown	61.17	25.79	+35.38

APXM vs. PMJA - Sharpe Ratio Comparison

The current APXM Sharpe Ratio is 4.29, which is comparable to the PMJA Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of APXM and PMJA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APXM vs. PMJA - Drawdown Comparison

The maximum APXM drawdown since its inception was -0.60%, smaller than the maximum PMJA drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for APXM and PMJA.

Drawdown Indicators

	APXM	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-0.60%	-2.98%	+2.38%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-1.45%	+0.85%
Current Drawdown Current decline from peak	-0.17%	-0.13%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.33%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.29%	-0.21%

Volatility

APXM vs. PMJA - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - April (APXM) has a higher volatility of 0.73% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.53%. This indicates that APXM's price experiences larger fluctuations and is considered to be riskier than PMJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APXM	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.53%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	1.57%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	1.21%	2.04%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.35%	2.84%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.35%	2.84%	-1.49%

APXM vs. PMJA - Expense Ratio Comparison

APXM has a 0.85% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

APXM vs. PMJA - Dividend Comparison

Neither APXM nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APXM and PMJA in my portfolio?

APXM and PMJA have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APXM or PMJA?

APXM has higher volatility (0.73%) compared to PMJA (0.53%). In terms of maximum drawdown, APXM dropped -0.60% vs PMJA's -2.98%.

Which ETF is better, APXM or PMJA?

On 1-year performance, PMJA leads with 7.51% vs 5.14% for APXM. On fees, PMJA is cheaper at 0.50% per year. On volatility, PMJA has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APXM or PMJA?

Over the 1-year period, PMJA has performed better with a 7.51% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APXM or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.85% for APXM.

Which ETF pays a higher dividend yield, APXM or PMJA?

APXM and PMJA have nearly identical dividend yields, around 0.00%.

What is the main difference between APXM and PMJA?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.85% for APXM and 0.50% for PMJA.

Which has better risk-adjusted returns?

APXM currently has the higher Sharpe Ratio (4.29 vs 3.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.