BAPR vs. PMJA

Last updated Jun 24, 2026

BAPR (Innovator U.S. Equity Buffer ETF - April) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds. BAPR is passively managed, while PMJA is actively managed. Over the past year, BAPR returned 18.64% vs 7.11% for PMJA. Their correlation of 0.88 suggests significant overlap in exposure. BAPR charges 0.79%/yr vs 0.50%/yr for PMJA.

Performance

BAPR vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - April (BAPR) 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, BAPR achieves a 10.04% return, which is significantly higher than PMJA's 2.26% return.

BAPR

• 1D: -0.67%
• 1M: -0.06%
• YTD: 10.04%
• 6M: 10.03%
• 1Y: 18.64%
• 3Y*: 14.48%
• 5Y*: 10.86%
• 10Y*: —

PMJA

• 1D: -0.09%
• 1M: 0.14%
• YTD: 2.26%
• 6M: 2.38%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAPR vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
BAPR Innovator U.S. Equity Buffer ETF - April	10.04%	8.28%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.26%	6.76%

Correlation

The correlation between BAPR and PMJA is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.88

The correlation between BAPR and PMJA has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

BAPR vs. PMJA — Risk / Return Rank

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

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 93
BAPR Sortino Ratio Rank: 96
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 96
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.

BAPR vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) 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.

	BAPR	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	3.24	3.53	-0.29
Sortino ratio: Return per unit of downside risk	5.31	5.63	-0.33
Omega ratio: Gain probability vs. loss probability	1.76	1.79	-0.03
Calmar ratio: Return relative to maximum drawdown	9.69	4.91	+4.78
Martin ratio: Return relative to average drawdown	47.41	24.37	+23.04

BAPR vs. PMJA - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 3.24, which is comparable to the PMJA Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of BAPR 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

BAPR vs. PMJA - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for BAPR and PMJA.

Drawdown Indicators

	BAPR	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-2.98%	-20.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-1.45%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	—	—
Current Drawdown Current decline from peak	-0.93%	-0.22%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.58%	-0.33%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.29%	+0.10%

Volatility

BAPR vs. PMJA - Volatility Comparison

Innovator U.S. Equity Buffer ETF - April (BAPR) has a higher volatility of 2.06% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.54%. This indicates that BAPR'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

	BAPR	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	0.54%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	1.57%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.79%	2.04%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	2.83%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.09%	2.83%	+10.26%

BAPR vs. PMJA - Expense Ratio Comparison

BAPR has a 0.79% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

BAPR vs. PMJA - Dividend Comparison

Neither BAPR nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BAPR and PMJA in my portfolio?

BAPR and PMJA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAPR or PMJA?

BAPR has higher volatility (2.06%) compared to PMJA (0.54%). In terms of maximum drawdown, BAPR dropped -23.91% vs PMJA's -2.98%.

Which ETF is better, BAPR or PMJA?

On 1-year performance, BAPR leads with 18.64% vs 7.11% for PMJA. On fees, PMJA is cheaper at 0.50% per year. On volatility, PMJA has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAPR or PMJA?

Over the 1-year period, BAPR has performed better with a 18.64% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAPR or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.79% for BAPR.

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

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

What is the main difference between BAPR and PMJA?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for BAPR and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.53 vs 3.24), 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.