BFRZ vs. PMJN

Last updated Jun 4, 2026

BFRZ (Innovator Equity Managed 100 Buffer ETF) and PMJN (PGIM S&P 500 Max Buffer ETF - June) are both Defined Outcome funds. Both are actively managed. Over the past year, BFRZ returned 8.04% vs 6.77% for PMJN. A 0.62 correlation means they provide meaningful diversification when combined. BFRZ charges 0.89%/yr vs 0.50%/yr for PMJN.

Performance

BFRZ vs. PMJN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed 100 Buffer ETF (BFRZ) and PGIM S&P 500 Max Buffer ETF - June (PMJN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFRZ achieves a 1.49% return, which is significantly lower than PMJN's 2.45% return.

BFRZ

• 1D: -0.42%
• 1M: 2.76%
• YTD: 1.49%
• 6M: 1.75%
• 1Y: 8.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJN

• 1D: 0.04%
• 1M: 0.49%
• YTD: 2.45%
• 6M: 3.05%
• 1Y: 6.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BFRZ vs. PMJN - Yearly Performance Comparison

	2026 (YTD)	2025
BFRZ Innovator Equity Managed 100 Buffer ETF	1.49%	6.60%
PMJN PGIM S&P 500 Max Buffer ETF - June	2.45%	4.21%

Correlation

The correlation between BFRZ and PMJN is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.62

The correlation between BFRZ and PMJN has been stable across timeframes, ranging from 0.62 to 0.62 - a consistent structural relationship.

Return for Risk

BFRZ vs. PMJN — Risk / Return Rank

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

BFRZ

BFRZ Risk / Return Rank: 48
BFRZ Sharpe Ratio Rank: 47
BFRZ Sortino Ratio Rank: 45
BFRZ Omega Ratio Rank: 51
BFRZ Calmar Ratio Rank: 53
BFRZ Martin Ratio Rank: 45

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.

BFRZ vs. PMJN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 100 Buffer ETF (BFRZ) and PGIM S&P 500 Max Buffer ETF - June (PMJN). 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.

	BFRZ	PMJN	Difference
Sharpe ratio Return per unit of total volatility	1.62	—	—
Sortino ratio Return per unit of downside risk	2.21	—	—
Omega ratio Gain probability vs. loss probability	1.31	—	—
Calmar ratio Return relative to maximum drawdown	2.59	—	—
Martin ratio Return relative to average drawdown	7.31	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BFRZ	PMJN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.75	3.90	-2.15

Drawdowns

BFRZ vs. PMJN - Drawdown Comparison

The maximum BFRZ drawdown since its inception was -3.12%, which is greater than PMJN's maximum drawdown of -1.15%. Use the drawdown chart below to compare losses from any high point for BFRZ and PMJN.

Drawdown Indicators

	BFRZ	PMJN	Difference
Max Drawdown Largest peak-to-trough decline	-3.12%	-1.15%	-1.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-1.15%	-1.97%
Current Drawdown Current decline from peak	-0.42%	0.00%	-0.42%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.08%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	—	—

Volatility

Volatility by Period

	BFRZ	PMJN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	1.74%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	1.74%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	1.74%	+3.14%

BFRZ vs. PMJN - Expense Ratio Comparison

BFRZ has a 0.89% expense ratio, which is higher than PMJN's 0.50% expense ratio.

Dividends

BFRZ vs. PMJN - Dividend Comparison

BFRZ's dividend yield for the trailing twelve months is around 0.26%, while PMJN has not paid dividends to shareholders.

Position	TTM	2025
BFRZ Innovator Equity Managed 100 Buffer ETF	0.26%	0.20%
PMJN PGIM S&P 500 Max Buffer ETF - June	0.00%	0.00%

Frequently Asked Questions

Can I hold both BFRZ and PMJN in my portfolio?

BFRZ and PMJN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BFRZ or PMJN?

On 1-year performance, BFRZ leads with 8.04% vs 6.77% for PMJN. On fees, PMJN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BFRZ or PMJN?

Over the 1-year period, BFRZ has performed better with a 8.04% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BFRZ or PMJN?

PMJN is cheaper with a 0.50% expense ratio, compared with 0.89% for BFRZ.

Which ETF pays a higher dividend yield, BFRZ or PMJN?

BFRZ has the higher dividend yield at 0.26%, compared with 0.00% for PMJN.

What is the main difference between BFRZ and PMJN?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.89% for BFRZ and 0.50% for PMJN.