EFIV vs. PMJA

Last updated Jun 4, 2026

EFIV (State Street SPDR S&P 500 ESG ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - EFIV is a S&P 500 fund tracking the S&P 500 ESG Index, while PMJA is a Defined Outcome fund actively managed by PGIM. EFIV is passively managed, while PMJA is actively managed. Over the past year, EFIV returned 30.49% vs 7.69% for PMJA. Their correlation of 0.90 suggests significant overlap in exposure. EFIV charges 0.10%/yr vs 0.50%/yr for PMJA.

Performance

EFIV vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ESG ETF (EFIV) 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, EFIV achieves a 9.91% return, which is significantly higher than PMJA's 2.35% return.

EFIV

• 1D: -0.68%
• 1M: 4.63%
• YTD: 9.91%
• 6M: 10.51%
• 1Y: 30.49%
• 3Y*: 21.82%
• 5Y*: 14.48%
• 10Y*: —

PMJA

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.35%
• 6M: 2.84%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EFIV vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
EFIV State Street SPDR S&P 500 ESG ETF	9.91%	18.93%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	6.89%

Correlation

The correlation between EFIV and PMJA is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.90

The correlation between EFIV and PMJA has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

EFIV vs. PMJA — Risk / Return Rank

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

EFIV

EFIV Risk / Return Rank: 76
EFIV Sharpe Ratio Rank: 79
EFIV Sortino Ratio Rank: 80
EFIV Omega Ratio Rank: 78
EFIV Calmar Ratio Rank: 65
EFIV Martin Ratio Rank: 77

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.

EFIV vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ESG ETF (EFIV) 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.

	EFIV	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.80	-1.20
Sortino ratio: Return per unit of downside risk	3.62	6.16	-2.54
Omega ratio: Gain probability vs. loss probability	1.47	1.88	-0.41
Calmar ratio: Return relative to maximum drawdown	3.24	5.32	-2.07
Martin ratio: Return relative to average drawdown	15.02	26.64	-11.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFIV vs. PMJA - Sharpe Ratio Comparison

The current EFIV Sharpe Ratio is 2.60, which is lower than the PMJA Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of EFIV 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.

Sharpe Ratios by Period

	EFIV	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	3.80	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	2.32	-1.26

Drawdowns

EFIV vs. PMJA - Drawdown Comparison

The maximum EFIV drawdown since its inception was -24.52%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for EFIV and PMJA.

Drawdown Indicators

	EFIV	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-24.52%	-2.98%	-21.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-1.45%	-7.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	—	—
Current Drawdown Current decline from peak	-1.02%	-0.04%	-0.98%
Average Drawdown Average peak-to-trough decline	-4.81%	-0.34%	-4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	0.29%	+1.75%

Volatility

EFIV vs. PMJA - Volatility Comparison

State Street SPDR S&P 500 ESG ETF (EFIV) has a higher volatility of 3.14% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.33%. This indicates that EFIV'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

	EFIV	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	0.33%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	1.49%	+7.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.79%	2.04%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	2.85%	+14.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	2.85%	+13.98%

EFIV vs. PMJA - Expense Ratio Comparison

EFIV has a 0.10% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

EFIV vs. PMJA - Dividend Comparison

EFIV's dividend yield for the trailing twelve months is around 0.94%, while PMJA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
EFIV State Street SPDR S&P 500 ESG ETF	0.94%	1.03%	1.20%	1.37%	1.64%	1.19%	0.65%
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFIV and PMJA in my portfolio?

EFIV and PMJA have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFIV or PMJA?

EFIV has higher volatility (3.14%) compared to PMJA (0.33%). In terms of maximum drawdown, EFIV dropped -24.52% vs PMJA's -2.98%.

Which ETF is better, EFIV or PMJA?

On 1-year performance, EFIV leads with 30.49% vs 7.69% for PMJA. On fees, EFIV is cheaper at 0.10% per year. On volatility, PMJA has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFIV or PMJA?

Over the 1-year period, EFIV has performed better with a 30.49% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFIV or PMJA?

EFIV is cheaper with a 0.10% expense ratio, compared with 0.50% for PMJA.

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

EFIV has the higher dividend yield at 0.94%, compared with 0.00% for PMJA.

What is the main difference between EFIV and PMJA?

EFIV is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: State Street and PGIM. Their fees differ too: 0.10% for EFIV and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.80 vs 2.60), 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.