EMOT vs. PMJA

Last updated Jun 28, 2026

EMOT (First Trust S&P 500 Economic Moat ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - EMOT is a S&P 500 fund tracking the S&P 500 Economic Moat Index, while PMJA is a Defined Outcome fund actively managed by PGIM. EMOT is passively managed, while PMJA is actively managed. Over the past year, EMOT returned 16.66% vs 6.37% for PMJA. A 0.79 correlation means they provide meaningful diversification when combined. EMOT charges 0.60%/yr vs 0.50%/yr for PMJA.

Performance

EMOT vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Economic Moat ETF (EMOT) 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, EMOT achieves a 10.84% return, which is significantly higher than PMJA's 2.19% return.

EMOT

• 1D: 0.51%
• 1M: 0.98%
• YTD: 10.84%
• 6M: 9.56%
• 1Y: 16.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.01%
• 1M: -0.09%
• YTD: 2.19%
• 6M: 2.25%
• 1Y: 6.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMOT vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
EMOT First Trust S&P 500 Economic Moat ETF	10.84%	14.17%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.19%	6.76%

Correlation

The correlation between EMOT and PMJA is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.79

The correlation between EMOT and PMJA has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

EMOT vs. PMJA — Risk / Return Rank

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

EMOT

EMOT Risk / Return Rank: 48
EMOT Sharpe Ratio Rank: 50
EMOT Sortino Ratio Rank: 50
EMOT Omega Ratio Rank: 48
EMOT Calmar Ratio Rank: 43
EMOT Martin Ratio Rank: 50

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 96
PMJA Omega Ratio Rank: 96
PMJA Calmar Ratio Rank: 88
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.

EMOT vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Economic Moat ETF (EMOT) 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.

	EMOT	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	1.52	3.27	-1.75
Sortino ratio: Return per unit of downside risk	2.17	5.17	-3.00
Omega ratio: Gain probability vs. loss probability	1.27	1.72	-0.45
Calmar ratio: Return relative to maximum drawdown	1.92	4.51	-2.59
Martin ratio: Return relative to average drawdown	7.49	22.24	-14.75

EMOT vs. PMJA - Sharpe Ratio Comparison

The current EMOT Sharpe Ratio is 1.52, which is lower than the PMJA Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of EMOT 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

EMOT vs. PMJA - Drawdown Comparison

The maximum EMOT drawdown since its inception was -16.41%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for EMOT and PMJA.

Drawdown Indicators

	EMOT	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-2.98%	-13.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-1.45%	-7.74%
Current Drawdown Current decline from peak	-1.18%	-0.29%	-0.89%
Average Drawdown Average peak-to-trough decline	-2.05%	-0.33%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.29%	+2.06%

Volatility

EMOT vs. PMJA - Volatility Comparison

First Trust S&P 500 Economic Moat ETF (EMOT) has a higher volatility of 3.87% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.54%. This indicates that EMOT'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

	EMOT	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	0.54%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	1.57%	+7.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	2.01%	+9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	2.82%	+12.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	2.82%	+12.08%

EMOT vs. PMJA - Expense Ratio Comparison

EMOT has a 0.60% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

EMOT vs. PMJA - Dividend Comparison

EMOT's dividend yield for the trailing twelve months is around 1.09%, while PMJA has not paid dividends to shareholders.

Position	TTM	2025	2024
EMOT First Trust S&P 500 Economic Moat ETF	1.09%	0.84%	0.37%
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMOT and PMJA in my portfolio?

EMOT and PMJA have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMOT or PMJA?

EMOT has higher volatility (3.87%) compared to PMJA (0.54%). In terms of maximum drawdown, EMOT dropped -16.41% vs PMJA's -2.98%.

Which ETF is better, EMOT or PMJA?

On 1-year performance, EMOT leads with 16.66% vs 6.37% 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, EMOT or PMJA?

Over the 1-year period, EMOT has performed better with a 16.66% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMOT or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.60% for EMOT.

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

EMOT has the higher dividend yield at 1.09%, compared with 0.00% for PMJA.

What is the main difference between EMOT and PMJA?

EMOT is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.60% for EMOT and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.27 vs 1.52), 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.