JANJ vs. PMDE

Last updated Jul 22, 2026

JANJ (Innovator Premium Income 30 Barrier ETF - January) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - JANJ is a Options Trading fund actively managed by Innovator, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). JANJ is actively managed, while PMDE is passively managed. A 0.74 correlation means they provide meaningful diversification when combined. JANJ charges 0.79%/yr vs 0.50%/yr for PMDE.

Performance

JANJ vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - January (JANJ) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JANJ having a 3.07% return and PMDE slightly higher at 3.14%.

JANJ

• 1D: 0.08%
• 1M: 0.51%
• 6M: 3.49%
• YTD: 3.07%
• 1Y: 5.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.59%

PMDE

• 1D: 0.10%
• 1M: 0.47%
• 6M: 3.21%
• YTD: 3.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

JANJ vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
JANJ Innovator Premium Income 30 Barrier ETF - January	3.07%	0.29%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.14%	0.44%

Correlation

The correlation between JANJ and PMDE 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 (All Time) Calculated using the full available price history since Dec 1, 2025	0.74

Return for Risk

JANJ vs. PMDE — Risk / Return Rank

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

JANJ

JANJ Risk / Return Rank: 88
JANJ Sharpe Ratio Rank: 85
JANJ Sortino Ratio Rank: 91
JANJ Omega Ratio Rank: 95
JANJ Calmar Ratio Rank: 75
JANJ Martin Ratio Rank: 93

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

JANJ vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - January (JANJ) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

	JANJ	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.12	—	—
Sortino ratio: Return per unit of downside risk	3.38	—	—
Omega ratio: Gain probability vs. loss probability	1.56	—	—
Calmar ratio: Return relative to maximum drawdown	2.88	—	—
Martin ratio: Return relative to average drawdown	18.15	—	—

Drawdowns

JANJ vs. PMDE - Drawdown Comparison

The maximum JANJ drawdown since its inception was -5.75%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for JANJ and PMDE.

Drawdown Indicators

	JANJ	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-5.75%	-1.59%	-4.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	—	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.23%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	JANJ	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	2.36%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	2.36%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	2.36%	+2.09%

JANJ vs. PMDE - Expense Ratio Comparison

JANJ has a 0.79% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

JANJ vs. PMDE - Dividend Comparison

JANJ's dividend yield for the trailing twelve months is around 5.02%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024
JANJ Innovator Premium Income 30 Barrier ETF - January	5.02%	5.07%	5.59%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANJ and PMDE in my portfolio?

JANJ and PMDE 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 ETF is better, JANJ or PMDE?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JANJ or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.79% for JANJ.

Which ETF pays a higher dividend yield, JANJ or PMDE?

JANJ has the higher dividend yield at 5.02%, compared with 0.00% for PMDE.

What is the main difference between JANJ and PMDE?

JANJ is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for JANJ and 0.50% for PMDE.