JANM vs. PQOC

Last updated Jun 5, 2026

JANM (FT Vest U.S. Equity Max Buffer ETF - January) and PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) are both Defined Outcome funds. Both are actively managed. Over the past year, JANM returned 7.85% vs 20.41% for PQOC. Their correlation of 0.82 suggests significant overlap in exposure. JANM charges 0.85%/yr vs 0.50%/yr for PQOC.

Performance

JANM vs. PQOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - January (JANM) and PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANM achieves a 2.54% return, which is significantly lower than PQOC's 9.03% return.

JANM

• 1D: 0.01%
• 1M: 0.80%
• YTD: 2.54%
• 6M: 3.20%
• 1Y: 7.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQOC

• 1D: 0.02%
• 1M: 2.61%
• YTD: 9.03%
• 6M: 9.23%
• 1Y: 20.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANM vs. PQOC - Yearly Performance Comparison

	2026 (YTD)	2025
JANM FT Vest U.S. Equity Max Buffer ETF - January	2.54%	5.73%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.03%	12.50%

Correlation

The correlation between JANM and PQOC 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 22, 2025	0.82

The correlation between JANM and PQOC has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

JANM vs. PQOC — Risk / Return Rank

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

JANM

JANM Risk / Return Rank: 93
JANM Sharpe Ratio Rank: 93
JANM Sortino Ratio Rank: 96
JANM Omega Ratio Rank: 96
JANM Calmar Ratio Rank: 86
JANM Martin Ratio Rank: 94

PQOC

PQOC Risk / Return Rank: 73
PQOC Sharpe Ratio Rank: 75
PQOC Sortino Ratio Rank: 75
PQOC Omega Ratio Rank: 80
PQOC Calmar Ratio Rank: 63
PQOC Martin Ratio Rank: 75

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.

JANM vs. PQOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - January (JANM) and PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC). 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.

	JANM	PQOC	Difference
Sharpe ratio: Return per unit of total volatility	3.38	2.39	+0.99
Sortino ratio: Return per unit of downside risk	5.32	3.29	+2.02
Omega ratio: Gain probability vs. loss probability	1.77	1.47	+0.31
Calmar ratio: Return relative to maximum drawdown	4.65	3.07	+1.58
Martin ratio: Return relative to average drawdown	25.59	13.98	+11.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANM vs. PQOC - Sharpe Ratio Comparison

The current JANM Sharpe Ratio is 3.38, which is higher than the PQOC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of JANM and PQOC, 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

	JANM	PQOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.38	2.39	+0.99
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	1.33	+0.79

Drawdowns

JANM vs. PQOC - Drawdown Comparison

The maximum JANM drawdown since its inception was -2.83%, smaller than the maximum PQOC drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for JANM and PQOC.

Drawdown Indicators

	JANM	PQOC	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-13.71%	+10.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-6.68%	+4.98%
Current Drawdown Current decline from peak	-0.03%	-0.05%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.36%	-1.61%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.46%	-1.15%

Volatility

JANM vs. PQOC - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - January (JANM) is 0.35%, while PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a volatility of 1.03%. This indicates that JANM experiences smaller price fluctuations and is considered to be less risky than PQOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANM	PQOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	1.03%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	1.80%	6.75%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	8.58%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.88%	12.92%	-10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.88%	12.92%	-10.04%

JANM vs. PQOC - Expense Ratio Comparison

JANM has a 0.85% expense ratio, which is higher than PQOC's 0.50% expense ratio.

Dividends

JANM vs. PQOC - Dividend Comparison

Neither JANM nor PQOC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANM and PQOC in my portfolio?

JANM and PQOC 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, JANM or PQOC?

PQOC has higher volatility (1.03%) compared to JANM (0.35%). In terms of maximum drawdown, JANM dropped -2.83% vs PQOC's -13.71%.

Which ETF is better, JANM or PQOC?

On 1-year performance, PQOC leads with 20.41% vs 7.85% for JANM. On fees, PQOC is cheaper at 0.50% per year. On volatility, JANM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANM or PQOC?

Over the 1-year period, PQOC has performed better with a 20.41% return vs 7.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANM or PQOC?

PQOC is cheaper with a 0.50% expense ratio, compared with 0.85% for JANM.

Which ETF pays a higher dividend yield, JANM or PQOC?

JANM and PQOC have nearly identical dividend yields, around 0.00%.

What is the main difference between JANM and PQOC?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.85% for JANM and 0.50% for PQOC.

Which has better risk-adjusted returns?

JANM currently has the higher Sharpe Ratio (3.38 vs 2.39), 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.