JANP vs. BUFP

Last updated Jun 4, 2026

JANP (PGIM US Large-Cap Buffer 12 ETF - January) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both exchange-traded funds - JANP is a Options Trading fund actively managed by PGIM, while BUFP is a Defined Outcome fund tracking the S&P 500. JANP is actively managed, while BUFP is passively managed. Over the past year, JANP returned 17.69% vs 17.24% for BUFP. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

JANP vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - January (JANP) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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 JANP having a 6.08% return and BUFP slightly higher at 6.23%.

JANP

• 1D: -0.20%
• 1M: 2.35%
• YTD: 6.08%
• 6M: 7.23%
• 1Y: 17.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANP vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANP PGIM US Large-Cap Buffer 12 ETF - January	6.08%	13.33%	6.13%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.92%	6.36%

Correlation

The correlation between JANP and BUFP is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.91

The correlation between JANP and BUFP has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

JANP vs. BUFP — Risk / Return Rank

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

JANP

JANP Risk / Return Rank: 81
JANP Sharpe Ratio Rank: 81
JANP Sortino Ratio Rank: 85
JANP Omega Ratio Rank: 88
JANP Calmar Ratio Rank: 68
JANP Martin Ratio Rank: 84

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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.

JANP vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - January (JANP) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	JANP	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.77	-0.14
Sortino ratio: Return per unit of downside risk	3.78	4.12	-0.35
Omega ratio: Gain probability vs. loss probability	1.55	1.58	-0.03
Calmar ratio: Return relative to maximum drawdown	3.34	3.93	-0.59
Martin ratio: Return relative to average drawdown	17.41	21.96	-4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANP vs. BUFP - Sharpe Ratio Comparison

The current JANP Sharpe Ratio is 2.63, which is comparable to the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of JANP and BUFP, 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

	JANP	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.77	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.40	+0.23

Drawdowns

JANP vs. BUFP - Drawdown Comparison

The maximum JANP drawdown since its inception was -12.18%, roughly equal to the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for JANP and BUFP.

Drawdown Indicators

	JANP	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-12.18%	-11.98%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-4.41%	-0.91%
Current Drawdown Current decline from peak	-0.20%	-0.22%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.90%	-1.00%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.79%	+0.23%

Volatility

JANP vs. BUFP - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - January (JANP) has a higher volatility of 1.39% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 0.95%. This indicates that JANP's price experiences larger fluctuations and is considered to be riskier than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANP	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	0.95%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	5.52%	4.82%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	6.77%	6.27%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	9.49%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.07%	9.49%	-0.42%

JANP vs. BUFP - Expense Ratio Comparison

Both JANP and BUFP have an expense ratio of 0.50%.

Dividends

JANP vs. BUFP - Dividend Comparison

JANP has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
JANP PGIM US Large-Cap Buffer 12 ETF - January	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANP and BUFP in my portfolio?

With a correlation of 0.92, JANP and BUFP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JANP or BUFP?

JANP has higher volatility (1.39%) compared to BUFP (0.95%). In terms of maximum drawdown, JANP dropped -12.18% vs BUFP's -11.98%.

Which ETF is better, JANP or BUFP?

On 1-year performance, JANP leads with 17.69% vs 17.24% for BUFP. Both ETFs have the same 0.50% expense ratio. On volatility, BUFP has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANP or BUFP?

Over the 1-year period, JANP has performed better with a 17.69% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANP or BUFP?

JANP and BUFP have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, JANP or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for JANP.

What is the main difference between JANP and BUFP?

JANP is categorized as Options Trading, while BUFP is Defined Outcome.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.77 vs 2.63), 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.