JULM vs. PMAP

Last updated Jun 4, 2026

JULM (FT Vest U.S. Equity Max Buffer ETF - July) and PMAP (PGIM S&P 500 Max Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, JULM returned 7.28% vs 7.34% for PMAP. Their correlation of 0.86 suggests significant overlap in exposure. JULM charges 0.85%/yr vs 0.50%/yr for PMAP.

Performance

JULM vs. PMAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - July (JULM) and PGIM S&P 500 Max Buffer ETF - April (PMAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JULM achieves a 2.67% return, which is significantly lower than PMAP's 3.28% return.

JULM

• 1D: 0.00%
• 1M: 0.80%
• YTD: 2.67%
• 6M: 3.17%
• 1Y: 7.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMAP

• 1D: -0.06%
• 1M: 0.59%
• YTD: 3.28%
• 6M: 3.83%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULM vs. PMAP - Yearly Performance Comparison

	2026 (YTD)	2025
JULM FT Vest U.S. Equity Max Buffer ETF - July	2.67%	7.21%
PMAP PGIM S&P 500 Max Buffer ETF - April	3.28%	5.37%

Correlation

The correlation between JULM and PMAP 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 Apr 2, 2025	0.86

The correlation between JULM and PMAP has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

JULM vs. PMAP — Risk / Return Rank

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

JULM

JULM Risk / Return Rank: 93
JULM Sharpe Ratio Rank: 93
JULM Sortino Ratio Rank: 96
JULM Omega Ratio Rank: 96
JULM Calmar Ratio Rank: 85
JULM Martin Ratio Rank: 94

PMAP

PMAP Risk / Return Rank: 99
PMAP Sharpe Ratio Rank: 99
PMAP Sortino Ratio Rank: 99
PMAP Omega Ratio Rank: 99
PMAP Calmar Ratio Rank: 99
PMAP Martin Ratio Rank: 99

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.

JULM vs. PMAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - July (JULM) and PGIM S&P 500 Max Buffer ETF - April (PMAP). 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.

	JULM	PMAP	Difference
Sharpe ratio: Return per unit of total volatility	3.37	6.43	-3.06
Sortino ratio: Return per unit of downside risk	5.40	13.39	-8.00
Omega ratio: Gain probability vs. loss probability	1.78	2.92	-1.14
Calmar ratio: Return relative to maximum drawdown	4.66	21.40	-16.74
Martin ratio: Return relative to average drawdown	27.08	133.92	-106.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULM vs. PMAP - Sharpe Ratio Comparison

The current JULM Sharpe Ratio is 3.37, which is lower than the PMAP Sharpe Ratio of 6.43. The chart below compares the historical Sharpe Ratios of JULM and PMAP, 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

	JULM	PMAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	6.43	-3.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	3.23	-1.32

Drawdowns

JULM vs. PMAP - Drawdown Comparison

The maximum JULM drawdown since its inception was -4.42%, which is greater than PMAP's maximum drawdown of -1.75%. Use the drawdown chart below to compare losses from any high point for JULM and PMAP.

Drawdown Indicators

	JULM	PMAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.42%	-1.75%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.57%	-0.34%	-1.23%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.34%	-0.08%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.05%	+0.22%

Volatility

JULM vs. PMAP - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - July (JULM) is 0.19%, while PGIM S&P 500 Max Buffer ETF - April (PMAP) has a volatility of 0.27%. This indicates that JULM experiences smaller price fluctuations and is considered to be less risky than PMAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULM	PMAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.27%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.69%	0.81%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	2.18%	1.15%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	2.33%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	2.33%	+1.43%

JULM vs. PMAP - Expense Ratio Comparison

JULM has a 0.85% expense ratio, which is higher than PMAP's 0.50% expense ratio.

Dividends

JULM vs. PMAP - Dividend Comparison

Neither JULM nor PMAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JULM and PMAP in my portfolio?

JULM and PMAP 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, JULM or PMAP?

PMAP has higher volatility (0.27%) compared to JULM (0.19%). In terms of maximum drawdown, JULM dropped -4.42% vs PMAP's -1.75%.

Which ETF is better, JULM or PMAP?

On 1-year performance, PMAP leads with 7.34% vs 7.28% for JULM. On fees, PMAP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULM or PMAP?

Over the 1-year period, PMAP has performed better with a 7.34% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULM or PMAP?

PMAP is cheaper with a 0.50% expense ratio, compared with 0.85% for JULM.

Which ETF pays a higher dividend yield, JULM or PMAP?

JULM and PMAP have nearly identical dividend yields, around 0.00%.

What is the main difference between JULM and PMAP?

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

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (6.43 vs 3.37), 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.