JULP vs. PMJL
JULP (PGIM S&P 500 Buffer 12 ETF - July) and PMJL (PGIM S&P 500 Max Buffer ETF - July) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, JULP returned 12.88% vs 6.44% for PMJL. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
JULP vs. PMJL - Performance Comparison
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Returns By Period
In the year-to-date period, JULP achieves a 6.12% return, which is significantly higher than PMJL's 3.27% return.
JULP
- 1D
- -0.36%
- 1M
- 0.67%
- 6M
- 5.23%
- YTD
- 6.12%
- 1Y
- 12.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMJL
- 1D
- -0.15%
- 1M
- 0.45%
- 6M
- 2.93%
- YTD
- 3.27%
- 1Y
- 6.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JULP vs. PMJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JULP PGIM S&P 500 Buffer 12 ETF - July | 6.12% | 6.94% |
PMJL PGIM S&P 500 Max Buffer ETF - July | 3.27% | 3.17% |
Correlation
The correlation between JULP and PMJL is 0.83, 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 | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.83 |
The correlation between JULP and PMJL has been stable across timeframes, ranging from 0.83 to 0.83 - a consistent structural relationship.
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Return for Risk
JULP vs. PMJL — Risk / Return Rank
JULP
PMJL
JULP vs. PMJL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - July (JULP) and PGIM S&P 500 Max Buffer ETF - July (PMJL). 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.
| JULP | PMJL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.74 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 4.34 | -1.44 |
| Martin ratioReturn relative to average drawdown | 15.81 | 27.00 | -11.19 |
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Drawdowns
JULP vs. PMJL - Drawdown Comparison
The maximum JULP drawdown since its inception was -12.36%, which is greater than PMJL's maximum drawdown of -1.49%. Use the drawdown chart below to compare losses from any high point for JULP and PMJL.
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Drawdown Indicators
| JULP | PMJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.36% | -1.49% | -10.87% |
Max Drawdown (1Y)Largest decline over 1 year | -4.47% | -1.49% | -2.98% |
Current DrawdownCurrent decline from peak | -0.36% | -0.15% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -0.11% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.24% | +0.58% |
Volatility
JULP vs. PMJL - Volatility Comparison
PGIM S&P 500 Buffer 12 ETF - July (JULP) has a higher volatility of 3.13% compared to PGIM S&P 500 Max Buffer ETF - July (PMJL) at 0.46%. This indicates that JULP's price experiences larger fluctuations and is considered to be riskier than PMJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JULP | PMJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 0.46% | +2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 1.64% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.76% | 2.02% | +4.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 2.02% | +7.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 2.02% | +7.74% |
JULP vs. PMJL - Expense Ratio Comparison
Both JULP and PMJL have an expense ratio of 0.50%.
Dividends
JULP vs. PMJL - Dividend Comparison
Neither JULP nor PMJL has paid dividends to shareholders.
Frequently Asked Questions
JULP and PMJL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JULP has higher volatility (3.13%) compared to PMJL (0.46%). In terms of maximum drawdown, JULP dropped -12.36% vs PMJL's -1.49%.
On 1-year performance, JULP leads with 12.88% vs 6.44% for PMJL. Both ETFs have the same 0.50% expense ratio. On volatility, PMJL has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JULP has performed better with a 12.88% return vs 6.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JULP and PMJL have the same expense ratio: 0.50% per year.
JULP and PMJL have nearly identical dividend yields, around 0.00%.
PMJL currently has the higher Sharpe Ratio (3.21 vs 1.92), 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.
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