JUNP vs. MMAX
JUNP (PGIM S&P 500 Buffer 12 ETF - June) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, JUNP returned 12.99% vs 7.67% for MMAX. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
JUNP vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, JUNP achieves a 3.86% return, which is significantly higher than MMAX's 3.09% return.
JUNP
- 1D
- -0.31%
- 1M
- 0.44%
- YTD
- 3.86%
- 6M
- 4.77%
- 1Y
- 12.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.13%
- 1M
- 0.60%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 7.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JUNP vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JUNP PGIM S&P 500 Buffer 12 ETF - June | 3.86% | 14.66% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.09% | 5.88% |
Correlation
The correlation between JUNP and MMAX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | 0.66 |
The correlation between JUNP and MMAX has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
JUNP vs. MMAX — Risk / Return Rank
JUNP
MMAX
JUNP vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - June (JUNP) and iShares Large Cap Max Buffer Mar ETF (MMAX). 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.
| JUNP | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.12 | ||
| Sortino ratioReturn per unit of downside risk | -7.00 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 2.51 | -1.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 22.49 | -18.75 |
| Martin ratioReturn relative to average drawdown | 21.68 | 112.49 | -90.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JUNP | MMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.40 | 5.52 | -3.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.36 | 3.13 | -1.77 |
Drawdowns
JUNP vs. MMAX - Drawdown Comparison
The maximum JUNP drawdown since its inception was -11.23%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for JUNP and MMAX.
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Drawdown Indicators
| JUNP | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -1.93% | -9.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -0.34% | -3.15% |
Current DrawdownCurrent decline from peak | -0.31% | -0.13% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -0.88% | -0.10% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.07% | +0.53% |
Volatility
JUNP vs. MMAX - Volatility Comparison
PGIM S&P 500 Buffer 12 ETF - June (JUNP) has a higher volatility of 0.85% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that JUNP's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JUNP | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.36% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 4.14% | 0.96% | +3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.44% | 1.39% | +4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.38% | 2.49% | +6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.38% | 2.49% | +6.89% |
JUNP vs. MMAX - Expense Ratio Comparison
Both JUNP and MMAX have an expense ratio of 0.50%.
Dividends
JUNP vs. MMAX - Dividend Comparison
JUNP has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.
| Position | TTM | 2025 |
|---|---|---|
JUNP PGIM S&P 500 Buffer 12 ETF - June | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
JUNP and MMAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JUNP has higher volatility (0.85%) compared to MMAX (0.36%). In terms of maximum drawdown, JUNP dropped -11.23% vs MMAX's -1.93%.
On 1-year performance, JUNP leads with 12.99% vs 7.67% for MMAX. Both ETFs have the same 0.50% expense ratio. On volatility, MMAX has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JUNP has performed better with a 12.99% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JUNP and MMAX have the same expense ratio: 0.50% per year.
MMAX has the higher dividend yield at 1.27%, compared with 0.00% for JUNP.
They also come from different issuers: PGIM and iShares.
MMAX currently has the higher Sharpe Ratio (5.52 vs 2.40), 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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