PBMY vs. PMJL

Last updated Aug 1, 2026

PBMY (PGIM S&P 500 Buffer 20 ETF - May) 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, PBMY returned 8.29% vs 6.46% for PMJL. Their 0.67 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

PBMY vs. PMJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - May (PBMY) and PGIM S&P 500 Max Buffer ETF - July (PMJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBMY achieves a 4.11% return, which is significantly higher than PMJL's 3.37% return.

PBMY

• 1D: 0.12%
• 1M: 0.30%
• 6M: 3.65%
• YTD: 4.11%
• 1Y: 8.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.48%

PMJL

• 1D: 0.15%
• 1M: 0.29%
• 6M: 2.95%
• YTD: 3.37%
• 1Y: 6.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBMY PGIM S&P 500 Buffer 20 ETF - May	$138.10K	$137.94K	$332.35K
PMJL PGIM S&P 500 Max Buffer ETF - July	$36.76K	$146.37K	$70.94K

PBMY vs. PMJL - Yearly Performance Comparison

	2026 (YTD)	2025
PBMY PGIM S&P 500 Buffer 20 ETF - May	4.11%	4.45%
PMJL PGIM S&P 500 Max Buffer ETF - July	3.37%	3.17%

Correlation

The correlation between PBMY and PMJL is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.67

The correlation between PBMY and PMJL has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

PBMY vs. PMJL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBMY

PBMY Risk / Return Rank: 92
PBMY Sharpe Ratio Rank: 88
PBMY Sortino Ratio Rank: 90
PBMY Omega Ratio Rank: 93
PBMY Calmar Ratio Rank: 95
PBMY Martin Ratio Rank: 96

PMJL

PMJL Risk / Return Rank: 96
PMJL Sharpe Ratio Rank: 97
PMJL Sortino Ratio Rank: 97
PMJL Omega Ratio Rank: 97
PMJL Calmar Ratio Rank: 92
PMJL Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBMY vs. PMJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - May (PBMY) 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.

	PBMY	PMJL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	3.14	-1.00
Sortino ratio: Return per unit of downside risk	3.19	5.16	-1.96
Omega ratio: Gain probability vs. loss probability	1.47	1.72	-0.25
Calmar ratio: Return relative to maximum drawdown	5.44	4.26	+1.18
Martin ratio: Return relative to average drawdown	25.71	25.86	-0.15

PBMY vs. PMJL - Sharpe Ratio Comparison

The current PBMY Sharpe Ratio is 2.13, which is lower than the PMJL Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of PBMY and PMJL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBMY vs. PMJL - Drawdown Comparison

The maximum PBMY drawdown since its inception was -8.11%, which is greater than PMJL's maximum drawdown of -1.49%. Use the drawdown chart below to compare losses from any high point for PBMY and PMJL.

Drawdown Indicators

	PBMY	PMJL	Difference
Max Drawdown Largest peak-to-trough decline	-8.11%	-1.49%	-6.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-1.49%	+0.02%
Current Drawdown Current decline from peak	-0.29%	-0.05%	-0.24%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.12%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.25%	+0.06%

Volatility

PBMY vs. PMJL - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - May (PBMY) has a higher volatility of 1.69% compared to PGIM S&P 500 Max Buffer ETF - July (PMJL) at 0.59%. This indicates that PBMY'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.

Volatility by Period

	PBMY	PMJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	0.59%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	3.31%	1.63%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	2.03%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.11%	2.01%	+5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	2.01%	+5.10%

PBMY vs. PMJL - Expense Ratio Comparison

Both PBMY and PMJL have an expense ratio of 0.50%.

Dividends

PBMY vs. PMJL - Dividend Comparison

PBMY's dividend yield for the trailing twelve months is around 0.07%, while PMJL has not paid dividends to shareholders.

Position	TTM	2025
PBMY PGIM S&P 500 Buffer 20 ETF - May	0.07%	0.08%
PMJL PGIM S&P 500 Max Buffer ETF - July	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBMY and PMJL in my portfolio?

PBMY and PMJL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMY or PMJL?

PBMY has higher volatility (1.69%) compared to PMJL (0.59%). In terms of maximum drawdown, PBMY dropped -8.11% vs PMJL's -1.49%.

Which ETF is better, PBMY or PMJL?

On 1-year performance, PBMY leads with 8.29% vs 6.46% for PMJL. Both ETFs have the same 0.50% expense ratio. On volatility, PMJL has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBMY or PMJL?

Over the 1-year period, PBMY has performed better with a 8.29% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBMY or PMJL?

PBMY and PMJL have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBMY or PMJL?

PBMY has the higher dividend yield at 0.07%, compared with 0.00% for PMJL.

Which has better risk-adjusted returns?

PMJL currently has the higher Sharpe Ratio (3.14 vs 2.13), 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.