PJFM vs. SPMD

Last updated Jun 4, 2026

PJFM (PGIM Jennison Focused Mid-Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds. PJFM is actively managed, while SPMD is passively managed. Over the past year, PJFM returned 16.91% vs 25.49% for SPMD. Their correlation of 0.90 suggests significant overlap in exposure. PJFM charges 0.49%/yr vs 0.05%/yr for SPMD.

Performance

PJFM vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison Focused Mid-Cap ETF (PJFM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJFM achieves a 9.13% return, which is significantly lower than SPMD's 14.16% return.

PJFM

• 1D: -0.20%
• 1M: 1.15%
• YTD: 9.13%
• 6M: 9.53%
• 1Y: 16.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPMD

• 1D: -0.08%
• 1M: 3.86%
• YTD: 14.16%
• 6M: 14.41%
• 1Y: 25.49%
• 3Y*: 16.15%
• 5Y*: 8.20%
• 10Y*: 11.51%

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

PJFM vs. SPMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJFM PGIM Jennison Focused Mid-Cap ETF	9.13%	7.50%	15.64%	-0.08%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	14.16%	7.44%	13.91%	-0.08%

Correlation

The correlation between PJFM and SPMD is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.90

The correlation between PJFM and SPMD has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

PJFM vs. SPMD — Risk / Return Rank

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

PJFM

PJFM Risk / Return Rank: 33
PJFM Sharpe Ratio Rank: 31
PJFM Sortino Ratio Rank: 31
PJFM Omega Ratio Rank: 30
PJFM Calmar Ratio Rank: 32
PJFM Martin Ratio Rank: 39

SPMD

SPMD Risk / Return Rank: 51
SPMD Sharpe Ratio Rank: 46
SPMD Sortino Ratio Rank: 48
SPMD Omega Ratio Rank: 45
SPMD Calmar Ratio Rank: 57
SPMD Martin Ratio Rank: 59

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.

PJFM vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Focused Mid-Cap ETF (PJFM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.

	PJFM	SPMD	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.65	-0.56
Sortino ratio: Return per unit of downside risk	1.65	2.41	-0.75
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.57	2.89	-1.32
Martin ratio: Return relative to average drawdown	5.97	10.61	-4.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJFM vs. SPMD - Sharpe Ratio Comparison

The current PJFM Sharpe Ratio is 1.09, which is lower than the SPMD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PJFM and SPMD, 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

	PJFM	SPMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.65	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.45	+0.30

Drawdowns

PJFM vs. SPMD - Drawdown Comparison

The maximum PJFM drawdown since its inception was -22.84%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for PJFM and SPMD.

Drawdown Indicators

	PJFM	SPMD	Difference
Max Drawdown Largest peak-to-trough decline	-22.84%	-57.62%	+34.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-8.86%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.86%	—
Current Drawdown Current decline from peak	-1.41%	-0.08%	-1.33%
Average Drawdown Average peak-to-trough decline	-3.75%	-8.12%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.41%	+0.43%

Volatility

PJFM vs. SPMD - Volatility Comparison

PGIM Jennison Focused Mid-Cap ETF (PJFM) has a higher volatility of 5.56% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.38%. This indicates that PJFM's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJFM	SPMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	4.38%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	11.37%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	15.57%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	19.70%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	21.18%	-3.49%

PJFM vs. SPMD - Expense Ratio Comparison

PJFM has a 0.49% expense ratio, which is higher than SPMD's 0.05% expense ratio.

Dividends

PJFM vs. SPMD - Dividend Comparison

PJFM's dividend yield for the trailing twelve months is around 0.57%, less than SPMD's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJFM PGIM Jennison Focused Mid-Cap ETF	0.57%	0.62%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.23%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%

Frequently Asked Questions

Can I hold both PJFM and SPMD in my portfolio?

PJFM and SPMD have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJFM or SPMD?

PJFM has higher volatility (5.56%) compared to SPMD (4.38%). In terms of maximum drawdown, PJFM dropped -22.84% vs SPMD's -57.62%.

Which ETF is better, PJFM or SPMD?

On 1-year performance, SPMD leads with 25.49% vs 16.91% for PJFM. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJFM or SPMD?

Over the 1-year period, SPMD has performed better with a 25.49% return vs 16.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJFM or SPMD?

SPMD is cheaper with a 0.05% expense ratio, compared with 0.49% for PJFM.

Which ETF pays a higher dividend yield, PJFM or SPMD?

SPMD has the higher dividend yield at 1.23%, compared with 0.57% for PJFM.

What is the main difference between PJFM and SPMD?

They also come from different issuers: PGIM and State Street. Their fees differ too: 0.49% for PJFM and 0.05% for SPMD.

Which has better risk-adjusted returns?

SPMD currently has the higher Sharpe Ratio (1.65 vs 1.09), 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.