PJIO vs. PMAP

Last updated Jul 15, 2026

PJIO (PGIM Jennison International Opportunities ETF) and PMAP (PGIM S&P 500 Max Buffer ETF - April) are both exchange-traded funds - PJIO is a Foreign Large Cap Equities fund actively managed by PGIM, while PMAP is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, PJIO returned 3.36% vs 6.61% for PMAP. A 0.63 correlation means they provide meaningful diversification when combined. PJIO charges 0.90%/yr vs 0.50%/yr for PMAP.

Performance

PJIO vs. PMAP - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PJIO having a 3.51% return and PMAP slightly higher at 3.66%.

PJIO

• 1D: 1.17%
• 1M: -4.52%
• 6M: -0.61%
• YTD: 3.51%
• 1Y: 3.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMAP

• 1D: 0.05%
• 1M: 0.46%
• 6M: 3.43%
• YTD: 3.66%
• 1Y: 6.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJIO vs. PMAP - Yearly Performance Comparison

	2026 (YTD)	2025
PJIO PGIM Jennison International Opportunities ETF	3.51%	14.47%
PMAP PGIM S&P 500 Max Buffer ETF - April	3.66%	5.29%

Correlation

The correlation between PJIO and PMAP is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.63

The correlation between PJIO and PMAP has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

PJIO vs. PMAP — Risk / Return Rank

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

PJIO

PJIO Risk / Return Rank: 12
PJIO Sharpe Ratio Rank: 12
PJIO Sortino Ratio Rank: 11
PJIO Omega Ratio Rank: 11
PJIO Calmar Ratio Rank: 11
PJIO Martin Ratio Rank: 12

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.

PJIO vs. PMAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison International Opportunities ETF (PJIO) 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.

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.

	PJIO	PMAP	Difference
Sharpe ratio: Return per unit of total volatility	0.13	5.75	-5.62
Sortino ratio: Return per unit of downside risk	0.37	11.38	-11.01
Omega ratio: Gain probability vs. loss probability	1.05	2.61	-1.57
Calmar ratio: Return relative to maximum drawdown	0.18	19.04	-18.87
Martin ratio: Return relative to average drawdown	0.54	94.01	-93.47

PJIO vs. PMAP - Sharpe Ratio Comparison

The current PJIO Sharpe Ratio is 0.13, which is lower than the PMAP Sharpe Ratio of 5.75. The chart below compares the historical Sharpe Ratios of PJIO 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.

Drawdowns

PJIO vs. PMAP - Drawdown Comparison

The maximum PJIO drawdown since its inception was -19.26%, which is greater than PMAP's maximum drawdown of -1.75%. Use the drawdown chart below to compare losses from any high point for PJIO and PMAP.

Drawdown Indicators

	PJIO	PMAP	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-1.75%	-17.51%
Max Drawdown (1Y) Largest decline over 1 year	-19.26%	-0.35%	-18.91%
Current Drawdown Current decline from peak	-10.50%	0.00%	-10.50%
Average Drawdown Average peak-to-trough decline	-4.28%	-0.08%	-4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.23%	0.07%	+6.16%

Volatility

PJIO vs. PMAP - Volatility Comparison

PGIM Jennison International Opportunities ETF (PJIO) has a higher volatility of 11.68% compared to PGIM S&P 500 Max Buffer ETF - April (PMAP) at 0.32%. This indicates that PJIO's price experiences larger fluctuations and is considered to be riskier than PMAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJIO	PMAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.68%	0.32%	+11.36%
Volatility (6M) Calculated over the trailing 6-month period	23.55%	0.90%	+22.65%
Volatility (1Y) Calculated over the trailing 1-year period	25.68%	1.15%	+24.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	2.26%	+20.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	2.26%	+20.00%

PJIO vs. PMAP - Expense Ratio Comparison

PJIO has a 0.90% expense ratio, which is higher than PMAP's 0.50% expense ratio.

Dividends

PJIO vs. PMAP - Dividend Comparison

PJIO's dividend yield for the trailing twelve months is around 0.18%, while PMAP has not paid dividends to shareholders.

Position	TTM	2025	2024
PJIO PGIM Jennison International Opportunities ETF	0.18%	0.19%	0.22%
PMAP PGIM S&P 500 Max Buffer ETF - April	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJIO and PMAP in my portfolio?

PJIO and PMAP have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJIO or PMAP?

PJIO has higher volatility (11.68%) compared to PMAP (0.32%). In terms of maximum drawdown, PJIO dropped -19.26% vs PMAP's -1.75%.

Which ETF is better, PJIO or PMAP?

On 1-year performance, PMAP leads with 6.61% vs 3.36% for PJIO. On fees, PMAP is cheaper at 0.50% per year. On volatility, PMAP has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJIO or PMAP?

Over the 1-year period, PMAP has performed better with a 6.61% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJIO or PMAP?

PMAP is cheaper with a 0.50% expense ratio, compared with 0.90% for PJIO.

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

PJIO has the higher dividend yield at 0.18%, compared with 0.00% for PMAP.

What is the main difference between PJIO and PMAP?

PJIO is categorized as Foreign Large Cap Equities, while PMAP is Defined Outcome. Their fees differ too: 0.90% for PJIO and 0.50% for PMAP.

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (5.75 vs 0.13), 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.