PMAP vs. LJUL

Last updated Jun 24, 2026

PMAP (PGIM S&P 500 Max Buffer ETF - April) and LJUL (Innovator Premium Income 15 Buffer ETF - July) are both Defined Outcome funds. Both are actively managed. Over the past year, PMAP returned 6.80% vs 5.58% for LJUL. A 0.65 correlation means they provide meaningful diversification when combined. PMAP charges 0.50%/yr vs 0.79%/yr for LJUL.

Performance

PMAP vs. LJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - April (PMAP) and Innovator Premium Income 15 Buffer ETF - July (LJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAP achieves a 3.18% return, which is significantly higher than LJUL's 2.02% return.

PMAP

• 1D: -0.09%
• 1M: 0.04%
• YTD: 3.18%
• 6M: 3.26%
• 1Y: 6.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LJUL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 2.02%
• 6M: 2.13%
• 1Y: 5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMAP vs. LJUL - Yearly Performance Comparison

	2026 (YTD)	2025
PMAP PGIM S&P 500 Max Buffer ETF - April	3.18%	5.29%
LJUL Innovator Premium Income 15 Buffer ETF - July	2.02%	4.85%

Correlation

The correlation between PMAP and LJUL is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.65

The correlation between PMAP and LJUL has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

PMAP vs. LJUL — Risk / Return Rank

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

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

LJUL

LJUL Risk / Return Rank: 97
LJUL Sharpe Ratio Rank: 95
LJUL Sortino Ratio Rank: 97
LJUL Omega Ratio Rank: 97
LJUL Calmar Ratio Rank: 98
LJUL Martin Ratio Rank: 98

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.

PMAP vs. LJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - April (PMAP) and Innovator Premium Income 15 Buffer ETF - July (LJUL). 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.

	PMAP	LJUL	Difference
Sharpe ratio: Return per unit of total volatility	5.86	3.55	+2.32
Sortino ratio: Return per unit of downside risk	11.65	5.81	+5.84
Omega ratio: Gain probability vs. loss probability	2.66	1.88	+0.78
Calmar ratio: Return relative to maximum drawdown	19.59	10.68	+8.91
Martin ratio: Return relative to average drawdown	103.79	53.94	+49.85

PMAP vs. LJUL - Sharpe Ratio Comparison

The current PMAP Sharpe Ratio is 5.86, which is higher than the LJUL Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of PMAP and LJUL, 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

PMAP vs. LJUL - Drawdown Comparison

The maximum PMAP drawdown since its inception was -1.75%, smaller than the maximum LJUL drawdown of -4.85%. Use the drawdown chart below to compare losses from any high point for PMAP and LJUL.

Drawdown Indicators

	PMAP	LJUL	Difference
Max Drawdown Largest peak-to-trough decline	-1.75%	-4.85%	+3.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.35%	-0.52%	+0.17%
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.69%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.10%	-0.03%

Volatility

PMAP vs. LJUL - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - April (PMAP) has a higher volatility of 0.42% compared to Innovator Premium Income 15 Buffer ETF - July (LJUL) at 0.12%. This indicates that PMAP's price experiences larger fluctuations and is considered to be riskier than LJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAP	LJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.12%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	1.05%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	1.18%	1.58%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	4.30%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.31%	4.30%	-1.99%

PMAP vs. LJUL - Expense Ratio Comparison

PMAP has a 0.50% expense ratio, which is lower than LJUL's 0.79% expense ratio.

Dividends

PMAP vs. LJUL - Dividend Comparison

PMAP has not paid dividends to shareholders, while LJUL's dividend yield for the trailing twelve months is around 5.22%.

Position	TTM	2025	2024
LJUL Innovator Premium Income 15 Buffer ETF - July	5.22%	5.36%	2.78%
PMAP PGIM S&P 500 Max Buffer ETF - April	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMAP and LJUL in my portfolio?

PMAP and LJUL have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAP or LJUL?

PMAP has higher volatility (0.42%) compared to LJUL (0.12%). In terms of maximum drawdown, PMAP dropped -1.75% vs LJUL's -4.85%.

Which ETF is better, PMAP or LJUL?

On 1-year performance, PMAP leads with 6.80% vs 5.58% for LJUL. On fees, PMAP is cheaper at 0.50% per year. On volatility, LJUL has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAP or LJUL?

Over the 1-year period, PMAP has performed better with a 6.80% return vs 5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAP or LJUL?

PMAP is cheaper with a 0.50% expense ratio, compared with 0.79% for LJUL.

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

LJUL has the higher dividend yield at 5.22%, compared with 0.00% for PMAP.

What is the main difference between PMAP and LJUL?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PMAP and 0.79% for LJUL.

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (5.86 vs 3.55), 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.