PMAU vs. JANZ

Last updated Jun 4, 2026

PMAU (PGIM S&P 500 Max Buffer ETF - August) and JANZ (TrueShares Structured Outcome (January) ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. PMAU charges 0.50%/yr vs 0.79%/yr for JANZ.

Performance

PMAU vs. JANZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - August (PMAU) and TrueShares Structured Outcome (January) ETF (JANZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAU achieves a 2.95% return, which is significantly lower than JANZ's 8.24% return.

PMAU

• 1D: -0.02%
• 1M: 0.89%
• YTD: 2.95%
• 6M: 3.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JANZ

• 1D: -0.55%
• 1M: 4.16%
• YTD: 8.24%
• 6M: 7.97%
• 1Y: 20.42%
• 3Y*: 16.17%
• 5Y*: 10.70%
• 10Y*: —

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

PMAU vs. JANZ - Yearly Performance Comparison

	2026 (YTD)	2025
PMAU PGIM S&P 500 Max Buffer ETF - August	2.95%	2.98%
JANZ TrueShares Structured Outcome (January) ETF	8.24%	7.67%

Correlation

The correlation between PMAU and JANZ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025	0.91

Return for Risk

PMAU vs. JANZ — Risk / Return Rank

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

JANZ

JANZ Risk / Return Rank: 66
JANZ Sharpe Ratio Rank: 66
JANZ Sortino Ratio Rank: 67
JANZ Omega Ratio Rank: 65
JANZ Calmar Ratio Rank: 61
JANZ Martin Ratio Rank: 72

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.

PMAU vs. JANZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - August (PMAU) and TrueShares Structured Outcome (January) ETF (JANZ). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PMAU	JANZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.18	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.90	0.93	+1.97

Drawdowns

PMAU vs. JANZ - Drawdown Comparison

The maximum PMAU drawdown since its inception was -1.79%, smaller than the maximum JANZ drawdown of -18.11%. Use the drawdown chart below to compare losses from any high point for PMAU and JANZ.

Drawdown Indicators

	PMAU	JANZ	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-18.11%	+16.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.11%	—
Current Drawdown Current decline from peak	-0.02%	-0.55%	+0.53%
Average Drawdown Average peak-to-trough decline	-0.17%	-3.49%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.54%	—

Volatility

Volatility by Period

	PMAU	JANZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	9.42%	-6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.51%	13.14%	-10.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.51%	12.97%	-10.46%

PMAU vs. JANZ - Expense Ratio Comparison

PMAU has a 0.50% expense ratio, which is lower than JANZ's 0.79% expense ratio.

Dividends

PMAU vs. JANZ - Dividend Comparison

PMAU has not paid dividends to shareholders, while JANZ's dividend yield for the trailing twelve months is around 1.31%.

Position	TTM	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	1.31%	1.42%	2.70%	2.58%	0.21%	4.52%
PMAU PGIM S&P 500 Max Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMAU and JANZ in my portfolio?

With a correlation of 0.91, PMAU and JANZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, PMAU or JANZ?

On fees, PMAU is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMAU or JANZ?

PMAU is cheaper with a 0.50% expense ratio, compared with 0.79% for JANZ.

Which ETF pays a higher dividend yield, PMAU or JANZ?

JANZ has the higher dividend yield at 1.31%, compared with 0.00% for PMAU.

What is the main difference between PMAU and JANZ?

They also come from different issuers: PGIM and TrueShares. Their fees differ too: 0.50% for PMAU and 0.79% for JANZ.