PMIO vs. PJFG

Last updated Jun 4, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and PJFG (PGIM Jennison Focused Growth ETF) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while PJFG is a Large Cap Growth Equities fund actively managed by PGIM. Both are actively managed. Over the past year, PMIO returned 6.80% vs 19.79% for PJFG. At a 0.06 correlation, their price movements are largely independent. PMIO charges 0.25%/yr vs 0.75%/yr for PJFG.

Performance

PMIO vs. PJFG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) and PGIM Jennison Focused Growth ETF (PJFG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMIO achieves a 1.54% return, which is significantly lower than PJFG's 6.64% return.

PMIO

• 1D: -0.06%
• 1M: 0.84%
• YTD: 1.54%
• 6M: 1.81%
• 1Y: 6.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJFG

• 1D: -1.40%
• 1M: 6.58%
• YTD: 6.64%
• 6M: 5.59%
• 1Y: 19.79%
• 3Y*: 24.04%
• 5Y*: —
• 10Y*: —

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

PMIO vs. PJFG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.54%	5.30%	2.41%
PJFG PGIM Jennison Focused Growth ETF	6.64%	16.94%	6.87%

Correlation

The correlation between PMIO and PJFG is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.06

PMIO vs. PJFG - Sectors Allocation Comparison

Sectors	PMIO	PJFG
Financial Services	2.7%	3.4%
Basic Materials	-	-
Communication Services	-	20.2%
Consumer Cyclical	-	12.6%
Consumer Defensive	-	3.0%
Energy	-	-
Healthcare	-	6.0%
Industrials	-	4.9%
Real Estate	-	-
Technology	-	48.4%
Utilities	-	1.6%

Return for Risk

PMIO vs. PJFG — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 79
PMIO Sharpe Ratio Rank: 89
PMIO Sortino Ratio Rank: 93
PMIO Omega Ratio Rank: 94
PMIO Calmar Ratio Rank: 62
PMIO Martin Ratio Rank: 58

PJFG

PJFG Risk / Return Rank: 28
PJFG Sharpe Ratio Rank: 32
PJFG Sortino Ratio Rank: 31
PJFG Omega Ratio Rank: 31
PJFG Calmar Ratio Rank: 23
PJFG Martin Ratio Rank: 25

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.

PMIO vs. PJFG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) and PGIM Jennison Focused Growth ETF (PJFG). 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.

	PMIO	PJFG	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.18	+1.86
Sortino ratio: Return per unit of downside risk	4.55	1.68	+2.88
Omega ratio: Gain probability vs. loss probability	1.69	1.21	+0.48
Calmar ratio: Return relative to maximum drawdown	3.05	1.05	+2.00
Martin ratio: Return relative to average drawdown	10.15	3.28	+6.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMIO vs. PJFG - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 3.04, which is higher than the PJFG Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PMIO and PJFG, 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

	PMIO	PJFG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	1.18	+1.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	1.36	+0.22

Drawdowns

PMIO vs. PJFG - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum PJFG drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for PMIO and PJFG.

Drawdown Indicators

	PMIO	PJFG	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-24.24%	+20.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-19.00%	+16.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.24%	—
Current Drawdown Current decline from peak	-0.47%	-2.16%	+1.69%
Average Drawdown Average peak-to-trough decline	-0.66%	-3.75%	+3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	6.04%	-5.37%

Volatility

PMIO vs. PJFG - Volatility Comparison

The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.73%, while PGIM Jennison Focused Growth ETF (PJFG) has a volatility of 4.37%. This indicates that PMIO experiences smaller price fluctuations and is considered to be less risky than PJFG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMIO	PJFG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	4.37%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	12.90%	-11.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	16.83%	-14.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	20.88%	-17.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	20.88%	-17.80%

PMIO vs. PJFG - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than PJFG's 0.75% expense ratio.

Dividends

PMIO vs. PJFG - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.92%, while PJFG has not paid dividends to shareholders.

Position	TTM	2025	2024
PJFG PGIM Jennison Focused Growth ETF	0.00%	0.00%	0.00%
PMIO PGIM Municipal Income Opportunities ETF	3.92%	4.00%	2.11%

Frequently Asked Questions

Can I hold both PMIO and PJFG in my portfolio?

PMIO and PJFG have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or PJFG?

PJFG has higher volatility (4.37%) compared to PMIO (0.73%). In terms of maximum drawdown, PMIO dropped -3.39% vs PJFG's -24.24%.

Which ETF is better, PMIO or PJFG?

On 1-year performance, PJFG leads with 19.79% vs 6.80% for PMIO. On fees, PMIO is cheaper at 0.25% per year. On volatility, PMIO has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or PJFG?

Over the 1-year period, PJFG has performed better with a 19.79% return vs 6.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or PJFG?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.75% for PJFG.

Which ETF pays a higher dividend yield, PMIO or PJFG?

PMIO has the higher dividend yield at 3.92%, compared with 0.00% for PJFG.

What is the main difference between PMIO and PJFG?

PMIO is categorized as Municipal Bonds, while PJFG is Large Cap Growth Equities. Their fees differ too: 0.25% for PMIO and 0.75% for PJFG.

Which has better risk-adjusted returns?

PMIO currently has the higher Sharpe Ratio (3.04 vs 1.18), 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.