PMJA vs. BITI

Last updated Aug 1, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PMJA is a Defined Outcome fund actively managed by PGIM, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. PMJA is actively managed, while BITI is passively managed. Over the past year, PMJA returned 6.62% vs 58.64% for BITI. Their -0.45 correlation means they have often moved in opposite directions in the past. PMJA charges 0.50%/yr vs 1.03%/yr for BITI.

Performance

PMJA vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - January (PMJA) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJA achieves a 3.01% return, which is significantly lower than BITI's 27.11% return.

PMJA

• 1D: 0.15%
• 1M: 0.51%
• 6M: 2.66%
• YTD: 3.01%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.23%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
PMJA PGIM S&P 500 Max Buffer ETF - January	$1.23K	$811.49	$2.70K

PMJA vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	3.01%	6.76%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%

Correlation

The correlation between PMJA and BITI is -0.49, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.49
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.45

Return for Risk

PMJA vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMJA

PMJA Risk / Return Rank: 96
PMJA Sharpe Ratio Rank: 97
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 93
PMJA Martin Ratio Rank: 95

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMJA vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - January (PMJA) and ProShares Short Bitcoin ETF (BITI). 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.

	PMJA	BITI	Difference
Sharpe ratio: Return per unit of total volatility	3.15	1.45	+1.70
Sortino ratio: Return per unit of downside risk	4.98	2.02	+2.96
Omega ratio: Gain probability vs. loss probability	1.68	1.24	+0.44
Calmar ratio: Return relative to maximum drawdown	4.40	2.53	+1.86
Martin ratio: Return relative to average drawdown	21.72	6.17	+15.55

PMJA vs. BITI - Sharpe Ratio Comparison

The current PMJA Sharpe Ratio is 3.15, which is higher than the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of PMJA and BITI, 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

PMJA vs. BITI - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PMJA and BITI.

Drawdown Indicators

	PMJA	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-92.16%	+89.18%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-25.28%	+23.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	0.00%	-86.12%	+86.12%
Average Drawdown Average peak-to-trough decline	-0.32%	-68.59%	+68.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	10.35%	-10.06%

Volatility

PMJA vs. BITI - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - January (PMJA) is 0.48%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that PMJA experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJA	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	9.13%	-8.65%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	33.31%	-31.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	44.23%	-42.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	52.03%	-49.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.76%	52.03%	-49.27%

PMJA vs. BITI - Expense Ratio Comparison

PMJA has a 0.50% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PMJA vs. BITI - Dividend Comparison

PMJA has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.30%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMJA and BITI in my portfolio?

PMJA and BITI have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMJA or BITI?

BITI has higher volatility (9.13%) compared to PMJA (0.48%). In terms of maximum drawdown, PMJA dropped -2.98% vs BITI's -92.16%.

Which ETF is better, PMJA or BITI?

On 1-year performance, BITI leads with 58.64% vs 6.62% for PMJA. On fees, PMJA is cheaper at 0.50% per year. On volatility, PMJA has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMJA or BITI?

Over the 1-year period, BITI has performed better with a 58.64% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJA or BITI?

PMJA is cheaper with a 0.50% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, PMJA or BITI?

BITI has the higher dividend yield at 15.17%, compared with 0.00% for PMJA.

What is the main difference between PMJA and BITI?

PMJA is categorized as Defined Outcome, while BITI is Cryptocurrency. They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.50% for PMJA and 1.03% for BITI.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.15 vs 1.45), 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.