PMJA vs. IBIC

Last updated Jun 4, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and IBIC (iShares iBonds Oct 2026 Term TIPS ETF) are both exchange-traded funds - PMJA is a Defined Outcome fund actively managed by PGIM, while IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index. PMJA is actively managed, while IBIC is passively managed. Over the past year, PMJA returned 7.69% vs 4.54% for IBIC. At a correlation of -0.27, they often move in opposite directions. PMJA charges 0.50%/yr vs 0.10%/yr for IBIC.

Performance

PMJA vs. IBIC - 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 iShares iBonds Oct 2026 Term TIPS ETF (IBIC). 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 PMJA having a 2.35% return and IBIC slightly higher at 2.37%.

PMJA

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.35%
• 6M: 2.84%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIC

• 1D: 0.02%
• 1M: 0.27%
• YTD: 2.37%
• 6M: 2.51%
• 1Y: 4.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJA vs. IBIC - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	6.89%
IBIC iShares iBonds Oct 2026 Term TIPS ETF	2.37%	4.90%

Correlation

The correlation between PMJA and IBIC is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	-0.27

Return for Risk

PMJA vs. IBIC — Risk / Return Rank

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

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 89
PMJA Martin Ratio Rank: 94

IBIC

IBIC Risk / Return Rank: 98
IBIC Sharpe Ratio Rank: 97
IBIC Sortino Ratio Rank: 98
IBIC Omega Ratio Rank: 98
IBIC Calmar Ratio Rank: 98
IBIC 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.

PMJA vs. IBIC - 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 iShares iBonds Oct 2026 Term TIPS ETF (IBIC). 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.

	PMJA	IBIC	Difference
Sharpe ratio: Return per unit of total volatility	3.80	5.05	-1.25
Sortino ratio: Return per unit of downside risk	6.16	9.12	-2.96
Omega ratio: Gain probability vs. loss probability	1.88	2.24	-0.37
Calmar ratio: Return relative to maximum drawdown	5.32	17.27	-11.96
Martin ratio: Return relative to average drawdown	26.64	67.45	-40.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMJA vs. IBIC - Sharpe Ratio Comparison

The current PMJA Sharpe Ratio is 3.80, which is comparable to the IBIC Sharpe Ratio of 5.05. The chart below compares the historical Sharpe Ratios of PMJA and IBIC, 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

	PMJA	IBIC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.80	5.05	-1.25
Sharpe Ratio (All Time) Calculated using the full available price history	2.32	3.49	-1.17

Drawdowns

PMJA vs. IBIC - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, which is greater than IBIC's maximum drawdown of -0.90%. Use the drawdown chart below to compare losses from any high point for PMJA and IBIC.

Drawdown Indicators

	PMJA	IBIC	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-0.90%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.26%	-1.19%
Current Drawdown Current decline from peak	-0.04%	-0.13%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.34%	-0.10%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.07%	+0.22%

Volatility

PMJA vs. IBIC - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - January (PMJA) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC) have volatilities of 0.33% and 0.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJA	IBIC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.33%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	0.67%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	0.90%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	1.58%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.85%	1.58%	+1.27%

PMJA vs. IBIC - Expense Ratio Comparison

PMJA has a 0.50% expense ratio, which is higher than IBIC's 0.10% expense ratio.

Dividends

PMJA vs. IBIC - Dividend Comparison

PMJA has not paid dividends to shareholders, while IBIC's dividend yield for the trailing twelve months is around 3.59%.

Position	TTM	2025	2024	2023
IBIC iShares iBonds Oct 2026 Term TIPS ETF	3.59%	4.43%	4.65%	0.83%
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMJA and IBIC in my portfolio?

PMJA and IBIC have a correlation of -0.28, 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 IBIC?

IBIC has higher volatility (0.33%) compared to PMJA (0.33%). In terms of maximum drawdown, PMJA dropped -2.98% vs IBIC's -0.90%.

Which ETF is better, PMJA or IBIC?

On 1-year performance, PMJA leads with 7.69% vs 4.54% for IBIC. On fees, IBIC is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMJA or IBIC?

Over the 1-year period, PMJA has performed better with a 7.69% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJA or IBIC?

IBIC is cheaper with a 0.10% expense ratio, compared with 0.50% for PMJA.

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

IBIC has the higher dividend yield at 3.59%, compared with 0.00% for PMJA.

What is the main difference between PMJA and IBIC?

PMJA is categorized as Defined Outcome, while IBIC is Inflation-Protected Bonds. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.50% for PMJA and 0.10% for IBIC.

Which has better risk-adjusted returns?

IBIC currently has the higher Sharpe Ratio (5.05 vs 3.80), 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.