PMJA vs. OCTB

Last updated Aug 4, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.88 means they have usually moved in the same direction. PMJA charges 0.50%/yr vs 0.25%/yr for OCTB.

Performance

PMJA vs. OCTB - 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 Aptus October Buffer ETF (OCTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJA achieves a 3.20% return, which is significantly lower than OCTB's 7.75% return.

PMJA

• 1D: 0.18%
• 1M: 0.69%
• 6M: 2.64%
• YTD: 3.20%
• 1Y: 6.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.32%

OCTB

• 1D: 0.45%
• 1M: 1.30%
• 6M: 6.50%
• YTD: 7.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
OCTB Aptus October Buffer ETF	$69.66K	$87.45K	$69.55K
PMJA PGIM S&P 500 Max Buffer ETF - January	$3.57K	$1.92K	$2.93K

PMJA vs. OCTB - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	3.20%	1.69%
OCTB Aptus October Buffer ETF	7.75%	2.37%

Correlation

The correlation between PMJA and OCTB is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.88

Return for Risk

PMJA vs. OCTB — 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

OCTB

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

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. OCTB - 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 Aptus October Buffer ETF (OCTB). 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	OCTB	Difference
Sharpe ratio: Return per unit of total volatility	3.40	—	—
Sortino ratio: Return per unit of downside risk	5.43	—	—
Omega ratio: Gain probability vs. loss probability	1.75	—	—
Calmar ratio: Return relative to maximum drawdown	4.71	—	—
Martin ratio: Return relative to average drawdown	23.28	—	—

Drawdowns

PMJA vs. OCTB - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, smaller than the maximum OCTB drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for PMJA and OCTB.

Drawdown Indicators

	PMJA	OCTB	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-4.79%	+1.81%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.65%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	—	—

Volatility

Volatility by Period

	PMJA	OCTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	7.15%	-5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	7.15%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.76%	7.15%	-4.39%

PMJA vs. OCTB - Expense Ratio Comparison

PMJA has a 0.50% expense ratio, which is higher than OCTB's 0.25% expense ratio.

Dividends

PMJA vs. OCTB - Dividend Comparison

Neither PMJA nor OCTB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMJA and OCTB in my portfolio?

PMJA and OCTB have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMJA or OCTB?

On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMJA or OCTB?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.50% for PMJA.

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

PMJA and OCTB have nearly identical dividend yields, around 0.00%.

What is the main difference between PMJA and OCTB?

They also come from different issuers: PGIM and Aptus. Their fees differ too: 0.50% for PMJA and 0.25% for OCTB.