PMJA vs. PAAA

Last updated Jun 24, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and PAAA (PGIM AAA CLO ETF) are both exchange-traded funds - PMJA is a Defined Outcome fund actively managed by PGIM, while PAAA is a CLO fund actively managed by PGIM. Both are actively managed. Over the past year, PMJA returned 7.11% vs 5.08% for PAAA. At a 0.32 correlation, their price movements are largely independent. PMJA charges 0.50%/yr vs 0.19%/yr for PAAA.

Performance

PMJA vs. PAAA - 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 PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PMJA having a 2.26% return and PAAA slightly lower at 2.22%.

PMJA

• 1D: -0.09%
• 1M: 0.14%
• YTD: 2.26%
• 6M: 2.38%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: -0.02%
• 1M: 0.24%
• YTD: 2.22%
• 6M: 2.31%
• 1Y: 5.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJA vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	2.26%	6.76%
PAAA PGIM AAA CLO ETF	2.22%	5.37%

Correlation

The correlation between PMJA and PAAA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.32

Return for Risk

PMJA vs. PAAA — 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: 96
PMJA Calmar Ratio Rank: 89
PMJA Martin Ratio Rank: 94

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

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. PAAA - 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 PGIM AAA CLO ETF (PAAA). 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	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	3.53	10.86	-7.34
Sortino ratio: Return per unit of downside risk	5.63	21.15	-15.52
Omega ratio: Gain probability vs. loss probability	1.79	6.60	-4.81
Calmar ratio: Return relative to maximum drawdown	4.91	29.31	-24.40
Martin ratio: Return relative to average drawdown	24.37	181.59	-157.21

PMJA vs. PAAA - Sharpe Ratio Comparison

The current PMJA Sharpe Ratio is 3.53, which is lower than the PAAA Sharpe Ratio of 10.86. The chart below compares the historical Sharpe Ratios of PMJA and PAAA, 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. PAAA - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for PMJA and PAAA.

Drawdown Indicators

	PMJA	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-1.04%	-1.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.17%	-1.28%
Current Drawdown Current decline from peak	-0.22%	-0.02%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.02%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.03%	+0.26%

Volatility

PMJA vs. PAAA - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - January (PMJA) has a higher volatility of 0.54% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. This indicates that PMJA's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJA	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.11%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	0.36%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	0.47%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.83%	0.97%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.83%	0.97%	+1.86%

PMJA vs. PAAA - Expense Ratio Comparison

PMJA has a 0.50% expense ratio, which is higher than PAAA's 0.19% expense ratio.

Dividends

PMJA vs. PAAA - Dividend Comparison

PMJA has not paid dividends to shareholders, while PAAA's dividend yield for the trailing twelve months is around 4.87%.

Position	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	4.87%	5.12%	5.88%	2.76%
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 PAAA in my portfolio?

PMJA and PAAA have a correlation of 0.32, 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 PAAA?

PMJA has higher volatility (0.54%) compared to PAAA (0.11%). In terms of maximum drawdown, PMJA dropped -2.98% vs PAAA's -1.04%.

Which ETF is better, PMJA or PAAA?

On 1-year performance, PMJA leads with 7.11% vs 5.08% for PAAA. On fees, PAAA is cheaper at 0.19% per year. On volatility, PAAA has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMJA or PAAA?

Over the 1-year period, PMJA has performed better with a 7.11% return vs 5.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJA or PAAA?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.50% for PMJA.

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

PAAA has the higher dividend yield at 4.87%, compared with 0.00% for PMJA.

What is the main difference between PMJA and PAAA?

PMJA is categorized as Defined Outcome, while PAAA is CLO. Their fees differ too: 0.50% for PMJA and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.86 vs 3.53), 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.