PMJA vs. PBQQ

Last updated Jun 23, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PMJA returned 7.51% vs 20.95% for PBQQ. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PMJA vs. PBQQ - 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 Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJA achieves a 2.36% return, which is significantly lower than PBQQ's 9.03% return.

PMJA

• 1D: -0.04%
• 1M: 0.24%
• YTD: 2.36%
• 6M: 2.49%
• 1Y: 7.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: -0.03%
• 1M: 0.53%
• YTD: 9.03%
• 6M: 9.07%
• 1Y: 20.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJA vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	2.36%	6.76%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.03%	15.44%

Correlation

The correlation between PMJA and PBQQ is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.88

The correlation between PMJA and PBQQ has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

PMJA vs. PBQQ — 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

PBQQ

PBQQ Risk / Return Rank: 90
PBQQ Sharpe Ratio Rank: 90
PBQQ Sortino Ratio Rank: 92
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 85
PBQQ Martin Ratio Rank: 91

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. PBQQ - 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 Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	3.71	2.89	+0.82
Sortino ratio: Return per unit of downside risk	5.96	4.23	+1.73
Omega ratio: Gain probability vs. loss probability	1.84	1.58	+0.27
Calmar ratio: Return relative to maximum drawdown	5.19	4.46	+0.73
Martin ratio: Return relative to average drawdown	25.79	20.95	+4.85

PMJA vs. PBQQ - Sharpe Ratio Comparison

The current PMJA Sharpe Ratio is 3.71, which is comparable to the PBQQ Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of PMJA and PBQQ, 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. PBQQ - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for PMJA and PBQQ.

Drawdown Indicators

	PMJA	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-12.92%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-4.71%	+3.26%
Current Drawdown Current decline from peak	-0.13%	-0.27%	+0.14%
Average Drawdown Average peak-to-trough decline	-0.33%	-1.24%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	1.00%	-0.71%

Volatility

PMJA vs. PBQQ - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - January (PMJA) is 0.53%, while PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) has a volatility of 2.10%. This indicates that PMJA experiences smaller price fluctuations and is considered to be less risky than PBQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJA	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	2.10%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	5.75%	-4.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	7.29%	-5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	11.79%	-8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.84%	11.79%	-8.95%

PMJA vs. PBQQ - Expense Ratio Comparison

Both PMJA and PBQQ have an expense ratio of 0.50%.

Dividends

PMJA vs. PBQQ - Dividend Comparison

PMJA has not paid dividends to shareholders, while PBQQ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMJA and PBQQ in my portfolio?

PMJA and PBQQ have a correlation of 0.85, 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 PBQQ?

PBQQ has higher volatility (2.10%) compared to PMJA (0.53%). In terms of maximum drawdown, PMJA dropped -2.98% vs PBQQ's -12.92%.

Which ETF is better, PMJA or PBQQ?

On 1-year performance, PBQQ leads with 20.95% vs 7.51% for PMJA. Both ETFs have the same 0.50% expense ratio. On volatility, PMJA has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMJA or PBQQ?

Over the 1-year period, PBQQ has performed better with a 20.95% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJA or PBQQ?

PMJA and PBQQ have the same expense ratio: 0.50% per year.

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

PBQQ has the higher dividend yield at 0.01%, compared with 0.00% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.71 vs 2.89), 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.