PMJL vs. FBUF

Last updated Jun 24, 2026

PMJL (PGIM S&P 500 Max Buffer ETF - July) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. PMJL charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

PMJL vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - July (PMJL) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJL achieves a 3.02% return, which is significantly lower than FBUF's 3.62% return.

PMJL

• 1D: 0.09%
• 1M: 0.50%
• YTD: 3.02%
• 6M: 3.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.89%
• 1M: -0.79%
• YTD: 3.62%
• 6M: 3.09%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJL vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
PMJL PGIM S&P 500 Max Buffer ETF - July	3.02%	3.17%
FBUF Fidelity Dynamic Buffered Equity ETF	3.62%	10.30%

Correlation

The correlation between PMJL and FBUF is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.78

Return for Risk

PMJL vs. FBUF — Risk / Return Rank

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

PMJL

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

FBUF

FBUF Risk / Return Rank: 68
FBUF Sharpe Ratio Rank: 67
FBUF Sortino Ratio Rank: 63
FBUF Omega Ratio Rank: 73
FBUF Calmar Ratio Rank: 63
FBUF Martin Ratio Rank: 72

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.

PMJL vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - July (PMJL) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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.

	PMJL	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.05	—
Sortino ratio: Return per unit of downside risk	—	2.74	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	2.95	—
Martin ratio: Return relative to average drawdown	—	12.59	—

Drawdowns

PMJL vs. FBUF - Drawdown Comparison

The maximum PMJL drawdown since its inception was -1.49%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for PMJL and FBUF.

Drawdown Indicators

	PMJL	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-1.49%	-11.09%	+9.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.61%	—
Current Drawdown Current decline from peak	0.00%	-1.83%	+1.83%
Average Drawdown Average peak-to-trough decline	-0.12%	-1.38%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.31%	—

Volatility

Volatility by Period

	PMJL	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	8.11%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.02%	9.69%	-7.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.02%	9.69%	-7.67%

PMJL vs. FBUF - Expense Ratio Comparison

PMJL has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

PMJL vs. FBUF - Dividend Comparison

PMJL has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.60%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.60%	0.64%	0.54%
PMJL PGIM S&P 500 Max Buffer ETF - July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMJL and FBUF in my portfolio?

PMJL and FBUF have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMJL or FBUF?

On fees, FBUF is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMJL or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for PMJL.

Which ETF pays a higher dividend yield, PMJL or FBUF?

FBUF has the higher dividend yield at 0.60%, compared with 0.00% for PMJL.

What is the main difference between PMJL and FBUF?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.50% for PMJL and 0.48% for FBUF.