PMJL vs. PUSH

Last updated Jul 2, 2026

PMJL (PGIM S&P 500 Max Buffer ETF - July) and PUSH (PGIM Ultra Short Municipal Bond ETF) are both exchange-traded funds - PMJL is a Defined Outcome fund actively managed by PGIM, while PUSH is a Municipal Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PMJL returned 6.67% vs 3.72% for PUSH. At a 0.08 correlation, their price movements are largely independent. PMJL charges 0.50%/yr vs 0.15%/yr for PUSH.

Performance

PMJL vs. PUSH - 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 PGIM Ultra Short Municipal Bond ETF (PUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJL achieves a 3.17% return, which is significantly higher than PUSH's 1.62% return.

PMJL

• 1D: 0.20%
• 1M: 0.54%
• 6M: 3.17%
• YTD: 3.17%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PUSH

• 1D: 0.02%
• 1M: 0.44%
• 6M: 1.62%
• YTD: 1.62%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJL vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025
PMJL PGIM S&P 500 Max Buffer ETF - July	3.17%	3.17%
PUSH PGIM Ultra Short Municipal Bond ETF	1.62%	2.06%

Correlation

The correlation between PMJL and PUSH is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.08

Return for Risk

PMJL vs. PUSH — Risk / Return Rank

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

PMJL

PMJL Risk / Return Rank: 95
PMJL Sharpe Ratio Rank: 96
PMJL Sortino Ratio Rank: 97
PMJL Omega Ratio Rank: 97
PMJL Calmar Ratio Rank: 89
PMJL Martin Ratio Rank: 96

PUSH

PUSH Risk / Return Rank: 92
PUSH Sharpe Ratio Rank: 88
PUSH Sortino Ratio Rank: 91
PUSH Omega Ratio Rank: 96
PUSH Calmar Ratio Rank: 96
PUSH 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.

PMJL vs. PUSH - 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 PGIM Ultra Short Municipal Bond ETF (PUSH). 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	PUSH	Difference
Sharpe ratio: Return per unit of total volatility	3.35	2.46	+0.89
Sortino ratio: Return per unit of downside risk	5.61	3.70	+1.91
Omega ratio: Gain probability vs. loss probability	1.79	1.68	+0.11
Calmar ratio: Return relative to maximum drawdown	4.50	7.44	-2.95
Martin ratio: Return relative to average drawdown	27.98	18.48	+9.50

PMJL vs. PUSH - Sharpe Ratio Comparison

The current PMJL Sharpe Ratio is 3.35, which is higher than the PUSH Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of PMJL and PUSH, 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

PMJL vs. PUSH - Drawdown Comparison

The maximum PMJL drawdown since its inception was -1.49%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for PMJL and PUSH.

Drawdown Indicators

	PMJL	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-1.49%	-0.85%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-0.50%	-0.99%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.11%	-0.10%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.20%	+0.04%

Volatility

PMJL vs. PUSH - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - July (PMJL) has a higher volatility of 0.30% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.24%. This indicates that PMJL's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJL	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.24%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	0.99%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	1.52%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	1.28%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	1.28%	+0.73%

PMJL vs. PUSH - Expense Ratio Comparison

PMJL has a 0.50% expense ratio, which is higher than PUSH's 0.15% expense ratio.

Dividends

PMJL vs. PUSH - Dividend Comparison

PMJL has not paid dividends to shareholders, while PUSH's dividend yield for the trailing twelve months is around 3.21%.

Position	TTM	2025	2024
PMJL PGIM S&P 500 Max Buffer ETF - July	0.00%	0.00%	0.00%
PUSH PGIM Ultra Short Municipal Bond ETF	3.21%	3.45%	1.86%

Frequently Asked Questions

Can I hold both PMJL and PUSH in my portfolio?

PMJL and PUSH have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMJL or PUSH?

PMJL has higher volatility (0.30%) compared to PUSH (0.24%). In terms of maximum drawdown, PMJL dropped -1.49% vs PUSH's -0.85%.

Which ETF is better, PMJL or PUSH?

On 1-year performance, PMJL leads with 6.67% vs 3.72% for PUSH. On fees, PUSH is cheaper at 0.15% 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, PMJL or PUSH?

Over the 1-year period, PMJL has performed better with a 6.67% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJL or PUSH?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.50% for PMJL.

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

PUSH has the higher dividend yield at 3.21%, compared with 0.00% for PMJL.

What is the main difference between PMJL and PUSH?

PMJL is categorized as Defined Outcome, while PUSH is Municipal Bonds. Their fees differ too: 0.50% for PMJL and 0.15% for PUSH.

Which has better risk-adjusted returns?

PMJL currently has the higher Sharpe Ratio (3.35 vs 2.46), 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.