PMJL vs. USEP

Last updated Jul 17, 2026

PMJL (PGIM S&P 500 Max Buffer ETF - July) and USEP (Innovator U.S. Equity Ultra Buffer ETF - September) are both Defined Outcome funds. PMJL is actively managed, while USEP is passively managed. Over the past year, PMJL returned 6.56% vs 11.90% for USEP. Their correlation of 0.82 suggests significant overlap in exposure. PMJL charges 0.50%/yr vs 0.79%/yr for USEP.

Performance

PMJL vs. USEP - 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 Innovator U.S. Equity Ultra Buffer ETF - September (USEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJL achieves a 3.35% return, which is significantly lower than USEP's 5.59% return.

PMJL

• 1D: -0.07%
• 1M: 0.47%
• 6M: 3.01%
• YTD: 3.35%
• 1Y: 6.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USEP

• 1D: -0.13%
• 1M: 0.59%
• 6M: 4.98%
• YTD: 5.59%
• 1Y: 11.90%
• 3Y*: 11.94%
• 5Y*: 8.09%
• 10Y*: —

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

PMJL vs. USEP - Yearly Performance Comparison

	2026 (YTD)	2025
PMJL PGIM S&P 500 Max Buffer ETF - July	3.35%	3.17%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	5.59%	6.72%

Correlation

The correlation between PMJL and USEP is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.82

The correlation between PMJL and USEP has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

PMJL vs. USEP — 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: 90
PMJL Martin Ratio Rank: 96

USEP

USEP Risk / Return Rank: 86
USEP Sharpe Ratio Rank: 87
USEP Sortino Ratio Rank: 89
USEP Omega Ratio Rank: 90
USEP Calmar Ratio Rank: 73
USEP Martin Ratio Rank: 89

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. USEP - 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 Innovator U.S. Equity Ultra Buffer ETF - September (USEP). 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	USEP	Difference
Sharpe ratio: Return per unit of total volatility	3.29	2.28	+1.02
Sortino ratio: Return per unit of downside risk	5.51	3.34	+2.18
Omega ratio: Gain probability vs. loss probability	1.77	1.46	+0.31
Calmar ratio: Return relative to maximum drawdown	4.42	2.97	+1.46
Martin ratio: Return relative to average drawdown	27.54	15.21	+12.33

PMJL vs. USEP - Sharpe Ratio Comparison

The current PMJL Sharpe Ratio is 3.29, which is higher than the USEP Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PMJL and USEP, 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. USEP - Drawdown Comparison

The maximum PMJL drawdown since its inception was -1.49%, smaller than the maximum USEP drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for PMJL and USEP.

Drawdown Indicators

	PMJL	USEP	Difference
Max Drawdown Largest peak-to-trough decline	-1.49%	-13.37%	+11.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-4.03%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.84%	—
Current Drawdown Current decline from peak	-0.07%	-0.13%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.11%	-1.87%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.78%	-0.54%

Volatility

PMJL vs. USEP - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - July (PMJL) is 0.48%, while Innovator U.S. Equity Ultra Buffer ETF - September (USEP) has a volatility of 1.07%. This indicates that PMJL experiences smaller price fluctuations and is considered to be less risky than USEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJL	USEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	1.07%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	4.10%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	5.24%	-3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	7.44%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	8.01%	-6.00%

PMJL vs. USEP - Expense Ratio Comparison

PMJL has a 0.50% expense ratio, which is lower than USEP's 0.79% expense ratio.

Dividends

PMJL vs. USEP - Dividend Comparison

Neither PMJL nor USEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PMJL PGIM S&P 500 Max Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%

Frequently Asked Questions

Can I hold both PMJL and USEP in my portfolio?

PMJL and USEP have a correlation of 0.83, 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 USEP?

USEP has higher volatility (1.07%) compared to PMJL (0.48%). In terms of maximum drawdown, PMJL dropped -1.49% vs USEP's -13.37%.

Which ETF is better, PMJL or USEP?

On 1-year performance, USEP leads with 11.90% vs 6.56% for PMJL. On fees, PMJL is cheaper at 0.50% per year. On volatility, PMJL has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMJL or USEP?

Over the 1-year period, USEP has performed better with a 11.90% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJL or USEP?

PMJL is cheaper with a 0.50% expense ratio, compared with 0.79% for USEP.

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

PMJL and USEP have nearly identical dividend yields, around 0.00%.

What is the main difference between PMJL and USEP?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PMJL and 0.79% for USEP.

Which has better risk-adjusted returns?

PMJL currently has the higher Sharpe Ratio (3.29 vs 2.28), 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.