PMJL vs. USEP

Last updated Jun 4, 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. Their correlation of 0.87 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 2.63% return, which is significantly lower than USEP's 4.73% return.

PMJL

• 1D: -0.02%
• 1M: 0.61%
• YTD: 2.63%
• 6M: 3.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USEP

• 1D: -0.08%
• 1M: 1.65%
• YTD: 4.73%
• 6M: 5.26%
• 1Y: 14.66%
• 3Y*: 13.11%
• 5Y*: 8.01%
• 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	2.63%	3.39%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	4.73%	6.77%

Correlation

The correlation between PMJL and USEP is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.87

Return for Risk

PMJL vs. USEP — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 84
USEP Sharpe Ratio Rank: 83
USEP Sortino Ratio Rank: 87
USEP Omega Ratio Rank: 88
USEP Calmar Ratio Rank: 74
USEP Martin Ratio Rank: 87

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.

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

Sharpe Ratios by Period

	PMJL	USEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.70	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.23	1.00	+2.23

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	—	-4.03%	—
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	-0.02%	-0.08%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.12%	-1.89%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.78%	—

Volatility

Volatility by Period

	PMJL	USEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	5.47%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.06%	7.41%	-5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.06%	8.06%	-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 0.87, 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 USEP?

On fees, PMJL is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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.