PMMY vs. PMJA

Last updated Jun 4, 2026

PMMY (PGIM S&P 500 Max Buffer ETF - May) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PMMY returned 5.98% vs 7.69% for PMJA. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PMMY vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - May (PMMY) and PGIM S&P 500 Max Buffer ETF - January (PMJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMY achieves a 2.19% return, which is significantly lower than PMJA's 2.35% return.

PMMY

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.19%
• 6M: 2.74%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.35%
• 6M: 2.84%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMMY vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
PMMY PGIM S&P 500 Max Buffer ETF - May	2.19%	4.59%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	6.86%

Correlation

The correlation between PMMY and PMJA is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.73

The correlation between PMMY and PMJA has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

PMMY vs. PMJA — Risk / Return Rank

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

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 99
PMMY Omega Ratio Rank: 99
PMMY Calmar Ratio Rank: 98
PMMY Martin Ratio Rank: 99

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

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.

PMMY vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - May (PMMY) and PGIM S&P 500 Max Buffer ETF - January (PMJA). 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.

	PMMY	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	5.35	3.80	+1.55
Sortino ratio: Return per unit of downside risk	9.00	6.16	+2.84
Omega ratio: Gain probability vs. loss probability	2.45	1.88	+0.58
Calmar ratio: Return relative to maximum drawdown	16.90	5.32	+11.58
Martin ratio: Return relative to average drawdown	89.69	26.64	+63.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMMY vs. PMJA - Sharpe Ratio Comparison

The current PMMY Sharpe Ratio is 5.35, which is higher than the PMJA Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of PMMY and PMJA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PMMY	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.35	3.80	+1.55
Sharpe Ratio (All Time) Calculated using the full available price history	4.56	2.32	+2.24

Drawdowns

PMMY vs. PMJA - Drawdown Comparison

The maximum PMMY drawdown since its inception was -0.36%, smaller than the maximum PMJA drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for PMMY and PMJA.

Drawdown Indicators

	PMMY	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-0.36%	-2.98%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-1.45%	+1.09%
Current Drawdown Current decline from peak	-0.04%	-0.04%	0.00%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.34%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.29%	-0.22%

Volatility

PMMY vs. PMJA - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - May (PMMY) has a higher volatility of 0.36% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.33%. This indicates that PMMY's price experiences larger fluctuations and is considered to be riskier than PMJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMY	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.33%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.87%	1.49%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	2.04%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	2.85%	-1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	2.85%	-1.46%

PMMY vs. PMJA - Expense Ratio Comparison

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

Dividends

PMMY vs. PMJA - Dividend Comparison

Neither PMMY nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMMY and PMJA in my portfolio?

PMMY and PMJA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMMY or PMJA?

PMMY has higher volatility (0.36%) compared to PMJA (0.33%). In terms of maximum drawdown, PMMY dropped -0.36% vs PMJA's -2.98%.

Which ETF is better, PMMY or PMJA?

On 1-year performance, PMJA leads with 7.69% vs 5.98% for PMMY. Both ETFs have the same 0.50% expense ratio. 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, PMMY or PMJA?

Over the 1-year period, PMJA has performed better with a 7.69% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMY or PMJA?

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

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

PMMY and PMJA have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (5.35 vs 3.80), 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.