PMMY vs. QCJA

Last updated Aug 5, 2026

PMMY (PGIM S&P 500 Max Buffer ETF - May) and QCJA (FT Vest Nasdaq-100 Conservative Buffer ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, PMMY returned 5.35% vs 12.59% for QCJA. Their 0.72 correlation means they have sometimes moved together and sometimes differently. PMMY charges 0.50%/yr vs 0.90%/yr for QCJA.

Performance

PMMY vs. QCJA - 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 FT Vest Nasdaq-100 Conservative Buffer ETF - January (QCJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMY achieves a 2.98% return, which is significantly lower than QCJA's 6.60% return.

PMMY

• 1D: 0.26%
• 1M: 0.80%
• 6M: 2.60%
• YTD: 2.98%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.95%

QCJA

• 1D: 0.68%
• 1M: 1.29%
• 6M: 6.42%
• YTD: 6.60%
• 1Y: 12.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PMMY PGIM S&P 500 Max Buffer ETF - May	$161.04	$4.27K	$29.08K
QCJA FT Vest Nasdaq-100 Conservative Buffer ETF - January	$86.35K	$90.33K	$195.80K

PMMY vs. QCJA - Yearly Performance Comparison

	2026 (YTD)	2025
PMMY PGIM S&P 500 Max Buffer ETF - May	2.98%	4.44%
QCJA FT Vest Nasdaq-100 Conservative Buffer ETF - January	6.60%	14.38%

Correlation

The correlation between PMMY and QCJA is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.72

The correlation between PMMY and QCJA has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

PMMY vs. QCJA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 98
PMMY Omega Ratio Rank: 98
PMMY Calmar Ratio Rank: 97
PMMY Martin Ratio Rank: 98

QCJA

QCJA Risk / Return Rank: 78
QCJA Sharpe Ratio Rank: 80
QCJA Sortino Ratio Rank: 82
QCJA Omega Ratio Rank: 85
QCJA Calmar Ratio Rank: 64
QCJA Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMMY vs. QCJA - 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 FT Vest Nasdaq-100 Conservative Buffer ETF - January (QCJA). 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.

	PMMY	QCJA	Difference
Sharpe ratio: Return per unit of total volatility	3.80	2.06	+1.74
Sortino ratio: Return per unit of downside risk	5.86	2.99	+2.87
Omega ratio: Gain probability vs. loss probability	1.93	1.40	+0.53
Calmar ratio: Return relative to maximum drawdown	8.99	2.54	+6.45
Martin ratio: Return relative to average drawdown	46.91	11.87	+35.04

PMMY vs. QCJA - Sharpe Ratio Comparison

The current PMMY Sharpe Ratio is 3.80, which is higher than the QCJA Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PMMY and QCJA, 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

PMMY vs. QCJA - Drawdown Comparison

The maximum PMMY drawdown since its inception was -0.60%, smaller than the maximum QCJA drawdown of -10.67%. Use the drawdown chart below to compare losses from any high point for PMMY and QCJA.

Drawdown Indicators

	PMMY	QCJA	Difference
Max Drawdown Largest peak-to-trough decline	-0.60%	-10.67%	+10.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-4.98%	+4.38%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-1.13%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	1.06%	-0.95%

Volatility

PMMY vs. QCJA - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - May (PMMY) is 0.62%, while FT Vest Nasdaq-100 Conservative Buffer ETF - January (QCJA) has a volatility of 1.91%. This indicates that PMMY experiences smaller price fluctuations and is considered to be less risky than QCJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMY	QCJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	1.91%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	5.19%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	6.16%	-4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.55%	9.23%	-7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.55%	9.23%	-7.68%

PMMY vs. QCJA - Expense Ratio Comparison

PMMY has a 0.50% expense ratio, which is lower than QCJA's 0.90% expense ratio.

Dividends

PMMY vs. QCJA - Dividend Comparison

Neither PMMY nor QCJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMMY and QCJA in my portfolio?

PMMY and QCJA have a correlation of 0.77, 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 QCJA?

QCJA has higher volatility (1.91%) compared to PMMY (0.62%). In terms of maximum drawdown, PMMY dropped -0.60% vs QCJA's -10.67%.

Which ETF is better, PMMY or QCJA?

On 1-year performance, QCJA leads with 12.59% vs 5.35% for PMMY. On fees, PMMY is cheaper at 0.50% per year. On volatility, PMMY has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMMY or QCJA?

Over the 1-year period, QCJA has performed better with a 12.59% return vs 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMY or QCJA?

PMMY is cheaper with a 0.50% expense ratio, compared with 0.90% for QCJA.

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

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

What is the main difference between PMMY and QCJA?

They also come from different issuers: PGIM and First Trust. Their fees differ too: 0.50% for PMMY and 0.90% for QCJA.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (3.80 vs 2.06), 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.