PQOC vs. PMJA

Last updated Jun 23, 2026

PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) 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, PQOC returned 20.56% vs 7.51% for PMJA. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PQOC vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) 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, PQOC achieves a 9.01% return, which is significantly higher than PMJA's 2.36% return.

PQOC

• 1D: -0.06%
• 1M: 0.78%
• YTD: 9.01%
• 6M: 8.83%
• 1Y: 20.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.04%
• 1M: 0.24%
• YTD: 2.36%
• 6M: 2.49%
• 1Y: 7.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQOC vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.01%	14.67%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.36%	6.76%

Correlation

The correlation between PQOC and PMJA is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.88

The correlation between PQOC and PMJA has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

PQOC vs. PMJA — Risk / Return Rank

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

PQOC

PQOC Risk / Return Rank: 75
PQOC Sharpe Ratio Rank: 77
PQOC Sortino Ratio Rank: 76
PQOC Omega Ratio Rank: 80
PQOC Calmar Ratio Rank: 64
PQOC Martin Ratio Rank: 76

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.

PQOC vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) 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.

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.

	PQOC	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	2.36	3.71	-1.35
Sortino ratio: Return per unit of downside risk	3.23	5.96	-2.73
Omega ratio: Gain probability vs. loss probability	1.46	1.84	-0.39
Calmar ratio: Return relative to maximum drawdown	3.09	5.19	-2.10
Martin ratio: Return relative to average drawdown	13.95	25.79	-11.84

PQOC vs. PMJA - Sharpe Ratio Comparison

The current PQOC Sharpe Ratio is 2.36, which is lower than the PMJA Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of PQOC 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.

Drawdowns

PQOC vs. PMJA - Drawdown Comparison

The maximum PQOC drawdown since its inception was -13.71%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for PQOC and PMJA.

Drawdown Indicators

	PQOC	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-2.98%	-10.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-1.45%	-5.23%
Current Drawdown Current decline from peak	-0.16%	-0.13%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.58%	-0.33%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.29%	+1.19%

Volatility

PQOC vs. PMJA - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a higher volatility of 2.46% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.53%. This indicates that PQOC'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

	PQOC	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	0.53%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	1.57%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	8.78%	2.04%	+6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	2.84%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.86%	2.84%	+10.02%

PQOC vs. PMJA - Expense Ratio Comparison

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

Dividends

PQOC vs. PMJA - Dividend Comparison

Neither PQOC nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PQOC and PMJA in my portfolio?

PQOC and PMJA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQOC or PMJA?

PQOC has higher volatility (2.46%) compared to PMJA (0.53%). In terms of maximum drawdown, PQOC dropped -13.71% vs PMJA's -2.98%.

Which ETF is better, PQOC or PMJA?

On 1-year performance, PQOC leads with 20.56% vs 7.51% for PMJA. Both ETFs have the same 0.50% expense ratio. On volatility, PMJA has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQOC or PMJA?

Over the 1-year period, PQOC has performed better with a 20.56% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQOC or PMJA?

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

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

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

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.71 vs 2.36), 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.