PTRB vs. PMJA

Last updated Jun 4, 2026

PTRB (PGIM Total Return Bond ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - PTRB is a Intermediate Core-Plus Bond fund actively managed by PGIM, while PMJA is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, PTRB returned 5.81% vs 7.69% for PMJA. At a 0.24 correlation, their price movements are largely independent. PTRB charges 0.49%/yr vs 0.50%/yr for PMJA.

Performance

PTRB vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Total Return Bond ETF (PTRB) 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, PTRB achieves a 0.34% return, which is significantly lower than PMJA's 2.35% return.

PTRB

• 1D: -0.19%
• 1M: 0.28%
• YTD: 0.34%
• 6M: 0.41%
• 1Y: 5.81%
• 3Y*: 5.11%
• 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)

PTRB vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
PTRB PGIM Total Return Bond ETF	0.34%	7.61%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	6.89%

Correlation

The correlation between PTRB and PMJA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.24

Return for Risk

PTRB vs. PMJA — Risk / Return Rank

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

PTRB

PTRB Risk / Return Rank: 40
PTRB Sharpe Ratio Rank: 41
PTRB Sortino Ratio Rank: 42
PTRB Omega Ratio Rank: 39
PTRB Calmar Ratio Rank: 41
PTRB Martin Ratio Rank: 38

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.

PTRB vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Total Return Bond ETF (PTRB) 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.

	PTRB	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	1.46	3.80	-2.34
Sortino ratio: Return per unit of downside risk	2.13	6.16	-4.03
Omega ratio: Gain probability vs. loss probability	1.26	1.88	-0.62
Calmar ratio: Return relative to maximum drawdown	2.01	5.32	-3.30
Martin ratio: Return relative to average drawdown	6.00	26.64	-20.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTRB vs. PMJA - Sharpe Ratio Comparison

The current PTRB Sharpe Ratio is 1.46, which is lower than the PMJA Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of PTRB 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

	PTRB	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	3.80	-2.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	2.32	-2.26

Drawdowns

PTRB vs. PMJA - Drawdown Comparison

The maximum PTRB drawdown since its inception was -19.17%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for PTRB and PMJA.

Drawdown Indicators

	PTRB	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-19.17%	-2.98%	-16.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-1.45%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	—	—
Current Drawdown Current decline from peak	-1.61%	-0.04%	-1.57%
Average Drawdown Average peak-to-trough decline	-7.64%	-0.34%	-7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.29%	+0.68%

Volatility

PTRB vs. PMJA - Volatility Comparison

PGIM Total Return Bond ETF (PTRB) has a higher volatility of 1.37% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.33%. This indicates that PTRB'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

	PTRB	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	0.33%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	1.49%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	2.04%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	2.85%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	2.85%	+3.40%

PTRB vs. PMJA - Expense Ratio Comparison

PTRB has a 0.49% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

PTRB vs. PMJA - Dividend Comparison

PTRB's dividend yield for the trailing twelve months is around 4.74%, while PMJA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PTRB PGIM Total Return Bond ETF	4.74%	4.73%	5.10%	4.62%	4.07%	0.12%

Frequently Asked Questions

Can I hold both PTRB and PMJA in my portfolio?

PTRB and PMJA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTRB or PMJA?

PTRB has higher volatility (1.37%) compared to PMJA (0.33%). In terms of maximum drawdown, PTRB dropped -19.17% vs PMJA's -2.98%.

Which ETF is better, PTRB or PMJA?

On 1-year performance, PMJA leads with 7.69% vs 5.81% for PTRB. On fees, PTRB is cheaper at 0.49% per year. On volatility, PMJA has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTRB or PMJA?

Over the 1-year period, PMJA has performed better with a 7.69% return vs 5.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTRB or PMJA?

PTRB is cheaper with a 0.49% expense ratio, compared with 0.50% for PMJA.

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

PTRB has the higher dividend yield at 4.74%, compared with 0.00% for PMJA.

What is the main difference between PTRB and PMJA?

PTRB is categorized as Intermediate Core-Plus Bond, while PMJA is Defined Outcome. Their fees differ too: 0.49% for PTRB and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.80 vs 1.46), 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.