QVMT vs. PMJA

Last updated Aug 2, 2026

QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - QVMT is a S&P 500 fund tracking the S&P 500 Quality, Value & Momentum Multi-factor Index, while PMJA is a Defined Outcome fund actively managed by PGIM. QVMT is passively managed, while PMJA is actively managed. Over the past year, QVMT returned 32.14% vs 6.62% for PMJA. Their 0.56 correlation means they have sometimes moved together and sometimes differently. QVMT charges 0.13%/yr vs 0.50%/yr for PMJA.

Performance

QVMT vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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, QVMT achieves a 14.62% return, which is significantly higher than PMJA's 3.01% return.

QVMT

• 1D: -0.50%
• 1M: -2.65%
• 6M: 11.45%
• YTD: 14.62%
• 1Y: 32.14%
• 3Y*: 17.87%
• 5Y*: 12.30%
• 10Y*: 12.55%
• ALL TIME*: 11.80%

PMJA

• 1D: 0.15%
• 1M: 0.51%
• 6M: 2.66%
• YTD: 3.01%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.23%

*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)
PMJA PGIM S&P 500 Max Buffer ETF - January	$1.23K	$811.49	$2.70K
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	$936.15K	$987.45K	$703.91K

QVMT vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	14.62%	19.08%
PMJA PGIM S&P 500 Max Buffer ETF - January	3.01%	6.76%

Correlation

The correlation between QVMT and PMJA is 0.51, 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.	0.51
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.56

The correlation between QVMT and PMJA has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

QVMT vs. PMJA — Risk / Return Rank

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

QVMT

QVMT Risk / Return Rank: 85
QVMT Sharpe Ratio Rank: 86
QVMT Sortino Ratio Rank: 85
QVMT Omega Ratio Rank: 83
QVMT Calmar Ratio Rank: 85
QVMT Martin Ratio Rank: 88

PMJA

PMJA Risk / Return Rank: 96
PMJA Sharpe Ratio Rank: 97
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 93
PMJA Martin Ratio Rank: 95

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.

QVMT vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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.

	QVMT	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.15	-1.11
Sortino ratio: Return per unit of downside risk	2.84	4.98	-2.14
Omega ratio: Gain probability vs. loss probability	1.35	1.68	-0.33
Calmar ratio: Return relative to maximum drawdown	3.27	4.40	-1.12
Martin ratio: Return relative to average drawdown	13.45	21.72	-8.28

QVMT vs. PMJA - Sharpe Ratio Comparison

The current QVMT Sharpe Ratio is 2.04, which is lower than the PMJA Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of QVMT 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

QVMT vs. PMJA - Drawdown Comparison

The maximum QVMT drawdown since its inception was -48.05%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for QVMT and PMJA.

Drawdown Indicators

	QVMT	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-2.98%	-45.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.23%	-1.45%	-7.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.05%	—	—
Current Drawdown Current decline from peak	-7.15%	0.00%	-7.15%
Average Drawdown Average peak-to-trough decline	-6.29%	-0.32%	-5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	0.29%	+1.96%

Volatility

QVMT vs. PMJA - Volatility Comparison

Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a higher volatility of 6.32% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.48%. This indicates that QVMT'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

	QVMT	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	0.48%	+5.84%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	1.55%	+10.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	2.03%	+12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	2.76%	+14.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	2.76%	+18.46%

QVMT vs. PMJA - Expense Ratio Comparison

QVMT has a 0.13% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

QVMT vs. PMJA - Dividend Comparison

QVMT's dividend yield for the trailing twelve months is around 1.90%, while PMJA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	1.90%	2.42%	2.71%	3.05%	2.49%	2.31%	2.70%	2.23%	2.48%	2.37%	1.11%	0.54%

Frequently Asked Questions

Can I hold both QVMT and PMJA in my portfolio?

QVMT and PMJA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVMT or PMJA?

QVMT has higher volatility (6.32%) compared to PMJA (0.48%). In terms of maximum drawdown, QVMT dropped -48.05% vs PMJA's -2.98%.

Which ETF is better, QVMT or PMJA?

On 1-year performance, QVMT leads with 32.14% vs 6.62% for PMJA. On fees, QVMT is cheaper at 0.13% per year. On volatility, PMJA has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMT or PMJA?

Over the 1-year period, QVMT has performed better with a 32.14% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMT or PMJA?

QVMT is cheaper with a 0.13% expense ratio, compared with 0.50% for PMJA.

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

QVMT has the higher dividend yield at 1.90%, compared with 0.00% for PMJA.

What is the main difference between QVMT and PMJA?

QVMT is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.13% for QVMT and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.15 vs 2.04), 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.