RSPA vs. PMJA

Last updated Jun 24, 2026

RSPA (Invesco S&P 500 Equal Weight Income Advantage ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - RSPA is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while PMJA is a Defined Outcome fund actively managed by PGIM. RSPA is passively managed, while PMJA is actively managed. Over the past year, RSPA returned 17.80% vs 7.11% for PMJA. A 0.72 correlation means they provide meaningful diversification when combined. RSPA charges 0.29%/yr vs 0.50%/yr for PMJA.

Performance

RSPA vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) 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, RSPA achieves a 8.25% return, which is significantly higher than PMJA's 2.26% return.

RSPA

• 1D: -0.60%
• 1M: 1.40%
• YTD: 8.25%
• 6M: 7.64%
• 1Y: 17.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.09%
• 1M: 0.14%
• YTD: 2.26%
• 6M: 2.38%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RSPA vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	8.25%	11.07%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.26%	6.76%

Correlation

The correlation between RSPA and PMJA is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.72

The correlation between RSPA and PMJA has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

RSPA vs. PMJA — Risk / Return Rank

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

RSPA

RSPA Risk / Return Rank: 61
RSPA Sharpe Ratio Rank: 59
RSPA Sortino Ratio Rank: 60
RSPA Omega Ratio Rank: 57
RSPA Calmar Ratio Rank: 61
RSPA Martin Ratio Rank: 66

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 96
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.

RSPA vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) 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.

	RSPA	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	1.89	3.53	-1.64
Sortino ratio: Return per unit of downside risk	2.70	5.63	-2.93
Omega ratio: Gain probability vs. loss probability	1.34	1.79	-0.45
Calmar ratio: Return relative to maximum drawdown	2.88	4.91	-2.03
Martin ratio: Return relative to average drawdown	11.46	24.37	-12.91

RSPA vs. PMJA - Sharpe Ratio Comparison

The current RSPA Sharpe Ratio is 1.89, which is lower than the PMJA Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of RSPA 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

RSPA vs. PMJA - Drawdown Comparison

The maximum RSPA drawdown since its inception was -15.37%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for RSPA and PMJA.

Drawdown Indicators

	RSPA	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-15.37%	-2.98%	-12.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-1.45%	-4.76%
Current Drawdown Current decline from peak	-0.99%	-0.22%	-0.77%
Average Drawdown Average peak-to-trough decline	-2.01%	-0.33%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	0.29%	+1.27%

Volatility

RSPA vs. PMJA - Volatility Comparison

Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) has a higher volatility of 2.66% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.54%. This indicates that RSPA'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

	RSPA	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	0.54%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	1.57%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	2.04%	+7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	2.83%	+10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	2.83%	+10.10%

RSPA vs. PMJA - Expense Ratio Comparison

RSPA has a 0.29% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

RSPA vs. PMJA - Dividend Comparison

RSPA's dividend yield for the trailing twelve months is around 9.07%, while PMJA has not paid dividends to shareholders.

Position	TTM	2025	2024
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	9.07%	9.14%	4.03%

Frequently Asked Questions

Can I hold both RSPA and PMJA in my portfolio?

RSPA and PMJA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSPA or PMJA?

RSPA has higher volatility (2.66%) compared to PMJA (0.54%). In terms of maximum drawdown, RSPA dropped -15.37% vs PMJA's -2.98%.

Which ETF is better, RSPA or PMJA?

On 1-year performance, RSPA leads with 17.80% vs 7.11% for PMJA. On fees, RSPA is cheaper at 0.29% per year. On volatility, PMJA has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSPA or PMJA?

Over the 1-year period, RSPA has performed better with a 17.80% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSPA or PMJA?

RSPA is cheaper with a 0.29% expense ratio, compared with 0.50% for PMJA.

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

RSPA has the higher dividend yield at 9.07%, compared with 0.00% for PMJA.

What is the main difference between RSPA and PMJA?

RSPA is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.29% for RSPA and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.53 vs 1.89), 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.