SFEB vs. PMJA

Last updated Aug 1, 2026

SFEB (FT Vest U.S. Small Cap Moderate Buffer ETF - February) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, SFEB returned 22.47% vs 6.62% for PMJA. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SFEB charges 0.90%/yr vs 0.50%/yr for PMJA.

Performance

SFEB vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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, SFEB achieves a 11.22% return, which is significantly higher than PMJA's 3.01% return.

SFEB

• 1D: -0.10%
• 1M: -0.15%
• 6M: 8.03%
• YTD: 11.22%
• 1Y: 22.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.35%

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
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	$158.86K	$157.36K	$135.84K

SFEB vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	11.22%	9.24%
PMJA PGIM S&P 500 Max Buffer ETF - January	3.01%	6.76%

Correlation

The correlation between SFEB and PMJA is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.75

The correlation between SFEB and PMJA has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

SFEB vs. PMJA — Risk / Return Rank

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

SFEB

SFEB Risk / Return Rank: 91
SFEB Sharpe Ratio Rank: 91
SFEB Sortino Ratio Rank: 92
SFEB Omega Ratio Rank: 90
SFEB Calmar Ratio Rank: 91
SFEB Martin Ratio Rank: 93

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.

SFEB vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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.

	SFEB	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	2.30	3.15	-0.85
Sortino ratio: Return per unit of downside risk	3.36	4.98	-1.61
Omega ratio: Gain probability vs. loss probability	1.43	1.68	-0.26
Calmar ratio: Return relative to maximum drawdown	4.09	4.40	-0.31
Martin ratio: Return relative to average drawdown	17.22	21.72	-4.51

SFEB vs. PMJA - Sharpe Ratio Comparison

The current SFEB Sharpe Ratio is 2.30, which is comparable to the PMJA Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of SFEB 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

SFEB vs. PMJA - Drawdown Comparison

The maximum SFEB drawdown since its inception was -16.67%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for SFEB and PMJA.

Drawdown Indicators

	SFEB	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-16.67%	-2.98%	-13.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-1.45%	-3.77%
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-2.37%	-0.32%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.29%	+0.95%

Volatility

SFEB vs. PMJA - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) has a higher volatility of 1.62% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.48%. This indicates that SFEB'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

	SFEB	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	0.48%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	1.55%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.30%	2.03%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.80%	2.76%	+9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.80%	2.76%	+9.04%

SFEB vs. PMJA - Expense Ratio Comparison

SFEB has a 0.90% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

SFEB vs. PMJA - Dividend Comparison

Neither SFEB nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SFEB and PMJA in my portfolio?

SFEB and PMJA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFEB or PMJA?

SFEB has higher volatility (1.62%) compared to PMJA (0.48%). In terms of maximum drawdown, SFEB dropped -16.67% vs PMJA's -2.98%.

Which ETF is better, SFEB or PMJA?

On 1-year performance, SFEB leads with 22.47% vs 6.62% for PMJA. On fees, PMJA is cheaper at 0.50% 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, SFEB or PMJA?

Over the 1-year period, SFEB has performed better with a 22.47% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFEB or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.90% for SFEB.

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

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

What is the main difference between SFEB and PMJA?

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

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.15 vs 2.30), 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.