SPBW vs. PMJA

Last updated Jun 4, 2026

SPBW (AllianzIM Buffer20 Allocation ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, SPBW returned 12.31% vs 7.69% for PMJA. Their correlation of 0.90 suggests significant overlap in exposure. SPBW charges 0.79%/yr vs 0.50%/yr for PMJA.

Performance

SPBW vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer20 Allocation ETF (SPBW) 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, SPBW achieves a 4.44% return, which is significantly higher than PMJA's 2.35% return.

SPBW

• 1D: -0.14%
• 1M: 1.45%
• YTD: 4.44%
• 6M: 5.15%
• 1Y: 12.31%
• 3Y*: —
• 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)

SPBW vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
SPBW AllianzIM Buffer20 Allocation ETF	4.44%	9.57%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	6.80%

Correlation

The correlation between SPBW and PMJA is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jan 10, 2025	0.90

The correlation between SPBW and PMJA has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

SPBW vs. PMJA — Risk / Return Rank

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

SPBW

SPBW Risk / Return Rank: 90
SPBW Sharpe Ratio Rank: 89
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 82
SPBW Martin Ratio Rank: 92

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.

SPBW vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer20 Allocation ETF (SPBW) 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.

	SPBW	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	3.00	3.80	-0.80
Sortino ratio: Return per unit of downside risk	4.56	6.16	-1.60
Omega ratio: Gain probability vs. loss probability	1.64	1.88	-0.23
Calmar ratio: Return relative to maximum drawdown	4.32	5.32	-1.00
Martin ratio: Return relative to average drawdown	23.42	26.64	-3.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBW vs. PMJA - Sharpe Ratio Comparison

The current SPBW Sharpe Ratio is 3.00, which is comparable to the PMJA Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of SPBW 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

	SPBW	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	3.80	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	2.32	-0.98

Drawdowns

SPBW vs. PMJA - Drawdown Comparison

The maximum SPBW drawdown since its inception was -8.76%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for SPBW and PMJA.

Drawdown Indicators

	SPBW	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-2.98%	-5.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-1.45%	-1.41%
Current Drawdown Current decline from peak	-0.17%	-0.04%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.34%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.29%	+0.24%

Volatility

SPBW vs. PMJA - Volatility Comparison

AllianzIM Buffer20 Allocation ETF (SPBW) has a higher volatility of 0.65% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.33%. This indicates that SPBW'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

	SPBW	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.33%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	1.49%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	2.04%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.62%	2.85%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	2.85%	+4.77%

SPBW vs. PMJA - Expense Ratio Comparison

SPBW has a 0.79% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

SPBW vs. PMJA - Dividend Comparison

Neither SPBW nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBW and PMJA in my portfolio?

SPBW and PMJA have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBW or PMJA?

SPBW has higher volatility (0.65%) compared to PMJA (0.33%). In terms of maximum drawdown, SPBW dropped -8.76% vs PMJA's -2.98%.

Which ETF is better, SPBW or PMJA?

On 1-year performance, SPBW leads with 12.31% vs 7.69% for PMJA. On fees, PMJA is cheaper at 0.50% 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, SPBW or PMJA?

Over the 1-year period, SPBW has performed better with a 12.31% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBW or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBW.

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

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

What is the main difference between SPBW and PMJA?

They also come from different issuers: AllianzIM and PGIM. Their fees differ too: 0.79% for SPBW and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.80 vs 3.00), 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.