SPBW vs. PMJL

Last updated Jul 14, 2026

SPBW (AllianzIM Buffer20 Allocation ETF) and PMJL (PGIM S&P 500 Max Buffer ETF - July) are both Defined Outcome funds. Both are actively managed. Over the past year, SPBW returned 10.30% vs 6.44% for PMJL. Their correlation of 0.80 suggests significant overlap in exposure. SPBW charges 0.79%/yr vs 0.50%/yr for PMJL.

Performance

SPBW vs. PMJL - 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 - July (PMJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBW achieves a 4.94% return, which is significantly higher than PMJL's 3.27% return.

SPBW

• 1D: -0.22%
• 1M: 0.65%
• 6M: 4.29%
• YTD: 4.94%
• 1Y: 10.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJL

• 1D: -0.15%
• 1M: 0.45%
• 6M: 2.93%
• YTD: 3.27%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBW vs. PMJL - Yearly Performance Comparison

	2026 (YTD)	2025
SPBW AllianzIM Buffer20 Allocation ETF	4.94%	5.47%
PMJL PGIM S&P 500 Max Buffer ETF - July	3.27%	3.17%

Correlation

The correlation between SPBW and PMJL is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.80

The correlation between SPBW and PMJL has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

SPBW vs. PMJL — Risk / Return Rank

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

SPBW

SPBW Risk / Return Rank: 91
SPBW Sharpe Ratio Rank: 92
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 84
SPBW Martin Ratio Rank: 93

PMJL

PMJL Risk / Return Rank: 95
PMJL Sharpe Ratio Rank: 96
PMJL Sortino Ratio Rank: 97
PMJL Omega Ratio Rank: 97
PMJL Calmar Ratio Rank: 90
PMJL Martin Ratio Rank: 96

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. PMJL - 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 - July (PMJL). 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.

	SPBW	PMJL	Difference
Sharpe ratio: Return per unit of total volatility	2.51	3.21	-0.71
Sortino ratio: Return per unit of downside risk	3.75	5.36	-1.61
Omega ratio: Gain probability vs. loss probability	1.52	1.74	-0.23
Calmar ratio: Return relative to maximum drawdown	3.61	4.34	-0.72
Martin ratio: Return relative to average drawdown	19.09	27.00	-7.91

SPBW vs. PMJL - Sharpe Ratio Comparison

The current SPBW Sharpe Ratio is 2.51, which is comparable to the PMJL Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of SPBW and PMJL, 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

SPBW vs. PMJL - Drawdown Comparison

The maximum SPBW drawdown since its inception was -8.76%, which is greater than PMJL's maximum drawdown of -1.49%. Use the drawdown chart below to compare losses from any high point for SPBW and PMJL.

Drawdown Indicators

	SPBW	PMJL	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-1.49%	-7.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-1.49%	-1.37%
Current Drawdown Current decline from peak	-0.22%	-0.15%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.74%	-0.11%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.24%	+0.30%

Volatility

SPBW vs. PMJL - Volatility Comparison

AllianzIM Buffer20 Allocation ETF (SPBW) has a higher volatility of 1.13% compared to PGIM S&P 500 Max Buffer ETF - July (PMJL) at 0.46%. This indicates that SPBW's price experiences larger fluctuations and is considered to be riskier than PMJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBW	PMJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.46%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	1.64%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	2.02%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.43%	2.02%	+5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.43%	2.02%	+5.41%

SPBW vs. PMJL - Expense Ratio Comparison

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

Dividends

SPBW vs. PMJL - Dividend Comparison

Neither SPBW nor PMJL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBW and PMJL in my portfolio?

SPBW and PMJL have a correlation of 0.80, 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 PMJL?

SPBW has higher volatility (1.13%) compared to PMJL (0.46%). In terms of maximum drawdown, SPBW dropped -8.76% vs PMJL's -1.49%.

Which ETF is better, SPBW or PMJL?

On 1-year performance, SPBW leads with 10.30% vs 6.44% for PMJL. On fees, PMJL is cheaper at 0.50% per year. On volatility, PMJL has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBW or PMJL?

Over the 1-year period, SPBW has performed better with a 10.30% return vs 6.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBW or PMJL?

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

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

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

What is the main difference between SPBW and PMJL?

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

Which has better risk-adjusted returns?

PMJL currently has the higher Sharpe Ratio (3.21 vs 2.51), 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.