SPHQ vs. PMJA

Last updated Jun 3, 2026

SPHQ (Invesco S&P 500 Quality ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while PMJA is a Defined Outcome fund actively managed by PGIM. SPHQ is passively managed, while PMJA is actively managed. Over the past year, SPHQ returned 23.61% vs 7.90% for PMJA. A 0.79 correlation means they provide meaningful diversification when combined. SPHQ charges 0.15%/yr vs 0.50%/yr for PMJA.

Performance

SPHQ vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) 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, SPHQ achieves a 15.16% return, which is significantly higher than PMJA's 2.40% return.

SPHQ

• 1D: 1.26%
• 1M: 6.56%
• YTD: 15.16%
• 6M: 16.32%
• 1Y: 23.61%
• 3Y*: 22.29%
• 5Y*: 14.73%
• 10Y*: 14.98%

PMJA

• 1D: 0.04%
• 1M: 0.71%
• YTD: 2.40%
• 6M: 2.92%
• 1Y: 7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPHQ vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
SPHQ Invesco S&P 500 Quality ETF	15.16%	13.54%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.40%	6.89%

Correlation

The correlation between SPHQ and PMJA is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.79

The correlation between SPHQ and PMJA has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

Return for Risk

SPHQ vs. PMJA — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 56
SPHQ Sharpe Ratio Rank: 54
SPHQ Sortino Ratio Rank: 57
SPHQ Omega Ratio Rank: 51
SPHQ Calmar Ratio Rank: 54
SPHQ Martin Ratio Rank: 63

PMJA

PMJA Risk / Return Rank: 95
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 90
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.

SPHQ vs. PMJA - Risk-Adjusted Trends Comparison

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

	SPHQ	PMJA	Difference
Sharpe ratio Return per unit of total volatility	1.88	3.90	-2.02
Sortino ratio Return per unit of downside risk	2.73	6.33	-3.60
Omega ratio Gain probability vs. loss probability	1.32	1.90	-0.58
Calmar ratio Return relative to maximum drawdown	2.70	5.59	-2.89
Martin ratio Return relative to average drawdown	11.50	28.06	-16.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHQ vs. PMJA - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.88, which is lower than the PMJA Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of SPHQ 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

	SPHQ	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	3.90	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	2.33	-1.80

Drawdowns

SPHQ vs. PMJA - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for SPHQ and PMJA.

Drawdown Indicators

	SPHQ	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-2.98%	-54.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-1.45%	-7.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.70%	-0.34%	-10.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.29%	+1.79%

Volatility

SPHQ vs. PMJA - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 3.55% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.36%. This indicates that SPHQ'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

	SPHQ	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	0.36%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	1.49%	+8.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	2.04%	+10.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	2.86%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.87%	2.86%	+15.01%

SPHQ vs. PMJA - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

SPHQ vs. PMJA - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.04%, 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%
SPHQ Invesco S&P 500 Quality ETF	1.04%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and PMJA in my portfolio?

SPHQ and PMJA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or PMJA?

SPHQ has higher volatility (3.55%) compared to PMJA (0.36%). In terms of maximum drawdown, SPHQ dropped -57.83% vs PMJA's -2.98%.

Which ETF is better, SPHQ or PMJA?

On 1-year performance, SPHQ leads with 23.61% vs 7.90% for PMJA. On fees, SPHQ is cheaper at 0.15% per year. On volatility, PMJA has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or PMJA?

Over the 1-year period, SPHQ has performed better with a 23.61% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or PMJA?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.50% for PMJA.

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

SPHQ has the higher dividend yield at 1.04%, compared with 0.00% for PMJA.

What is the main difference between SPHQ and PMJA?

SPHQ is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.15% for SPHQ and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.90 vs 1.88), 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.