SPMV vs. PMJN

Last updated Jun 5, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and PMJN (PGIM S&P 500 Max Buffer ETF - June) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while PMJN is a Defined Outcome fund actively managed by PGIM. SPMV is passively managed, while PMJN is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. SPMV charges 0.10%/yr vs 0.50%/yr for PMJN.

Performance

SPMV vs. PMJN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Minimum Variance ETF (SPMV) and PGIM S&P 500 Max Buffer ETF - June (PMJN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJN

• 1D: 0.11%
• 1M: 0.38%
• YTD: 2.45%
• 6M: 2.96%
• 1Y: 6.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPMV vs. PMJN - Yearly Performance Comparison

	2026 (YTD)	2025
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	6.95%
PMJN PGIM S&P 500 Max Buffer ETF - June	2.45%	4.21%

Correlation

The correlation between SPMV and PMJN 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 Jun 3, 2025	0.66

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

Return for Risk

SPMV vs. PMJN — Risk / Return Rank

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

PMJN

PMJN Risk / Return Rank: 96
PMJN Sharpe Ratio Rank: 95
PMJN Sortino Ratio Rank: 97
PMJN Omega Ratio Rank: 98
PMJN Calmar Ratio Rank: 91
PMJN 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.

SPMV vs. PMJN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) and PGIM S&P 500 Max Buffer ETF - June (PMJN). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPMV	PMJN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	3.87	—

Drawdowns

Drawdown Indicators

	SPMV	PMJN	Difference
Max Drawdown Largest peak-to-trough decline	—	-1.15%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.15%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.17%	—

Volatility

Volatility by Period

	SPMV	PMJN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.75%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.74%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.74%	—

SPMV vs. PMJN - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than PMJN's 0.50% expense ratio.

Dividends

SPMV vs. PMJN - Dividend Comparison

SPMV's dividend yield for the trailing twelve months is around 1.45%, while PMJN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMJN PGIM S&P 500 Max Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMV Invesco S&P 500 Minimum Variance ETF	1.45%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%

Frequently Asked Questions

Can I hold both SPMV and PMJN in my portfolio?

SPMV and PMJN 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 ETF is better, SPMV or PMJN?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMV or PMJN?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.50% for PMJN.

Which ETF pays a higher dividend yield, SPMV or PMJN?

SPMV has the higher dividend yield at 1.45%, compared with 0.00% for PMJN.

What is the main difference between SPMV and PMJN?

SPMV is categorized as S&P 500, while PMJN is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.10% for SPMV and 0.50% for PMJN.