SPXE vs. PMJA

Last updated Jun 24, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while PMJA is a Defined Outcome fund actively managed by PGIM. SPXE is passively managed, while PMJA is actively managed. Over the past year, SPXE returned 23.59% vs 7.11% for PMJA. Their correlation of 0.92 suggests significant overlap in exposure. SPXE charges 0.09%/yr vs 0.50%/yr for PMJA.

Performance

SPXE vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) 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, SPXE achieves a 7.86% return, which is significantly higher than PMJA's 2.26% return.

SPXE

• 1D: -1.35%
• 1M: -0.99%
• YTD: 7.86%
• 6M: 6.98%
• 1Y: 23.59%
• 3Y*: 20.92%
• 5Y*: 12.85%
• 10Y*: 15.77%

PMJA

• 1D: -0.09%
• 1M: 0.14%
• YTD: 2.26%
• 6M: 2.38%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXE vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
SPXE ProShares S&P 500 Ex-Energy ETF	7.86%	18.03%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.26%	6.76%

Correlation

The correlation between SPXE and PMJA is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.92

The correlation between SPXE and PMJA has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

SPXE vs. PMJA — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 57
SPXE Sharpe Ratio Rank: 58
SPXE Sortino Ratio Rank: 57
SPXE Omega Ratio Rank: 57
SPXE Calmar Ratio Rank: 51
SPXE Martin Ratio Rank: 61

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 96
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.

SPXE vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	1.83	3.53	-1.70
Sortino ratio: Return per unit of downside risk	2.53	5.63	-3.10
Omega ratio: Gain probability vs. loss probability	1.33	1.79	-0.47
Calmar ratio: Return relative to maximum drawdown	2.35	4.91	-2.57
Martin ratio: Return relative to average drawdown	10.35	24.37	-14.02

SPXE vs. PMJA - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 1.83, which is lower than the PMJA Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of SPXE 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

SPXE vs. PMJA - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for SPXE and PMJA.

Drawdown Indicators

	SPXE	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-2.98%	-29.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-1.45%	-8.64%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	—	—
Current Drawdown Current decline from peak	-2.91%	-0.22%	-2.69%
Average Drawdown Average peak-to-trough decline	-4.45%	-0.33%	-4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	0.29%	+1.99%

Volatility

SPXE vs. PMJA - Volatility Comparison

ProShares S&P 500 Ex-Energy ETF (SPXE) has a higher volatility of 4.74% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.54%. This indicates that SPXE'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

	SPXE	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	0.54%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	1.57%	+8.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	2.04%	+10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	2.83%	+14.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	2.83%	+14.60%

SPXE vs. PMJA - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

SPXE vs. PMJA - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 0.94%, 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%
SPXE ProShares S&P 500 Ex-Energy ETF	0.94%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%

Frequently Asked Questions

Can I hold both SPXE and PMJA in my portfolio?

With a correlation of 0.90, SPXE and PMJA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPXE or PMJA?

SPXE has higher volatility (4.74%) compared to PMJA (0.54%). In terms of maximum drawdown, SPXE dropped -32.27% vs PMJA's -2.98%.

Which ETF is better, SPXE or PMJA?

On 1-year performance, SPXE leads with 23.59% vs 7.11% for PMJA. On fees, SPXE is cheaper at 0.09% per year. On volatility, PMJA has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXE or PMJA?

Over the 1-year period, SPXE has performed better with a 23.59% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXE or PMJA?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.50% for PMJA.

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

SPXE has the higher dividend yield at 0.94%, compared with 0.00% for PMJA.

What is the main difference between SPXE and PMJA?

SPXE is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: ProShares and PGIM. Their fees differ too: 0.09% for SPXE and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.53 vs 1.83), 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.