SPXE vs. PMJN

Last updated Jun 4, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and PMJN (PGIM S&P 500 Max Buffer ETF - June) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while PMJN is a Defined Outcome fund actively managed by PGIM. SPXE is passively managed, while PMJN is actively managed. Over the past year, SPXE returned 27.46% vs 6.52% for PMJN. Their correlation of 0.87 suggests significant overlap in exposure. SPXE charges 0.09%/yr vs 0.50%/yr for PMJN.

Performance

SPXE vs. PMJN - 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 - June (PMJN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXE achieves a 10.29% return, which is significantly higher than PMJN's 2.33% return.

SPXE

• 1D: -0.72%
• 1M: 5.33%
• YTD: 10.29%
• 6M: 10.47%
• 1Y: 27.46%
• 3Y*: 22.55%
• 5Y*: 13.56%
• 10Y*: 15.72%

PMJN

• 1D: -0.11%
• 1M: 0.28%
• YTD: 2.33%
• 6M: 2.88%
• 1Y: 6.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXE vs. PMJN - Yearly Performance Comparison

	2026 (YTD)	2025
SPXE ProShares S&P 500 Ex-Energy ETF	10.29%	16.32%
PMJN PGIM S&P 500 Max Buffer ETF - June	2.33%	4.21%

Correlation

The correlation between SPXE and PMJN 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 Jun 3, 2025	0.87

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

Return for Risk

SPXE vs. PMJN — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 64
SPXE Sharpe Ratio Rank: 67
SPXE Sortino Ratio Rank: 66
SPXE Omega Ratio Rank: 65
SPXE Calmar Ratio Rank: 55
SPXE Martin Ratio Rank: 68

PMJN

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

SPXE vs. PMJN - 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 - 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.

	SPXE	PMJN	Difference
Sharpe ratio: Return per unit of total volatility	2.22	3.75	-1.54
Sortino ratio: Return per unit of downside risk	3.07	6.20	-3.14
Omega ratio: Gain probability vs. loss probability	1.40	1.97	-0.58
Calmar ratio: Return relative to maximum drawdown	2.73	5.69	-2.96
Martin ratio: Return relative to average drawdown	12.40	37.72	-25.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXE vs. PMJN - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 2.22, which is lower than the PMJN Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of SPXE and PMJN, 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

	SPXE	PMJN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	3.75	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	3.81	-2.91

Drawdowns

SPXE vs. PMJN - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, which is greater than PMJN's maximum drawdown of -1.15%. Use the drawdown chart below to compare losses from any high point for SPXE and PMJN.

Drawdown Indicators

	SPXE	PMJN	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-1.15%	-31.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-1.15%	-8.94%
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	-0.72%	-0.11%	-0.61%
Average Drawdown Average peak-to-trough decline	-4.47%	-0.08%	-4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	0.17%	+2.05%

Volatility

SPXE vs. PMJN - Volatility Comparison

ProShares S&P 500 Ex-Energy ETF (SPXE) has a higher volatility of 3.20% compared to PGIM S&P 500 Max Buffer ETF - June (PMJN) at 0.19%. This indicates that SPXE's price experiences larger fluctuations and is considered to be riskier than PMJN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE	PMJN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	0.19%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	1.42%	+8.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	1.75%	+10.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	1.75%	+15.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	1.75%	+15.67%

SPXE vs. PMJN - Expense Ratio Comparison

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

Dividends

SPXE vs. PMJN - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 0.91%, while PMJN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPXE ProShares S&P 500 Ex-Energy ETF	0.91%	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 PMJN in my portfolio?

SPXE and PMJN 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, SPXE or PMJN?

SPXE has higher volatility (3.20%) compared to PMJN (0.19%). In terms of maximum drawdown, SPXE dropped -32.27% vs PMJN's -1.15%.

Which ETF is better, SPXE or PMJN?

On 1-year performance, SPXE leads with 27.46% vs 6.52% for PMJN. On fees, SPXE is cheaper at 0.09% per year. On volatility, PMJN has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXE or PMJN?

Over the 1-year period, SPXE has performed better with a 27.46% return vs 6.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXE or PMJN?

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

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

SPXE has the higher dividend yield at 0.91%, compared with 0.00% for PMJN.

What is the main difference between SPXE and PMJN?

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

Which has better risk-adjusted returns?

PMJN currently has the higher Sharpe Ratio (3.75 vs 2.22), 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.