SPXU vs. PMJA
SPXU (ProShares UltraPro Short S&P500) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while PMJA is a Defined Outcome fund actively managed by PGIM. SPXU is passively managed, while PMJA is actively managed. Over the past year, SPXU returned -44.77% vs 6.74% for PMJA. Their -0.92 correlation means they have often moved in opposite directions in the past. SPXU charges 0.90%/yr vs 0.50%/yr for PMJA.
Performance
SPXU vs. PMJA - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -30.45% return, which is significantly lower than PMJA's 3.36% return.
SPXU
- 1D
- 0.65%
- 1M
- -6.80%
- 6M
- -29.62%
- YTD
- -30.45%
- 1Y
- -44.77%
- 3Y*
- -42.04%
- 5Y*
- -33.66%
- 10Y*
- -41.50%
- ALL TIME*
- -42.79%
PMJA
- 1D
- 0.02%
- 1M
- 0.73%
- 6M
- 3.15%
- YTD
- 3.36%
- 1Y
- 6.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.58K | $1.85K | $2.94K | |
| $347.12M | $308.29M | $360.15M |
SPXU vs. PMJA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -30.45% | -41.73% |
PMJA PGIM S&P 500 Max Buffer ETF - January | 3.36% | 6.76% |
Correlation
The correlation between SPXU and PMJA is -0.90, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025 | -0.92 |
The correlation between SPXU and PMJA has been stable across timeframes, ranging from -0.92 to -0.90 - a consistent structural relationship.
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Return for Risk
SPXU vs. PMJA — Risk / Return Rank
SPXU
PMJA
SPXU vs. PMJA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.
| SPXU | PMJA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.56 | ||
| Sortino ratioReturn per unit of downside risk | -7.25 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.75 | -0.95 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 4.66 | -5.66 |
| Martin ratioReturn relative to average drawdown | -1.81 | 23.03 | -24.84 |
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Drawdowns
SPXU vs. PMJA - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for SPXU and PMJA.
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Drawdown Indicators
| SPXU | PMJA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -2.98% | -97.01% |
Max Drawdown (1Y)Largest decline over 1 year | -45.07% | -1.45% | -43.62% |
Max Drawdown (3Y)Largest decline over 3 years | -85.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.73% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | 0.00% | -99.99% |
Average DrawdownAverage peak-to-trough decline | -93.38% | -0.31% | -93.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.44% | 0.29% | +25.15% |
Volatility
SPXU vs. PMJA - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 12.32% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.50%. This indicates that SPXU'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.
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Volatility by Period
| SPXU | PMJA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.32% | 0.50% | +11.82% |
Volatility (6M)Calculated over the trailing 6-month period | 30.95% | 1.52% | +29.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.41% | 2.00% | +36.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.77% | 2.76% | +48.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.45% | 2.76% | +50.69% |
SPXU vs. PMJA - Expense Ratio Comparison
SPXU has a 0.90% expense ratio, which is higher than PMJA's 0.50% expense ratio.
Dividends
SPXU vs. PMJA - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 7.46%, while PMJA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXU ProShares UltraPro Short S&P500 | 7.46% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
SPXU and PMJA have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXU has higher volatility (12.32%) compared to PMJA (0.50%). In terms of maximum drawdown, SPXU dropped -99.99% vs PMJA's -2.98%.
On 1-year performance, PMJA leads with 6.74% vs -44.77% for SPXU. On fees, PMJA is cheaper at 0.50% per year. On volatility, PMJA has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMJA has performed better with a 6.74% return vs -44.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PMJA is cheaper with a 0.50% expense ratio, compared with 0.90% for SPXU.
SPXU has the higher dividend yield at 7.46%, compared with 0.00% for PMJA.
SPXU is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: ProShares and PGIM. Their fees differ too: 0.90% for SPXU and 0.50% for PMJA.
PMJA currently has the higher Sharpe Ratio (3.39 vs -1.17), 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.
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