SPYG vs. PMJA

Last updated Jun 24, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while PMJA is a Defined Outcome fund actively managed by PGIM. SPYG is passively managed, while PMJA is actively managed. Over the past year, SPYG returned 26.87% vs 7.11% for PMJA. Their correlation of 0.87 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.50%/yr for PMJA.

Performance

SPYG vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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, SPYG achieves a 8.70% return, which is significantly higher than PMJA's 2.26% return.

SPYG

• 1D: -2.40%
• 1M: -2.07%
• YTD: 8.70%
• 6M: 7.46%
• 1Y: 26.87%
• 3Y*: 25.48%
• 5Y*: 14.11%
• 10Y*: 18.05%

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)

SPYG vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	8.70%	22.09%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.26%	6.76%

Correlation

The correlation between SPYG and PMJA is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.87

The correlation between SPYG and PMJA has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

SPYG vs. PMJA — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 45
SPYG Sharpe Ratio Rank: 47
SPYG Sortino Ratio Rank: 44
SPYG Omega Ratio Rank: 44
SPYG Calmar Ratio Rank: 41
SPYG Martin Ratio Rank: 48

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.

SPYG vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.

	SPYG	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	1.57	3.53	-1.96
Sortino ratio: Return per unit of downside risk	2.17	5.63	-3.47
Omega ratio: Gain probability vs. loss probability	1.28	1.79	-0.52
Calmar ratio: Return relative to maximum drawdown	1.96	4.91	-2.95
Martin ratio: Return relative to average drawdown	7.79	24.37	-16.58

SPYG vs. PMJA - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.57, which is lower than the PMJA Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of SPYG 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

SPYG vs. PMJA - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for SPYG and PMJA.

Drawdown Indicators

	SPYG	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-2.98%	-64.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-1.45%	-12.31%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-5.52%	-0.22%	-5.30%
Average Drawdown Average peak-to-trough decline	-24.28%	-0.33%	-23.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	0.29%	+3.17%

Volatility

SPYG vs. PMJA - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 7.26% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.54%. This indicates that SPYG'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

	SPYG	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	0.54%	+6.72%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	1.57%	+12.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.26%	2.04%	+15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.36%	2.83%	+18.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	2.83%	+17.90%

SPYG vs. PMJA - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

SPYG vs. PMJA - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.50%, 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.50%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and PMJA in my portfolio?

SPYG and PMJA have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or PMJA?

SPYG has higher volatility (7.26%) compared to PMJA (0.54%). In terms of maximum drawdown, SPYG dropped -67.63% vs PMJA's -2.98%.

Which ETF is better, SPYG or PMJA?

On 1-year performance, SPYG leads with 26.87% vs 7.11% for PMJA. On fees, SPYG is cheaper at 0.04% 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, SPYG or PMJA?

Over the 1-year period, SPYG has performed better with a 26.87% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or PMJA?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.50% for PMJA.

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

SPYG has the higher dividend yield at 0.50%, compared with 0.00% for PMJA.

What is the main difference between SPYG and PMJA?

SPYG is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: State Street and PGIM. Their fees differ too: 0.04% for SPYG and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.53 vs 1.57), 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.