SPYM vs. PMJN

Last updated Jun 24, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and PMJN (PGIM S&P 500 Max Buffer ETF - June) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while PMJN is a Defined Outcome fund actively managed by PGIM. SPYM is passively managed, while PMJN is actively managed. Over the past year, SPYM returned 23.73% vs 5.61% for PMJN. Their correlation of 0.88 suggests significant overlap in exposure. SPYM charges 0.02%/yr vs 0.50%/yr for PMJN.

Performance

SPYM vs. PMJN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) 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, SPYM achieves a 8.21% return, which is significantly higher than PMJN's 1.84% return.

SPYM

• 1D: -1.44%
• 1M: -1.32%
• YTD: 8.21%
• 6M: 7.24%
• 1Y: 23.73%
• 3Y*: 20.77%
• 5Y*: 13.13%
• 10Y*: 15.61%

PMJN

• 1D: -0.23%
• 1M: -0.45%
• YTD: 1.84%
• 6M: 1.88%
• 1Y: 5.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYM vs. PMJN - Yearly Performance Comparison

	2026 (YTD)	2025
SPYM State Street SPDR Portfolio S&P 500 ETF	8.21%	16.75%
PMJN PGIM S&P 500 Max Buffer ETF - June	1.84%	4.26%

Correlation

The correlation between SPYM and PMJN is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.88

The correlation between SPYM and PMJN has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

SPYM vs. PMJN — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 59
SPYM Sharpe Ratio Rank: 59
SPYM Sortino Ratio Rank: 56
SPYM Omega Ratio Rank: 58
SPYM Calmar Ratio Rank: 56
SPYM Martin Ratio Rank: 67

PMJN

PMJN Risk / Return Rank: 93
PMJN Sharpe Ratio Rank: 92
PMJN Sortino Ratio Rank: 95
PMJN Omega Ratio Rank: 96
PMJN Calmar Ratio Rank: 89
PMJN Martin Ratio Rank: 95

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.

SPYM vs. PMJN - Risk-Adjusted Trends Comparison

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

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.

	SPYM	PMJN	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.94	-1.02
Sortino ratio: Return per unit of downside risk	2.61	4.57	-1.96
Omega ratio: Gain probability vs. loss probability	1.35	1.71	-0.36
Calmar ratio: Return relative to maximum drawdown	2.68	4.90	-2.23
Martin ratio: Return relative to average drawdown	11.98	27.74	-15.76

SPYM vs. PMJN - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 1.92, which is lower than the PMJN Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of SPYM 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.

Drawdowns

SPYM vs. PMJN - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, which is greater than PMJN's maximum drawdown of -1.15%. Use the drawdown chart below to compare losses from any high point for SPYM and PMJN.

Drawdown Indicators

	SPYM	PMJN	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-1.15%	-53.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-1.15%	-7.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	—	—
Current Drawdown Current decline from peak	-3.14%	-0.60%	-2.54%
Average Drawdown Average peak-to-trough decline	-7.14%	-0.09%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.20%	+1.79%

Volatility

SPYM vs. PMJN - Volatility Comparison

State Street SPDR Portfolio S&P 500 ETF (SPYM) has a higher volatility of 4.83% compared to PGIM S&P 500 Max Buffer ETF - June (PMJN) at 0.88%. This indicates that SPYM'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

	SPYM	PMJN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	0.88%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	1.65%	+8.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	1.93%	+10.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	1.90%	+15.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	1.90%	+16.13%

SPYM vs. PMJN - Expense Ratio Comparison

SPYM has a 0.02% expense ratio, which is lower than PMJN's 0.50% expense ratio.

Dividends

SPYM vs. PMJN - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.30%, 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%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.30%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPYM and PMJN in my portfolio?

SPYM and PMJN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYM or PMJN?

SPYM has higher volatility (4.83%) compared to PMJN (0.88%). In terms of maximum drawdown, SPYM dropped -54.46% vs PMJN's -1.15%.

Which ETF is better, SPYM or PMJN?

On 1-year performance, SPYM leads with 23.73% vs 5.61% for PMJN. On fees, SPYM is cheaper at 0.02% per year. On volatility, PMJN has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYM or PMJN?

Over the 1-year period, SPYM has performed better with a 23.73% return vs 5.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYM or PMJN?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.50% for PMJN.

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

SPYM has the higher dividend yield at 1.30%, compared with 0.00% for PMJN.

What is the main difference between SPYM and PMJN?

SPYM is categorized as S&P 500, while PMJN is Defined Outcome. They also come from different issuers: State Street and PGIM. Their fees differ too: 0.02% for SPYM and 0.50% for PMJN.

Which has better risk-adjusted returns?

PMJN currently has the higher Sharpe Ratio (2.94 vs 1.92), 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.