TJAN vs. PMDE

Last updated Jul 2, 2026

TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - TJAN is a Options Trading fund actively managed by Innovator, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). TJAN is actively managed, while PMDE is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. TJAN charges 0.79%/yr vs 0.50%/yr for PMDE.

Performance

TJAN vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TJAN achieves a 3.04% return, which is significantly higher than PMDE's 2.80% return.

TJAN

• 1D: 0.07%
• 1M: 0.24%
• YTD: 3.04%
• 6M: 3.04%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: 0.09%
• 1M: 0.17%
• YTD: 2.80%
• 6M: 2.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TJAN vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	3.04%	0.62%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.80%	0.44%

Correlation

The correlation between TJAN and PMDE is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.82

Return for Risk

TJAN vs. PMDE — Risk / Return Rank

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

TJAN

TJAN Risk / Return Rank: 89
TJAN Sharpe Ratio Rank: 91
TJAN Sortino Ratio Rank: 93
TJAN Omega Ratio Rank: 93
TJAN Calmar Ratio Rank: 78
TJAN Martin Ratio Rank: 91

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TJAN vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

	TJAN	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.59	—	—
Sortino ratio: Return per unit of downside risk	3.96	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	3.39	—	—
Martin ratio: Return relative to average drawdown	17.81	—	—

Drawdowns

TJAN vs. PMDE - Drawdown Comparison

The maximum TJAN drawdown since its inception was -4.83%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for TJAN and PMDE.

Drawdown Indicators

	TJAN	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-1.59%	-3.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	—	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.43%	-0.25%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	—	—

Volatility

Volatility by Period

	TJAN	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.18%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	2.43%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	2.43%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	2.43%	+1.90%

TJAN vs. PMDE - Expense Ratio Comparison

TJAN has a 0.79% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

TJAN vs. PMDE - Dividend Comparison

Neither TJAN nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TJAN and PMDE in my portfolio?

TJAN and PMDE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TJAN or PMDE?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TJAN or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.79% for TJAN.

Which ETF pays a higher dividend yield, TJAN or PMDE?

TJAN and PMDE have nearly identical dividend yields, around 0.00%.

What is the main difference between TJAN and PMDE?

TJAN is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for TJAN and 0.50% for PMDE.