TMAR vs. PMJA

Last updated Jun 23, 2026

TMAR (FT Vest Emerging Markets Buffer ETF - March) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds. TMAR is passively managed, while PMJA is actively managed. Over the past year, TMAR returned 29.13% vs 7.51% for PMJA. A 0.58 correlation means they provide meaningful diversification when combined. TMAR charges 0.95%/yr vs 0.50%/yr for PMJA.

Performance

TMAR vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - March (TMAR) 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, TMAR achieves a 15.63% return, which is significantly higher than PMJA's 2.36% return.

TMAR

• 1D: 0.15%
• 1M: 2.88%
• YTD: 15.63%
• 6M: 16.19%
• 1Y: 29.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.04%
• 1M: 0.24%
• YTD: 2.36%
• 6M: 2.49%
• 1Y: 7.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMAR vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
TMAR FT Vest Emerging Markets Buffer ETF - March	15.63%	15.97%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.36%	7.16%

Correlation

The correlation between TMAR and PMJA is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025	0.58

The correlation between TMAR and PMJA has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.

Return for Risk

TMAR vs. PMJA — Risk / Return Rank

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

TMAR

TMAR Risk / Return Rank: 92
TMAR Sharpe Ratio Rank: 88
TMAR Sortino Ratio Rank: 90
TMAR Omega Ratio Rank: 95
TMAR Calmar Ratio Rank: 93
TMAR Martin Ratio Rank: 96

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
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.

TMAR vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - March (TMAR) 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.

	TMAR	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	2.78	3.71	-0.93
Sortino ratio: Return per unit of downside risk	4.03	5.96	-1.93
Omega ratio: Gain probability vs. loss probability	1.70	1.84	-0.14
Calmar ratio: Return relative to maximum drawdown	6.24	5.19	+1.04
Martin ratio: Return relative to average drawdown	31.24	25.79	+5.44

TMAR vs. PMJA - Sharpe Ratio Comparison

The current TMAR Sharpe Ratio is 2.78, which is comparable to the PMJA Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of TMAR 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

TMAR vs. PMJA - Drawdown Comparison

The maximum TMAR drawdown since its inception was -9.93%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for TMAR and PMJA.

Drawdown Indicators

	TMAR	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-9.93%	-2.98%	-6.95%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-1.45%	-3.24%
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.33%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.29%	+0.64%

Volatility

TMAR vs. PMJA - Volatility Comparison

FT Vest Emerging Markets Buffer ETF - March (TMAR) has a higher volatility of 5.53% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.53%. This indicates that TMAR'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

	TMAR	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	0.53%	+5.00%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	1.57%	+7.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	2.04%	+8.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.08%	2.84%	+9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.08%	2.84%	+9.24%

TMAR vs. PMJA - Expense Ratio Comparison

TMAR has a 0.95% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

TMAR vs. PMJA - Dividend Comparison

Neither TMAR nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TMAR and PMJA in my portfolio?

TMAR and PMJA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMAR or PMJA?

TMAR has higher volatility (5.53%) compared to PMJA (0.53%). In terms of maximum drawdown, TMAR dropped -9.93% vs PMJA's -2.98%.

Which ETF is better, TMAR or PMJA?

On 1-year performance, TMAR leads with 29.13% vs 7.51% for PMJA. On fees, PMJA is cheaper at 0.50% per year. On volatility, PMJA has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMAR or PMJA?

Over the 1-year period, TMAR has performed better with a 29.13% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAR or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.95% for TMAR.

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

TMAR and PMJA have nearly identical dividend yields, around 0.00%.

What is the main difference between TMAR and PMJA?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.95% for TMAR and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.71 vs 2.78), 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.