TSEP vs. PMJL

Last updated Jun 23, 2026

TSEP (FT Vest Emerging Markets Buffer ETF - September) and PMJL (PGIM S&P 500 Max Buffer ETF - July) are both Defined Outcome funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. TSEP charges 0.95%/yr vs 0.50%/yr for PMJL.

Performance

TSEP vs. PMJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - September (TSEP) and PGIM S&P 500 Max Buffer ETF - July (PMJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSEP achieves a 9.89% return, which is significantly higher than PMJL's 2.92% return.

TSEP

• 1D: 0.08%
• 1M: 1.77%
• YTD: 9.89%
• 6M: 10.86%
• 1Y: 23.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJL

• 1D: 0.06%
• 1M: 0.40%
• YTD: 2.92%
• 6M: 3.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSEP vs. PMJL - Yearly Performance Comparison

	2026 (YTD)	2025
TSEP FT Vest Emerging Markets Buffer ETF - September	9.89%	8.88%
PMJL PGIM S&P 500 Max Buffer ETF - July	2.92%	3.17%

Correlation

The correlation between TSEP and PMJL is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.65

Return for Risk

TSEP vs. PMJL — Risk / Return Rank

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

TSEP

TSEP Risk / Return Rank: 73
TSEP Sharpe Ratio Rank: 73
TSEP Sortino Ratio Rank: 74
TSEP Omega Ratio Rank: 80
TSEP Calmar Ratio Rank: 66
TSEP Martin Ratio Rank: 72

PMJL

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.

TSEP vs. PMJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - September (TSEP) and PGIM S&P 500 Max Buffer ETF - July (PMJL). 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.

	TSEP	PMJL	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.19	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	3.22	—	—
Martin ratio: Return relative to average drawdown	13.14	—	—

Drawdowns

TSEP vs. PMJL - Drawdown Comparison

The maximum TSEP drawdown since its inception was -9.83%, which is greater than PMJL's maximum drawdown of -1.49%. Use the drawdown chart below to compare losses from any high point for TSEP and PMJL.

Drawdown Indicators

	TSEP	PMJL	Difference
Max Drawdown Largest peak-to-trough decline	-9.83%	-1.49%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.25%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.66%	-0.12%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	—	—

Volatility

Volatility by Period

	TSEP	PMJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	2.03%	+8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.37%	2.03%	+9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.37%	2.03%	+9.34%

TSEP vs. PMJL - Expense Ratio Comparison

TSEP has a 0.95% expense ratio, which is higher than PMJL's 0.50% expense ratio.

Dividends

TSEP vs. PMJL - Dividend Comparison

Neither TSEP nor PMJL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSEP and PMJL in my portfolio?

TSEP and PMJL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSEP or PMJL?

On fees, PMJL 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, TSEP or PMJL?

PMJL is cheaper with a 0.50% expense ratio, compared with 0.95% for TSEP.

Which ETF pays a higher dividend yield, TSEP or PMJL?

TSEP and PMJL have nearly identical dividend yields, around 0.00%.

What is the main difference between TSEP and PMJL?

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