USEP vs. PMJL

Last updated Jul 17, 2026

USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and PMJL (PGIM S&P 500 Max Buffer ETF - July) are both Defined Outcome funds. USEP is passively managed, while PMJL is actively managed. Over the past year, USEP returned 11.90% vs 6.56% for PMJL. Their correlation of 0.82 suggests significant overlap in exposure. USEP charges 0.79%/yr vs 0.50%/yr for PMJL.

Performance

USEP vs. PMJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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, USEP achieves a 5.59% return, which is significantly higher than PMJL's 3.35% return.

USEP

• 1D: -0.13%
• 1M: 0.59%
• 6M: 4.98%
• YTD: 5.59%
• 1Y: 11.90%
• 3Y*: 11.94%
• 5Y*: 8.09%
• 10Y*: —

PMJL

• 1D: -0.07%
• 1M: 0.47%
• 6M: 3.01%
• YTD: 3.35%
• 1Y: 6.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USEP vs. PMJL - Yearly Performance Comparison

	2026 (YTD)	2025
USEP Innovator U.S. Equity Ultra Buffer ETF - September	5.59%	6.72%
PMJL PGIM S&P 500 Max Buffer ETF - July	3.35%	3.17%

Correlation

The correlation between USEP and PMJL is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.82

The correlation between USEP and PMJL has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

USEP vs. PMJL — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 86
USEP Sharpe Ratio Rank: 87
USEP Sortino Ratio Rank: 89
USEP Omega Ratio Rank: 90
USEP Calmar Ratio Rank: 73
USEP Martin Ratio Rank: 89

PMJL

PMJL Risk / Return Rank: 95
PMJL Sharpe Ratio Rank: 96
PMJL Sortino Ratio Rank: 97
PMJL Omega Ratio Rank: 97
PMJL Calmar Ratio Rank: 90
PMJL Martin Ratio Rank: 96

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.

USEP vs. PMJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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.

	USEP	PMJL	Difference
Sharpe ratio: Return per unit of total volatility	2.28	3.29	-1.02
Sortino ratio: Return per unit of downside risk	3.34	5.51	-2.18
Omega ratio: Gain probability vs. loss probability	1.46	1.77	-0.31
Calmar ratio: Return relative to maximum drawdown	2.97	4.42	-1.46
Martin ratio: Return relative to average drawdown	15.21	27.54	-12.33

USEP vs. PMJL - Sharpe Ratio Comparison

The current USEP Sharpe Ratio is 2.28, which is lower than the PMJL Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of USEP and PMJL, 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

USEP vs. PMJL - Drawdown Comparison

The maximum USEP drawdown since its inception was -13.37%, which is greater than PMJL's maximum drawdown of -1.49%. Use the drawdown chart below to compare losses from any high point for USEP and PMJL.

Drawdown Indicators

	USEP	PMJL	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-1.49%	-11.88%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-1.49%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.84%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.07%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.87%	-0.11%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.24%	+0.54%

Volatility

USEP vs. PMJL - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - September (USEP) has a higher volatility of 1.07% compared to PGIM S&P 500 Max Buffer ETF - July (PMJL) at 0.48%. This indicates that USEP's price experiences larger fluctuations and is considered to be riskier than PMJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USEP	PMJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.48%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	1.64%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	5.24%	2.01%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.44%	2.01%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.01%	2.01%	+6.00%

USEP vs. PMJL - Expense Ratio Comparison

USEP has a 0.79% expense ratio, which is higher than PMJL's 0.50% expense ratio.

Dividends

USEP vs. PMJL - Dividend Comparison

Neither USEP nor PMJL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PMJL PGIM S&P 500 Max Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%

Frequently Asked Questions

Can I hold both USEP and PMJL in my portfolio?

USEP and PMJL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USEP or PMJL?

USEP has higher volatility (1.07%) compared to PMJL (0.48%). In terms of maximum drawdown, USEP dropped -13.37% vs PMJL's -1.49%.

Which ETF is better, USEP or PMJL?

On 1-year performance, USEP leads with 11.90% vs 6.56% for PMJL. On fees, PMJL is cheaper at 0.50% per year. On volatility, PMJL has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USEP or PMJL?

Over the 1-year period, USEP has performed better with a 11.90% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USEP or PMJL?

PMJL is cheaper with a 0.50% expense ratio, compared with 0.79% for USEP.

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

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

What is the main difference between USEP and PMJL?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for USEP and 0.50% for PMJL.

Which has better risk-adjusted returns?

PMJL currently has the higher Sharpe Ratio (3.29 vs 2.28), 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.