USEP vs. PMJL
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. Their correlation of 0.83 suggests significant overlap in exposure. USEP charges 0.79%/yr vs 0.50%/yr for PMJL.
Performance
USEP vs. PMJL - Performance Comparison
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Returns By Period
In the year-to-date period, USEP achieves a 4.54% return, which is significantly higher than PMJL's 3.02% return.
USEP
- 1D
- -0.34%
- 1M
- 0.27%
- YTD
- 4.54%
- 6M
- 4.43%
- 1Y
- 13.63%
- 3Y*
- 12.51%
- 5Y*
- 7.91%
- 10Y*
- —
PMJL
- 1D
- 0.09%
- 1M
- 0.50%
- YTD
- 3.02%
- 6M
- 3.04%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USEP vs. PMJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 4.54% | 6.72% |
PMJL PGIM S&P 500 Max Buffer ETF - July | 3.02% | 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 (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.83 |
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Return for Risk
USEP vs. PMJL — Risk / Return Rank
USEP
PMJL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.51 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | — | — |
| Martin ratioReturn relative to average drawdown | 17.46 | — | — |
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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.
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Drawdown Indicators
| USEP | PMJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -1.49% | -11.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | — | — |
Current DrawdownCurrent decline from peak | -0.45% | 0.00% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -0.12% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
USEP vs. PMJL - Volatility Comparison
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Volatility by Period
| USEP | PMJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.10% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 2.02% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 2.02% | +5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.04% | 2.02% | +6.02% |
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
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.
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.
PMJL is cheaper with a 0.50% expense ratio, compared with 0.79% for USEP.
USEP and PMJL have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for USEP and 0.50% for PMJL.
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