XLG vs. PMJA

Last updated Jun 24, 2026

XLG (Invesco S&P 500 Top 50 ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while PMJA is a Defined Outcome fund actively managed by PGIM. XLG is passively managed, while PMJA is actively managed. Over the past year, XLG returned 19.95% vs 7.11% for PMJA. Their correlation of 0.88 suggests significant overlap in exposure. XLG charges 0.20%/yr vs 0.50%/yr for PMJA.

Performance

XLG vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) 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, XLG achieves a 1.60% return, which is significantly lower than PMJA's 2.26% return.

XLG

• 1D: -1.88%
• 1M: -5.41%
• YTD: 1.60%
• 6M: 0.73%
• 1Y: 19.95%
• 3Y*: 21.35%
• 5Y*: 14.28%
• 10Y*: 16.94%

PMJA

• 1D: -0.09%
• 1M: 0.14%
• YTD: 2.26%
• 6M: 2.38%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XLG vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
XLG Invesco S&P 500 Top 50 ETF	1.60%	19.51%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.26%	6.76%

Correlation

The correlation between XLG and PMJA is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.88

The correlation between XLG and PMJA has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

XLG vs. PMJA — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 39
XLG Sharpe Ratio Rank: 42
XLG Sortino Ratio Rank: 40
XLG Omega Ratio Rank: 41
XLG Calmar Ratio Rank: 33
XLG Martin Ratio Rank: 38

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 96
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.

XLG vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) 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.

	XLG	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	1.44	3.53	-2.09
Sortino ratio: Return per unit of downside risk	1.98	5.63	-3.65
Omega ratio: Gain probability vs. loss probability	1.26	1.79	-0.53
Calmar ratio: Return relative to maximum drawdown	1.61	4.91	-3.30
Martin ratio: Return relative to average drawdown	5.77	24.37	-18.60

XLG vs. PMJA - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.44, which is lower than the PMJA Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of XLG 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

XLG vs. PMJA - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for XLG and PMJA.

Drawdown Indicators

	XLG	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-2.98%	-49.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-1.45%	-10.96%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	—	—
Current Drawdown Current decline from peak	-6.91%	-0.22%	-6.69%
Average Drawdown Average peak-to-trough decline	-7.63%	-0.33%	-7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	0.29%	+3.17%

Volatility

XLG vs. PMJA - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) has a higher volatility of 5.04% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.54%. This indicates that XLG'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

	XLG	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	0.54%	+4.50%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	1.57%	+9.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	2.04%	+11.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	2.83%	+15.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	2.83%	+16.05%

XLG vs. PMJA - Expense Ratio Comparison

XLG has a 0.20% expense ratio, which is lower than PMJA's 0.50% expense ratio.

Dividends

XLG vs. PMJA - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.66%, while PMJA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMJA PGIM S&P 500 Max Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLG Invesco S&P 500 Top 50 ETF	0.66%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and PMJA in my portfolio?

XLG and PMJA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLG or PMJA?

XLG has higher volatility (5.04%) compared to PMJA (0.54%). In terms of maximum drawdown, XLG dropped -52.39% vs PMJA's -2.98%.

Which ETF is better, XLG or PMJA?

On 1-year performance, XLG leads with 19.95% vs 7.11% for PMJA. On fees, XLG is cheaper at 0.20% per year. On volatility, PMJA has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or PMJA?

Over the 1-year period, XLG has performed better with a 19.95% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or PMJA?

XLG is cheaper with a 0.20% expense ratio, compared with 0.50% for PMJA.

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

XLG has the higher dividend yield at 0.66%, compared with 0.00% for PMJA.

What is the main difference between XLG and PMJA?

XLG is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.20% for XLG and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.53 vs 1.44), 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.