PMJL vs SPY
PGIM S&P 500 Max Buffer ETF - July vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PMJL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $6M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +3.97% | +12.22% | |
| 1Y Return | +6.48% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 2.0% | 15.3% | |
| Max Drawdown | -1.5% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 30, 2025 | Jan 22, 1993 |
PMJL vs SPY Performance
PGIM S&P 500 Max Buffer ETF - July (PMJL) is a ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PMJL returned +6.48% while SPY returned +20.83%. Year to date, PMJL is up 3.97% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.0% for PMJL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -1.5% for PMJL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PMJL charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PMJL currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PMJL or SPY?
PMJL has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, PMJL or SPY?
Over the past year PMJL returned +6.48% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), PMJL annualized +6.58% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PMJL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.0% for PMJL. Worst drawdown: PMJL -1.5% vs SPY -56.5%.
Should I hold both PMJL and SPY?
PMJL and SPY have a monthly-return correlation of 0.94, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
Which pays a higher dividend, PMJL or SPY?
PMJL yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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