Data as of .
PBJA vs SQMX: which one stands where?
As of Sep 21, 2026 PBJA can fall 7.2% before its buffer engages and SQMX 0.6%, and SQMX resets 13 days sooner.
ETFIQ Downside Cover Score: PBJA scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
SQMX resets first, on Dec 18, 2026, 88 days from now; PBJA runs to Dec 31, 2026, 101 days. PBJA can still gain 2.6% before its cap, SQMX 2.4%. A fall from here reaches PBJA’s buffer after 7.2% and SQMX’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| PBJA | SQMX | PBJA | SQMX | |
| 3 months | +2.1% | +1.7% | −0.1 pts | −0.5 pts |
| 6 months | +8.7% | +4.6% | −9.4 pts | −13.4 pts |
| 1 year | +9.7% | +7.1% | −6.9 pts | −9.4 pts |
| PBJA PGIM S&P 500 Buffer 20 ETF - January Absorbs the first 20% of loss on SPY and caps the gain at 10.4%, over a period ending Dec 31, 2026 | SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 2026 | |
|---|---|---|
| Issuer | PGIM | First Trust |
| Reference index | SPY | SPY |
| Buffer | 20% | 12% |
| Outcome period | Jan 1, 2026 to Dec 31, 2026 | Sep 21, 2026 to Dec 18, 2026 |
| Days left | 101 | 88 |
| Starting cap | +10.4% | +3.0% |
| Can still gain | 2.6% | 2.4% |
| Fall before buffer | 7.2% | 0.6% |
| Protection left, index points | 20.0% of 20.0% | 12.5% of 12.5% |
| Index return this period | +13.5% | +1.6% |
| Fund return this period | +7.2% | +0.4% |
| State today | At cap | Open |
| Expense ratio | 0.50% | 0.85% |
| Net assets | $66m | $80m |
PBJA in plain words
SPY had already risen past this fund's cap of +10.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
SQMX in plain words
From its price on Sep 21, 2026, the fund can gain about 2.4% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 88 days remained on Sep 21, 2026. On Dec 18, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PBJA or SQMX?
- From their prices on Sep 21, 2026, PBJA can gain about 2.6% before its cap and SQMX about 2.4%, so PBJA has more room left this period.
- Which resets first, PBJA or SQMX?
- PBJA ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.
- Which is cheaper, PBJA or SQMX?
- PBJA charges 0.50% a year and SQMX charges 0.85%, so PBJA is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PBJA against SQMX, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pbja-vs-sqmx Free to use with attribution; the underlying files are at Open data.