A perpendicular magnetic tunnel junction (pMTJ) device includes a perpendicular reference layer, a tunnel barrier layer on a surface of the perpendicular reference layer, and a perpendicular free layer on a surface of the tunnel barrier layer. The pMTJ device also includes a dielectric passivation layer on the tunnel barrier layer and surrounding the perpendicular free layer. The pMTJ device further includes a high permeability material on the dielectric passivation layer that is configured to be magnetized by the perpendicular reference layer and to provide a stray field to the perpendicular free layer that compensates for a stray field from the perpendicular reference layer.