Innovator U.S. Equity Power Buffer ETF - May (PMAY) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PMAY. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PMAY
PMAY charges 0.79% annually. There are 93 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | PMAY vs JANB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | PMAY vs OCTB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | PMAY vs APRB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | PMAY vs JULB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | PMAY vs FBUF |
Best Risk-Adjusted Alternatives to PMAY
PMAY has a PortfoliosLab risk / return rank of 93. There are 74 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | PMAY vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 99 | 19.60M | Apr 2025 | PMAY vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | PMAY vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | PMAY vs ZAPR | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 134.85M | Mar 2021 | PMAY vs XBAP |
Top Performing PMAY Alternatives (YTD)
PMAY is at 5.13% YTD. There are 173 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | PMAY vs NVDO | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.92% | — | Jan 2025 | PMAY vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.22% | 214.51M | Mar 2020 | PMAY vs KAPR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 12.73% | 568.10M | Mar 2021 | PMAY vs QMAR | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 12.55% | 2.84M | Jun 2025 | PMAY vs QB |
Lowest Volatility Alternatives to PMAY
PMAY has 4.24% 1-year volatility. There are 80 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.16%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.16% | — | Mar 2025 | PMAY vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.25% | — | Apr 2025 | PMAY vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 1.31% | — | Apr 2025 | PMAY vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.35% | 19.60M | Apr 2025 | PMAY vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 1.42% | — | Mar 2025 | PMAY vs MMAX |
Lowest Drawdown Alternatives to PMAY
PMAY has a 1-year max drawdown of -1.85%. There are 66 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | PMAY vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 19.60M | Apr 2025 | PMAY vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | PMAY vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | PMAY vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | PMAY vs CPSM |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, FFTY, BUFF and span 6 categories. AUM among these funds goes as high as $3B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 96 | 2.73% | 2.68B | Jun 2021 | PMAY vs BALT | |
| Innovator IBD 50 ETF | Large Cap Growth Equities | 24 | 13.67% | 89.40M | Apr 2015 | PMAY vs FFTY | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 90 | 6.42% | 891.58M | Oct 2016 | PMAY vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 58 | 5.64% | 2.12B | Nov 2022 | PMAY vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 55 | 20.42% | 221.95M | Jul 2018 | PMAY vs LOUP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 84 | 6.08% | 1.47B | Jan 2019 | PMAY vs PJAN | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 12.27% | 22.82M | Apr 2021 | PMAY vs XTAP | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 11.65% | 404.39M | Mar 2019 | PMAY vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 88 | 5.75% | 1.12B | Aug 2018 | PMAY vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 53 | 4.96% | 543.68M | Jan 2024 | PMAY vs QFLR |
Often Compared With PMAY
Investors most often compare PMAY with SCHV, STCE, VYMI. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare PMAY with Any Fund or Stock
Compare PMAY with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PMAY with funds that move differently
Innovator U.S. Equity Power Buffer ETF - May alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PMAY.
Explore PMAY Diversifiers