AAPR vs. PMDE

Last updated Jul 17, 2026

AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - AAPR is a Options Trading fund actively managed by Innovator, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). AAPR is actively managed, while PMDE is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. AAPR charges 0.79%/yr vs 0.50%/yr for PMDE.

Performance

AAPR vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPR achieves a 4.01% return, which is significantly higher than PMDE's 3.18% return.

AAPR

• 1D: -0.09%
• 1M: 0.24%
• 6M: 3.72%
• YTD: 4.01%
• 1Y: 8.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: 0.00%
• 1M: 0.45%
• 6M: 2.80%
• YTD: 3.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPR vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	4.01%	0.80%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.18%	0.44%

Correlation

The correlation between AAPR and PMDE is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.73

Return for Risk

AAPR vs. PMDE — Risk / Return Rank

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

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 98

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

AAPR vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

	AAPR	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	3.33	—	—
Sortino ratio: Return per unit of downside risk	5.38	—	—
Omega ratio: Gain probability vs. loss probability	1.75	—	—
Calmar ratio: Return relative to maximum drawdown	8.45	—	—
Martin ratio: Return relative to average drawdown	39.35	—	—

Drawdowns

AAPR vs. PMDE - Drawdown Comparison

The maximum AAPR drawdown since its inception was -5.99%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for AAPR and PMDE.

Drawdown Indicators

	AAPR	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-1.59%	-4.40%
Max Drawdown (1Y) Largest decline over 1 year	-0.96%	—	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.44%	-0.24%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	—	—

Volatility

Volatility by Period

	AAPR	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	2.37%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.74%	2.37%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	2.37%	+2.37%

AAPR vs. PMDE - Expense Ratio Comparison

AAPR has a 0.79% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

AAPR vs. PMDE - Dividend Comparison

Neither AAPR nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAPR and PMDE in my portfolio?

AAPR and PMDE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAPR or PMDE?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAPR or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.79% for AAPR.

Which ETF pays a higher dividend yield, AAPR or PMDE?

AAPR and PMDE have nearly identical dividend yields, around 0.00%.

What is the main difference between AAPR and PMDE?

AAPR is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for AAPR and 0.50% for PMDE.