BMAY vs. PDEC

Last updated Jun 10, 2026

BMAY (Innovator U.S. Equity Buffer ETF - May) and PDEC (Innovator U.S. Equity Power Buffer ETF - December) are both Defined Outcome funds from Innovator - BMAY tracks the S&P 500 Price Return Index while PDEC tracks the S&P 500. Both are passively managed. Over the past 5 years, BMAY returned 8.78%/yr vs 8.35%/yr for PDEC. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BMAY vs. PDEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - May (BMAY) and Innovator U.S. Equity Power Buffer ETF - December (PDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMAY achieves a 4.53% return, which is significantly lower than PDEC's 4.80% return.

BMAY

• 1D: -0.20%
• 1M: 0.03%
• YTD: 4.53%
• 6M: 5.27%
• 1Y: 13.08%
• 3Y*: 14.81%
• 5Y*: 8.78%
• 10Y*: —

PDEC

• 1D: -0.12%
• 1M: 0.27%
• YTD: 4.80%
• 6M: 5.31%
• 1Y: 16.07%
• 3Y*: 11.94%
• 5Y*: 8.35%
• 10Y*: —

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

BMAY vs. PDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BMAY Innovator U.S. Equity Buffer ETF - May	4.53%	11.16%	19.06%	16.73%	-12.54%	11.76%	16.85%
PDEC Innovator U.S. Equity Power Buffer ETF - December	4.80%	12.91%	9.46%	17.43%	-5.95%	9.59%	13.64%

Correlation

The correlation between BMAY and PDEC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.89

The correlation between BMAY and PDEC has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

BMAY vs. PDEC - Sectors Allocation Comparison

Sectors	BMAY	PDEC
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BMAY vs. PDEC — Risk / Return Rank

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

BMAY

BMAY Risk / Return Rank: 89
BMAY Sharpe Ratio Rank: 85
BMAY Sortino Ratio Rank: 87
BMAY Omega Ratio Rank: 91
BMAY Calmar Ratio Rank: 87
BMAY Martin Ratio Rank: 94

PDEC

PDEC Risk / Return Rank: 84
PDEC Sharpe Ratio Rank: 84
PDEC Sortino Ratio Rank: 87
PDEC Omega Ratio Rank: 86
PDEC Calmar Ratio Rank: 76
PDEC Martin Ratio Rank: 89

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.

BMAY vs. PDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - May (BMAY) and Innovator U.S. Equity Power Buffer ETF - December (PDEC). 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.

	BMAY	PDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.37	+0.03
Sortino ratio: Return per unit of downside risk	3.49	3.45	+0.04
Omega ratio: Gain probability vs. loss probability	1.53	1.46	+0.07
Calmar ratio: Return relative to maximum drawdown	4.46	3.38	+1.08
Martin ratio: Return relative to average drawdown	24.70	17.35	+7.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMAY vs. PDEC - Sharpe Ratio Comparison

The current BMAY Sharpe Ratio is 2.41, which is comparable to the PDEC Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of BMAY and PDEC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BMAY	PDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.37	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.94	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.79	+0.17

Drawdowns

BMAY vs. PDEC - Drawdown Comparison

The maximum BMAY drawdown since its inception was -17.66%, smaller than the maximum PDEC drawdown of -19.31%. Use the drawdown chart below to compare losses from any high point for BMAY and PDEC.

Drawdown Indicators

	BMAY	PDEC	Difference
Max Drawdown Largest peak-to-trough decline	-17.66%	-19.31%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	-4.78%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-12.75%	-10.77%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.66%	-11.53%	-6.13%
Current Drawdown Current decline from peak	-1.65%	-1.06%	-0.59%
Average Drawdown Average peak-to-trough decline	-3.08%	-2.02%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.93%	-0.40%

Volatility

BMAY vs. PDEC - Volatility Comparison

Innovator U.S. Equity Buffer ETF - May (BMAY) has a higher volatility of 2.21% compared to Innovator U.S. Equity Power Buffer ETF - December (PDEC) at 1.43%. This indicates that BMAY's price experiences larger fluctuations and is considered to be riskier than PDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAY	PDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	1.43%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	5.07%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	6.80%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	8.92%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.99%	10.96%	+0.03%

BMAY vs. PDEC - Expense Ratio Comparison

Both BMAY and PDEC have an expense ratio of 0.79%.

Dividends

BMAY vs. PDEC - Dividend Comparison

Neither BMAY nor PDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BMAY and PDEC in my portfolio?

With a correlation of 0.90, BMAY and PDEC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BMAY or PDEC?

BMAY has higher volatility (2.21%) compared to PDEC (1.43%). In terms of maximum drawdown, BMAY dropped -17.66% vs PDEC's -19.31%.

Which ETF is better, BMAY or PDEC?

On 5-year performance, BMAY leads with 8.78% vs 8.35% for PDEC. Both ETFs have the same 0.79% expense ratio. On volatility, PDEC has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BMAY or PDEC?

Over the 5-year period, BMAY has performed better with a 8.78% return vs 8.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BMAY or PDEC?

BMAY and PDEC have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BMAY or PDEC?

BMAY and PDEC have nearly identical dividend yields, around 0.00%.

What is the main difference between BMAY and PDEC?

BMAY tracks S&P 500 Price Return Index, while PDEC tracks S&P 500.

Which has better risk-adjusted returns?

BMAY currently has the higher Sharpe Ratio (2.41 vs 2.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.