DDTL vs. PMSE

Last updated Jun 4, 2026

DDTL (Innovator Equity Dual Directional 10 Buffer ETF - July) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. A 0.71 correlation means they provide meaningful diversification when combined. DDTL charges 0.79%/yr vs 0.50%/yr for PMSE.

Performance

DDTL vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 10 Buffer ETF - July (DDTL) and PGIM S&P 500 Max Buffer ETF - September (PMSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDTL achieves a 4.57% return, which is significantly higher than PMSE's 2.85% return.

DDTL

• 1D: 0.02%
• 1M: 1.32%
• YTD: 4.57%
• 6M: 5.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.85%
• 6M: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDTL vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
DDTL Innovator Equity Dual Directional 10 Buffer ETF - July	4.57%	4.00%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%

Correlation

The correlation between DDTL and PMSE is 0.71, 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 Sep 3, 2025	0.71

Return for Risk

DDTL vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF - July (DDTL) and PGIM S&P 500 Max Buffer ETF - September (PMSE). 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.

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

Sharpe Ratios by Period

	DDTL	PMSE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.27	3.05	-0.77

Drawdowns

DDTL vs. PMSE - Drawdown Comparison

The maximum DDTL drawdown since its inception was -3.78%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for DDTL and PMSE.

Drawdown Indicators

	DDTL	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-3.78%	-1.44%	-2.34%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.17%	-0.23%

Volatility

Volatility by Period

	DDTL	PMSE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	2.28%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.46%	2.28%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.46%	2.28%	+3.18%

DDTL vs. PMSE - Expense Ratio Comparison

DDTL has a 0.79% expense ratio, which is higher than PMSE's 0.50% expense ratio.

Dividends

DDTL vs. PMSE - Dividend Comparison

Neither DDTL nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDTL and PMSE in my portfolio?

DDTL and PMSE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDTL or PMSE?

On fees, PMSE 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, DDTL or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.79% for DDTL.

Which ETF pays a higher dividend yield, DDTL or PMSE?

DDTL and PMSE have nearly identical dividend yields, around 0.00%.

What is the main difference between DDTL and PMSE?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for DDTL and 0.50% for PMSE.