EALT vs. PMDE

Last updated Jun 4, 2026

EALT (Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - EALT 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). EALT is actively managed, while PMDE is passively managed. Their correlation of 0.81 suggests significant overlap in exposure. EALT charges 0.69%/yr vs 0.50%/yr for PMDE.

Performance

EALT vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly (EALT) 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, EALT achieves a 1.05% return, which is significantly lower than PMDE's 2.61% return.

EALT

• 1D: 0.11%
• 1M: 1.42%
• YTD: 1.05%
• 6M: 0.88%
• 1Y: 10.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.06%
• 1M: 0.86%
• YTD: 2.61%
• 6M: 2.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EALT vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
EALT Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly	1.05%	0.40%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.61%	0.46%

Correlation

The correlation between EALT and PMDE is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 2, 2025	0.81

Return for Risk

EALT vs. PMDE — Risk / Return Rank

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

EALT

EALT Risk / Return Rank: 40
EALT Sharpe Ratio Rank: 42
EALT Sortino Ratio Rank: 39
EALT Omega Ratio Rank: 43
EALT Calmar Ratio Rank: 34
EALT Martin Ratio Rank: 40

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.

EALT vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly (EALT) 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.

	EALT	PMDE	Difference
Sharpe ratio Return per unit of total volatility	1.48	—	—
Sortino ratio Return per unit of downside risk	2.03	—	—
Omega ratio Gain probability vs. loss probability	1.28	—	—
Calmar ratio Return relative to maximum drawdown	1.65	—	—
Martin ratio Return relative to average drawdown	6.25	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EALT	PMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	2.54	-1.21

Drawdowns

EALT vs. PMDE - Drawdown Comparison

The maximum EALT drawdown since its inception was -14.76%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for EALT and PMDE.

Drawdown Indicators

	EALT	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-1.59%	-13.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	—	—
Current Drawdown Current decline from peak	-0.70%	-0.06%	-0.64%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.26%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	—	—

Volatility

Volatility by Period

	EALT	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	2.47%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.07%	2.47%	+7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.07%	2.47%	+7.60%

EALT vs. PMDE - Expense Ratio Comparison

EALT has a 0.69% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

EALT vs. PMDE - Dividend Comparison

Neither EALT nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EALT and PMDE in my portfolio?

EALT and PMDE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EALT 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, EALT or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.69% for EALT.

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

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

What is the main difference between EALT and PMDE?

EALT is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.69% for EALT and 0.50% for PMDE.