IDEC vs. PBAP

Last updated Jun 23, 2026

IDEC (Innovator International Developed Power Buffer ETF - December) and PBAP (PGIM US Large-Cap Buffer 20 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, IDEC returned 17.13% vs 13.25% for PBAP. A 0.68 correlation means they provide meaningful diversification when combined. IDEC charges 0.85%/yr vs 0.50%/yr for PBAP.

Performance

IDEC vs. PBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - December (IDEC) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IDEC having a 6.70% return and PBAP slightly higher at 6.89%.

IDEC

• 1D: 0.13%
• 1M: 1.47%
• YTD: 6.70%
• 6M: 6.94%
• 1Y: 17.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBAP

• 1D: 0.05%
• 1M: 0.44%
• YTD: 6.89%
• 6M: 7.09%
• 1Y: 13.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IDEC vs. PBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IDEC Innovator International Developed Power Buffer ETF - December	6.70%	21.78%	-1.21%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.89%	6.34%	8.86%

Correlation

The correlation between IDEC and PBAP is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.68

The correlation between IDEC and PBAP has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

IDEC vs. PBAP — Risk / Return Rank

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

IDEC

IDEC Risk / Return Rank: 60
IDEC Sharpe Ratio Rank: 60
IDEC Sortino Ratio Rank: 62
IDEC Omega Ratio Rank: 67
IDEC Calmar Ratio Rank: 52
IDEC Martin Ratio Rank: 59

PBAP

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

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.

IDEC vs. PBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - December (IDEC) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). 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.

	IDEC	PBAP	Difference
Sharpe ratio: Return per unit of total volatility	1.94	4.14	-2.20
Sortino ratio: Return per unit of downside risk	2.82	6.94	-4.12
Omega ratio: Gain probability vs. loss probability	1.38	2.10	-0.72
Calmar ratio: Return relative to maximum drawdown	2.50	11.36	-8.86
Martin ratio: Return relative to average drawdown	10.22	71.14	-60.92

IDEC vs. PBAP - Sharpe Ratio Comparison

The current IDEC Sharpe Ratio is 1.94, which is lower than the PBAP Sharpe Ratio of 4.14. The chart below compares the historical Sharpe Ratios of IDEC and PBAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IDEC vs. PBAP - Drawdown Comparison

The maximum IDEC drawdown since its inception was -8.51%, smaller than the maximum PBAP drawdown of -9.70%. Use the drawdown chart below to compare losses from any high point for IDEC and PBAP.

Drawdown Indicators

	IDEC	PBAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.51%	-9.70%	+1.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.87%	-1.17%	-5.70%
Current Drawdown Current decline from peak	0.00%	-0.05%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.52%	-0.78%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.19%	+1.49%

Volatility

IDEC vs. PBAP - Volatility Comparison

Innovator International Developed Power Buffer ETF - December (IDEC) has a higher volatility of 2.84% compared to PGIM US Large-Cap Buffer 20 ETF - April (PBAP) at 1.18%. This indicates that IDEC's price experiences larger fluctuations and is considered to be riskier than PBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDEC	PBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	1.18%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	2.29%	+5.49%
Volatility (1Y) Calculated over the trailing 1-year period	8.88%	3.22%	+5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	7.06%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	7.06%	+2.63%

IDEC vs. PBAP - Expense Ratio Comparison

IDEC has a 0.85% expense ratio, which is higher than PBAP's 0.50% expense ratio.

Dividends

IDEC vs. PBAP - Dividend Comparison

Neither IDEC nor PBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IDEC and PBAP in my portfolio?

IDEC and PBAP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IDEC or PBAP?

IDEC has higher volatility (2.84%) compared to PBAP (1.18%). In terms of maximum drawdown, IDEC dropped -8.51% vs PBAP's -9.70%.

Which ETF is better, IDEC or PBAP?

On 1-year performance, IDEC leads with 17.13% vs 13.25% for PBAP. On fees, PBAP is cheaper at 0.50% per year. On volatility, PBAP has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IDEC or PBAP?

Over the 1-year period, IDEC has performed better with a 17.13% return vs 13.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IDEC or PBAP?

PBAP is cheaper with a 0.50% expense ratio, compared with 0.85% for IDEC.

Which ETF pays a higher dividend yield, IDEC or PBAP?

IDEC and PBAP have nearly identical dividend yields, around 0.00%.

What is the main difference between IDEC and PBAP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.85% for IDEC and 0.50% for PBAP.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (4.14 vs 1.94), 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.