IOCT vs. PBMR

Last updated Jun 23, 2026

IOCT (Innovator International Developed Power Buffer ETF- October) and PBMR (PGIM US Large-Cap Buffer 20 ETF - March) are both Options Trading funds. Both are actively managed. Over the past year, IOCT returned 15.79% vs 12.98% for PBMR. A 0.69 correlation means they provide meaningful diversification when combined. IOCT charges 0.85%/yr vs 0.50%/yr for PBMR.

Performance

IOCT vs. PBMR - Performance Comparison

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

Returns By Period

In the year-to-date period, IOCT achieves a 6.25% return, which is significantly higher than PBMR's 4.98% return.

IOCT

• 1D: 0.08%
• 1M: 1.35%
• YTD: 6.25%
• 6M: 6.49%
• 1Y: 15.79%
• 3Y*: 12.74%
• 5Y*: —
• 10Y*: —

PBMR

• 1D: -0.09%
• 1M: 0.27%
• YTD: 4.98%
• 6M: 5.26%
• 1Y: 12.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IOCT vs. PBMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IOCT Innovator International Developed Power Buffer ETF- October	6.25%	18.96%	3.42%
PBMR PGIM US Large-Cap Buffer 20 ETF - March	4.98%	10.89%	9.62%

Correlation

The correlation between IOCT and PBMR 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 (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.69

The correlation between IOCT and PBMR has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

IOCT vs. PBMR — Risk / Return Rank

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

IOCT

IOCT Risk / Return Rank: 56
IOCT Sharpe Ratio Rank: 54
IOCT Sortino Ratio Rank: 56
IOCT Omega Ratio Rank: 54
IOCT Calmar Ratio Rank: 57
IOCT Martin Ratio Rank: 60

PBMR

PBMR Risk / Return Rank: 90
PBMR Sharpe Ratio Rank: 91
PBMR Sortino Ratio Rank: 94
PBMR Omega Ratio Rank: 94
PBMR Calmar Ratio Rank: 78
PBMR Martin Ratio Rank: 92

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.

IOCT vs. PBMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF- October (IOCT) and PGIM US Large-Cap Buffer 20 ETF - March (PBMR). 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.

	IOCT	PBMR	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.98	-1.20
Sortino ratio: Return per unit of downside risk	2.61	4.51	-1.89
Omega ratio: Gain probability vs. loss probability	1.33	1.66	-0.33
Calmar ratio: Return relative to maximum drawdown	2.71	3.92	-1.20
Martin ratio: Return relative to average drawdown	10.31	22.51	-12.20

IOCT vs. PBMR - Sharpe Ratio Comparison

The current IOCT Sharpe Ratio is 1.78, which is lower than the PBMR Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of IOCT and PBMR, 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

IOCT vs. PBMR - Drawdown Comparison

The maximum IOCT drawdown since its inception was -16.94%, which is greater than PBMR's maximum drawdown of -7.64%. Use the drawdown chart below to compare losses from any high point for IOCT and PBMR.

Drawdown Indicators

	IOCT	PBMR	Difference
Max Drawdown Largest peak-to-trough decline	-16.94%	-7.64%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-3.33%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	—	—
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.64%	-0.50%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.58%	+0.95%

Volatility

IOCT vs. PBMR - Volatility Comparison

Innovator International Developed Power Buffer ETF- October (IOCT) has a higher volatility of 2.35% compared to PGIM US Large-Cap Buffer 20 ETF - March (PBMR) at 1.36%. This indicates that IOCT's price experiences larger fluctuations and is considered to be riskier than PBMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOCT	PBMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	1.36%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	6.71%	3.60%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	8.91%	4.38%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.36%	6.58%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	6.58%	+2.78%

IOCT vs. PBMR - Expense Ratio Comparison

IOCT has a 0.85% expense ratio, which is higher than PBMR's 0.50% expense ratio.

Dividends

IOCT vs. PBMR - Dividend Comparison

Neither IOCT nor PBMR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IOCT and PBMR in my portfolio?

IOCT and PBMR 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 is riskier, IOCT or PBMR?

IOCT has higher volatility (2.35%) compared to PBMR (1.36%). In terms of maximum drawdown, IOCT dropped -16.94% vs PBMR's -7.64%.

Which ETF is better, IOCT or PBMR?

On 1-year performance, IOCT leads with 15.79% vs 12.98% for PBMR. On fees, PBMR is cheaper at 0.50% per year. On volatility, PBMR has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOCT or PBMR?

Over the 1-year period, IOCT has performed better with a 15.79% return vs 12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOCT or PBMR?

PBMR is cheaper with a 0.50% expense ratio, compared with 0.85% for IOCT.

Which ETF pays a higher dividend yield, IOCT or PBMR?

IOCT and PBMR have nearly identical dividend yields, around 0.00%.

What is the main difference between IOCT and PBMR?

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

Which has better risk-adjusted returns?

PBMR currently has the higher Sharpe Ratio (2.98 vs 1.78), 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.