IVW vs. PMAR

Last updated Jun 24, 2026

IVW (iShares S&P 500 Growth ETF) and PMAR (Innovator U.S. Equity Power Buffer ETF - March) are both exchange-traded funds - IVW is a Large Cap Growth Equities fund tracking the S&P 500 Growth Index, while PMAR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect March Series Index. Both are passively managed. Over the past 5 years, IVW returned 13.97%/yr vs 9.25%/yr for PMAR. Their correlation of 0.86 suggests significant overlap in exposure. IVW charges 0.18%/yr vs 0.79%/yr for PMAR.

Performance

IVW vs. PMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Growth ETF (IVW) and Innovator U.S. Equity Power Buffer ETF - March (PMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVW achieves a 8.67% return, which is significantly higher than PMAR's 5.76% return.

IVW

• 1D: -2.32%
• 1M: -2.04%
• YTD: 8.67%
• 6M: 7.44%
• 1Y: 26.74%
• 3Y*: 25.36%
• 5Y*: 13.97%
• 10Y*: 17.93%

PMAR

• 1D: -0.25%
• 1M: 0.13%
• YTD: 5.76%
• 6M: 5.79%
• 1Y: 14.20%
• 3Y*: 12.46%
• 5Y*: 9.25%
• 10Y*: —

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

IVW vs. PMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IVW iShares S&P 500 Growth ETF	8.67%	21.95%	35.82%	29.83%	-29.50%	31.80%	39.74%
PMAR Innovator U.S. Equity Power Buffer ETF - March	5.76%	11.82%	12.83%	15.95%	-2.65%	10.96%	8.01%

Correlation

The correlation between IVW and PMAR is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020	0.86

The correlation between IVW and PMAR has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

IVW vs. PMAR - Sectors Allocation Comparison

Sectors	IVW	PMAR
Technology	53.0%	38.4%
Communication Services	15.8%	10.8%
Financial Services	8.6%	11.0%
Consumer Cyclical	8.4%	10.0%
Healthcare	5.7%	8.4%
Industrials	5.3%	7.9%
Utilities	1.2%	2.1%
Consumer Defensive	1.0%	4.6%
Real Estate	0.5%	1.8%
Basic Materials	0.3%	1.7%
Energy	0.1%	3.2%

Return for Risk

IVW vs. PMAR — Risk / Return Rank

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

IVW

IVW Risk / Return Rank: 45
IVW Sharpe Ratio Rank: 47
IVW Sortino Ratio Rank: 44
IVW Omega Ratio Rank: 44
IVW Calmar Ratio Rank: 41
IVW Martin Ratio Rank: 48

PMAR

PMAR Risk / Return Rank: 87
PMAR Sharpe Ratio Rank: 88
PMAR Sortino Ratio Rank: 91
PMAR Omega Ratio Rank: 93
PMAR Calmar Ratio Rank: 73
PMAR Martin Ratio Rank: 91

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.

IVW vs. PMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) and Innovator U.S. Equity Power Buffer ETF - March (PMAR). 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.

	IVW	PMAR	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.68	-1.10
Sortino ratio: Return per unit of downside risk	2.16	3.96	-1.80
Omega ratio: Gain probability vs. loss probability	1.28	1.59	-0.32
Calmar ratio: Return relative to maximum drawdown	1.95	3.47	-1.51
Martin ratio: Return relative to average drawdown	7.75	20.17	-12.42

IVW vs. PMAR - Sharpe Ratio Comparison

The current IVW Sharpe Ratio is 1.58, which is lower than the PMAR Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of IVW and PMAR, 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

IVW vs. PMAR - Drawdown Comparison

The maximum IVW drawdown since its inception was -57.33%, which is greater than PMAR's maximum drawdown of -17.18%. Use the drawdown chart below to compare losses from any high point for IVW and PMAR.

Drawdown Indicators

	IVW	PMAR	Difference
Max Drawdown Largest peak-to-trough decline	-57.33%	-17.18%	-40.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-4.11%	-9.64%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-9.32%	-12.83%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-10.84%	-21.88%
Max Drawdown (10Y) Largest decline over 10 years	-32.72%	—	—
Current Drawdown Current decline from peak	-5.48%	-0.63%	-4.85%
Average Drawdown Average peak-to-trough decline	-17.59%	-1.55%	-16.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	0.71%	+2.75%

Volatility

IVW vs. PMAR - Volatility Comparison

iShares S&P 500 Growth ETF (IVW) has a higher volatility of 7.23% compared to Innovator U.S. Equity Power Buffer ETF - March (PMAR) at 1.69%. This indicates that IVW's price experiences larger fluctuations and is considered to be riskier than PMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVW	PMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	1.69%	+5.54%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	4.41%	+9.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	5.35%	+11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	8.20%	+13.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	10.71%	+9.99%

IVW vs. PMAR - Expense Ratio Comparison

IVW has a 0.18% expense ratio, which is lower than PMAR's 0.79% expense ratio.

Dividends

IVW vs. PMAR - Dividend Comparison

IVW's dividend yield for the trailing twelve months is around 0.37%, while PMAR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVW iShares S&P 500 Growth ETF	0.37%	0.40%	0.43%	1.03%	0.92%	0.46%	0.82%	1.63%	1.28%	1.30%	1.51%	1.51%
PMAR Innovator U.S. Equity Power Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVW and PMAR in my portfolio?

IVW and PMAR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVW or PMAR?

IVW has higher volatility (7.23%) compared to PMAR (1.69%). In terms of maximum drawdown, IVW dropped -57.33% vs PMAR's -17.18%.

Which ETF is better, IVW or PMAR?

On 5-year performance, IVW leads with 13.97% vs 9.25% for PMAR. On fees, IVW is cheaper at 0.18% per year. On volatility, PMAR has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVW or PMAR?

Over the 5-year period, IVW has performed better with a 13.97% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVW or PMAR?

IVW is cheaper with a 0.18% expense ratio, compared with 0.79% for PMAR.

Which ETF pays a higher dividend yield, IVW or PMAR?

IVW has the higher dividend yield at 0.37%, compared with 0.00% for PMAR.

What is the main difference between IVW and PMAR?

IVW is categorized as Large Cap Growth Equities, while PMAR is Defined Outcome. IVW tracks S&P 500 Growth Index, while PMAR tracks Cboe S&P 500 15% Buffer Protect March Series Index. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.18% for IVW and 0.79% for PMAR.

Which has better risk-adjusted returns?

PMAR currently has the higher Sharpe Ratio (2.68 vs 1.58), 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.