KDEC vs. PMSE

Last updated Jun 24, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. A 0.71 correlation means they provide meaningful diversification when combined. KDEC charges 0.79%/yr vs 0.50%/yr for PMSE.

Performance

KDEC vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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, KDEC achieves a 10.13% return, which is significantly higher than PMSE's 2.81% return.

KDEC

• 1D: -0.35%
• 1M: 1.66%
• YTD: 10.13%
• 6M: 8.90%
• 1Y: 18.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: -0.15%
• 1M: 0.19%
• YTD: 2.81%
• 6M: 2.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KDEC vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	10.13%	1.85%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.81%	2.13%

Correlation

The correlation between KDEC 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 2, 2025	0.71

Return for Risk

KDEC vs. PMSE — Risk / Return Rank

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

KDEC

KDEC Risk / Return Rank: 67
KDEC Sharpe Ratio Rank: 65
KDEC Sortino Ratio Rank: 68
KDEC Omega Ratio Rank: 62
KDEC Calmar Ratio Rank: 74
KDEC Martin Ratio Rank: 68

PMSE

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

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.

KDEC vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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.

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.

	KDEC	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	—	—
Sortino ratio: Return per unit of downside risk	2.81	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	3.41	—	—
Martin ratio: Return relative to average drawdown	11.25	—	—

Drawdowns

KDEC vs. PMSE - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for KDEC and PMSE.

Drawdown Indicators

	KDEC	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-1.44%	-15.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	—	—
Current Drawdown Current decline from peak	-0.35%	-0.15%	-0.20%
Average Drawdown Average peak-to-trough decline	-2.96%	-0.17%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	—	—

Volatility

Volatility by Period

	KDEC	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	2.28%	+7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	2.28%	+10.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.28%	2.28%	+10.00%

KDEC vs. PMSE - Expense Ratio Comparison

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

Dividends

KDEC vs. PMSE - Dividend Comparison

Neither KDEC nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KDEC and PMSE in my portfolio?

KDEC 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, KDEC 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, KDEC or PMSE?

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

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

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

What is the main difference between KDEC and PMSE?

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