NDEC vs. APMU

Last updated Jun 6, 2026

NDEC (Innovator Growth-100 Power Buffer ETF - December) and APMU (ActivePassive Intermediate Municipal Bond ETF) are both exchange-traded funds - NDEC is a Defined Outcome fund tracking the Invesco QQQ Trust, Series 1, while APMU is a Municipal Bonds fund actively managed by ActivePassive. NDEC is passively managed, while APMU is actively managed. Over the past year, NDEC returned 17.96% vs 4.09% for APMU. At a 0.11 correlation, their price movements are largely independent. NDEC charges 0.79%/yr vs 0.36%/yr for APMU.

Performance

NDEC vs. APMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - December (NDEC) and ActivePassive Intermediate Municipal Bond ETF (APMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDEC achieves a 6.71% return, which is significantly higher than APMU's 0.38% return.

NDEC

• 1D: -1.39%
• 1M: 0.47%
• YTD: 6.71%
• 6M: 6.42%
• 1Y: 17.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APMU

• 1D: -0.10%
• 1M: 0.13%
• YTD: 0.38%
• 6M: 0.77%
• 1Y: 4.09%
• 3Y*: 2.94%
• 5Y*: —
• 10Y*: —

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

NDEC vs. APMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NDEC Innovator Growth-100 Power Buffer ETF - December	6.71%	13.67%	-0.08%
APMU ActivePassive Intermediate Municipal Bond ETF	0.38%	4.50%	-0.83%

Correlation

The correlation between NDEC and APMU is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.11

Return for Risk

NDEC vs. APMU — Risk / Return Rank

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

NDEC

NDEC Risk / Return Rank: 78
NDEC Sharpe Ratio Rank: 80
NDEC Sortino Ratio Rank: 82
NDEC Omega Ratio Rank: 85
NDEC Calmar Ratio Rank: 63
NDEC Martin Ratio Rank: 77

APMU

APMU Risk / Return Rank: 49
APMU Sharpe Ratio Rank: 54
APMU Sortino Ratio Rank: 56
APMU Omega Ratio Rank: 63
APMU Calmar Ratio Rank: 36
APMU Martin Ratio Rank: 35

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.

NDEC vs. APMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - December (NDEC) and ActivePassive Intermediate Municipal Bond ETF (APMU). 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.

	NDEC	APMU	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.73	+0.70
Sortino ratio: Return per unit of downside risk	3.42	2.50	+0.92
Omega ratio: Gain probability vs. loss probability	1.49	1.36	+0.13
Calmar ratio: Return relative to maximum drawdown	2.92	1.71	+1.20
Martin ratio: Return relative to average drawdown	13.86	5.02	+8.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDEC vs. APMU - Sharpe Ratio Comparison

The current NDEC Sharpe Ratio is 2.43, which is higher than the APMU Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of NDEC and APMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NDEC	APMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.73	+0.70
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.81	+0.37

Drawdowns

NDEC vs. APMU - Drawdown Comparison

The maximum NDEC drawdown since its inception was -12.98%, which is greater than APMU's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for NDEC and APMU.

Drawdown Indicators

	NDEC	APMU	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-4.39%	-8.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-2.40%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.41%	—
Current Drawdown Current decline from peak	-1.53%	-1.23%	-0.30%
Average Drawdown Average peak-to-trough decline	-1.44%	-0.93%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.82%	+0.48%

Volatility

NDEC vs. APMU - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - December (NDEC) has a higher volatility of 1.85% compared to ActivePassive Intermediate Municipal Bond ETF (APMU) at 0.76%. This indicates that NDEC's price experiences larger fluctuations and is considered to be riskier than APMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDEC	APMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	0.76%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	1.68%	+4.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	2.37%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	2.80%	+8.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	2.80%	+8.85%

NDEC vs. APMU - Expense Ratio Comparison

NDEC has a 0.79% expense ratio, which is higher than APMU's 0.36% expense ratio.

Dividends

NDEC vs. APMU - Dividend Comparison

NDEC has not paid dividends to shareholders, while APMU's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.67%	2.63%	2.42%	1.31%
NDEC Innovator Growth-100 Power Buffer ETF - December	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NDEC and APMU in my portfolio?

NDEC and APMU have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDEC or APMU?

NDEC has higher volatility (1.85%) compared to APMU (0.76%). In terms of maximum drawdown, NDEC dropped -12.98% vs APMU's -4.39%.

Which ETF is better, NDEC or APMU?

On 1-year performance, NDEC leads with 17.96% vs 4.09% for APMU. On fees, APMU is cheaper at 0.36% per year. On volatility, APMU has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDEC or APMU?

Over the 1-year period, NDEC has performed better with a 17.96% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDEC or APMU?

APMU is cheaper with a 0.36% expense ratio, compared with 0.79% for NDEC.

Which ETF pays a higher dividend yield, NDEC or APMU?

APMU has the higher dividend yield at 2.67%, compared with 0.00% for NDEC.

What is the main difference between NDEC and APMU?

NDEC is categorized as Defined Outcome, while APMU is Municipal Bonds. They also come from different issuers: Innovator and ActivePassive. Their fees differ too: 0.79% for NDEC and 0.36% for APMU.

Which has better risk-adjusted returns?

NDEC currently has the higher Sharpe Ratio (2.43 vs 1.73), 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.