NDEC vs. PMAU

Last updated Jun 6, 2026

NDEC (Innovator Growth-100 Power Buffer ETF - December) and PMAU (PGIM S&P 500 Max Buffer ETF - August) are both Defined Outcome funds. NDEC is passively managed, while PMAU is actively managed. Their correlation of 0.86 suggests significant overlap in exposure. NDEC charges 0.79%/yr vs 0.50%/yr for PMAU.

Performance

NDEC vs. PMAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - December (NDEC) and PGIM S&P 500 Max Buffer ETF - August (PMAU). 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 PMAU's 2.78% return.

NDEC

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

PMAU

• 1D: -0.17%
• 1M: 0.47%
• YTD: 2.78%
• 6M: 3.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NDEC vs. PMAU - Yearly Performance Comparison

	2026 (YTD)	2025
NDEC Innovator Growth-100 Power Buffer ETF - December	6.71%	6.69%
PMAU PGIM S&P 500 Max Buffer ETF - August	2.78%	2.98%

Correlation

The correlation between NDEC and PMAU is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025	0.86

Return for Risk

NDEC vs. PMAU — 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

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. PMAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - December (NDEC) and PGIM S&P 500 Max Buffer ETF - August (PMAU). 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	PMAU	Difference
Sharpe ratio: Return per unit of total volatility	2.43	—	—
Sortino ratio: Return per unit of downside risk	3.42	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.92	—	—
Martin ratio: Return relative to average drawdown	13.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NDEC	PMAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	2.78	-1.61

Drawdowns

NDEC vs. PMAU - Drawdown Comparison

The maximum NDEC drawdown since its inception was -12.98%, which is greater than PMAU's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for NDEC and PMAU.

Drawdown Indicators

	NDEC	PMAU	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-1.79%	-11.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	—	—
Current Drawdown Current decline from peak	-1.53%	-0.19%	-1.34%
Average Drawdown Average peak-to-trough decline	-1.44%	-0.17%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	—	—

Volatility

Volatility by Period

	NDEC	PMAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	2.51%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	2.51%	+9.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	2.51%	+9.14%

NDEC vs. PMAU - Expense Ratio Comparison

NDEC has a 0.79% expense ratio, which is higher than PMAU's 0.50% expense ratio.

Dividends

NDEC vs. PMAU - Dividend Comparison

Neither NDEC nor PMAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NDEC and PMAU in my portfolio?

NDEC and PMAU have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NDEC or PMAU?

On fees, PMAU 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, NDEC or PMAU?

PMAU is cheaper with a 0.50% expense ratio, compared with 0.79% for NDEC.

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

NDEC and PMAU have nearly identical dividend yields, around 0.00%.

What is the main difference between NDEC and PMAU?

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