NMAR vs. PMSE

Last updated Jun 6, 2026

NMAR (Innovator Growth-100 Power Buffer ETF - March) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. NMAR is passively managed, while PMSE is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. NMAR charges 0.79%/yr vs 0.50%/yr for PMSE.

Performance

NMAR vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - March (NMAR) 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, NMAR achieves a 7.82% return, which is significantly higher than PMSE's 2.58% return.

NMAR

• 1D: -1.36%
• 1M: 0.29%
• YTD: 7.82%
• 6M: 8.56%
• 1Y: 18.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: -0.28%
• 1M: 0.44%
• YTD: 2.58%
• 6M: 2.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NMAR vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
NMAR Innovator Growth-100 Power Buffer ETF - March	7.82%	4.85%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.58%	2.23%

Correlation

The correlation between NMAR and PMSE is 0.83, 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 Sep 3, 2025	0.83

Return for Risk

NMAR vs. PMSE — Risk / Return Rank

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

NMAR

NMAR Risk / Return Rank: 91
NMAR Sharpe Ratio Rank: 90
NMAR Sortino Ratio Rank: 93
NMAR Omega Ratio Rank: 94
NMAR Calmar Ratio Rank: 84
NMAR Martin Ratio Rank: 95

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.

NMAR vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - March (NMAR) 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.

	NMAR	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	2.91	—	—
Sortino ratio: Return per unit of downside risk	4.27	—	—
Omega ratio: Gain probability vs. loss probability	1.63	—	—
Calmar ratio: Return relative to maximum drawdown	4.22	—	—
Martin ratio: Return relative to average drawdown	27.33	—	—
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

	NMAR	PMSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	2.83	-1.26

Drawdowns

NMAR vs. PMSE - Drawdown Comparison

The maximum NMAR drawdown since its inception was -9.99%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for NMAR and PMSE.

Drawdown Indicators

	NMAR	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-9.99%	-1.44%	-8.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	—	—
Current Drawdown Current decline from peak	-1.41%	-0.28%	-1.13%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.17%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	—	—

Volatility

Volatility by Period

	NMAR	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.18%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	2.29%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	2.29%	+8.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	2.29%	+8.90%

NMAR vs. PMSE - Expense Ratio Comparison

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

Dividends

NMAR vs. PMSE - Dividend Comparison

Neither NMAR nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NMAR and PMSE in my portfolio?

NMAR and PMSE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NMAR 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, NMAR or PMSE?

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

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

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

What is the main difference between NMAR and PMSE?

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