OCTJ vs. PMDE

Last updated Jun 24, 2026

OCTJ (Innovator Premium Income 30 Barrier ETF - October) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - OCTJ is a Options Trading fund actively managed by Innovator, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). OCTJ is actively managed, while PMDE is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. OCTJ charges 0.79%/yr vs 0.50%/yr for PMDE.

Performance

OCTJ vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - October (OCTJ) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with OCTJ having a 2.47% return and PMDE slightly higher at 2.51%.

OCTJ

• 1D: -0.06%
• 1M: 0.33%
• YTD: 2.47%
• 6M: 2.51%
• 1Y: 5.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.14%
• 1M: 0.14%
• YTD: 2.51%
• 6M: 2.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTJ vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
OCTJ Innovator Premium Income 30 Barrier ETF - October	2.47%	0.77%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between OCTJ and PMDE is 0.56, 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 Dec 1, 2025	0.56

Return for Risk

OCTJ vs. PMDE — Risk / Return Rank

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

OCTJ

OCTJ Risk / Return Rank: 86
OCTJ Sharpe Ratio Rank: 76
OCTJ Sortino Ratio Rank: 85
OCTJ Omega Ratio Rank: 86
OCTJ Calmar Ratio Rank: 87
OCTJ Martin Ratio Rank: 94

PMDE

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.

OCTJ vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - October (OCTJ) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

	OCTJ	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.19	—	—
Sortino ratio: Return per unit of downside risk	3.41	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	4.59	—	—
Martin ratio: Return relative to average drawdown	23.39	—	—

Drawdowns

OCTJ vs. PMDE - Drawdown Comparison

The maximum OCTJ drawdown since its inception was -5.35%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for OCTJ and PMDE.

Drawdown Indicators

	OCTJ	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-5.35%	-1.59%	-3.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	—	—
Current Drawdown Current decline from peak	-0.06%	-0.21%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.25%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	—	—

Volatility

Volatility by Period

	OCTJ	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.61%	2.47%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.19%	2.47%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	2.47%	+1.72%

OCTJ vs. PMDE - Expense Ratio Comparison

OCTJ has a 0.79% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

OCTJ vs. PMDE - Dividend Comparison

OCTJ's dividend yield for the trailing twelve months is around 5.20%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
OCTJ Innovator Premium Income 30 Barrier ETF - October	5.20%	5.23%	6.27%	1.64%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCTJ and PMDE in my portfolio?

OCTJ and PMDE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OCTJ or PMDE?

On fees, PMDE 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, OCTJ or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.79% for OCTJ.

Which ETF pays a higher dividend yield, OCTJ or PMDE?

OCTJ has the higher dividend yield at 5.20%, compared with 0.00% for PMDE.

What is the main difference between OCTJ and PMDE?

OCTJ is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for OCTJ and 0.50% for PMDE.