PBMY vs. XBAP

Last updated Jun 24, 2026

PBMY (PGIM S&P 500 Buffer 20 ETF - May) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, PBMY returned 8.85% vs 14.57% for XBAP. Their correlation of 0.84 suggests significant overlap in exposure. PBMY charges 0.50%/yr vs 0.79%/yr for XBAP.

Performance

PBMY vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - May (PBMY) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBMY achieves a 3.19% return, which is significantly lower than XBAP's 7.58% return.

PBMY

• 1D: -0.41%
• 1M: -0.20%
• YTD: 3.19%
• 6M: 3.30%
• 1Y: 8.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XBAP

• 1D: -0.37%
• 1M: -0.07%
• YTD: 7.58%
• 6M: 7.77%
• 1Y: 14.57%
• 3Y*: 13.22%
• 5Y*: 9.51%
• 10Y*: —

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

PBMY vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBMY PGIM S&P 500 Buffer 20 ETF - May	3.19%	9.89%	9.34%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.58%	13.38%	11.42%

Correlation

The correlation between PBMY and XBAP is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 1, 2024	0.84

The correlation between PBMY and XBAP shifts across timeframes, from 0.73 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBMY vs. XBAP — Risk / Return Rank

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

PBMY

PBMY Risk / Return Rank: 93
PBMY Sharpe Ratio Rank: 90
PBMY Sortino Ratio Rank: 93
PBMY Omega Ratio Rank: 94
PBMY Calmar Ratio Rank: 93
PBMY Martin Ratio Rank: 96

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

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.

PBMY vs. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - May (PBMY) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	PBMY	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.72	4.06	-1.34
Sortino ratio: Return per unit of downside risk	4.07	7.30	-3.23
Omega ratio: Gain probability vs. loss probability	1.62	2.04	-0.42
Calmar ratio: Return relative to maximum drawdown	6.04	11.29	-5.26
Martin ratio: Return relative to average drawdown	34.42	64.34	-29.92

PBMY vs. XBAP - Sharpe Ratio Comparison

The current PBMY Sharpe Ratio is 2.72, which is lower than the XBAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of PBMY and XBAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBMY vs. XBAP - Drawdown Comparison

The maximum PBMY drawdown since its inception was -8.11%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for PBMY and XBAP.

Drawdown Indicators

	PBMY	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.11%	-14.57%	+6.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-1.30%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.57%	—
Current Drawdown Current decline from peak	-0.78%	-0.69%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.73%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.23%	+0.03%

Volatility

PBMY vs. XBAP - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - May (PBMY) has a higher volatility of 1.71% compared to Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) at 1.57%. This indicates that PBMY's price experiences larger fluctuations and is considered to be riskier than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBMY	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	1.57%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	2.94%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	3.62%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	9.98%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.16%	9.84%	-2.68%

PBMY vs. XBAP - Expense Ratio Comparison

PBMY has a 0.50% expense ratio, which is lower than XBAP's 0.79% expense ratio.

Dividends

PBMY vs. XBAP - Dividend Comparison

PBMY's dividend yield for the trailing twelve months is around 0.07%, while XBAP has not paid dividends to shareholders.

Position	TTM	2025
PBMY PGIM S&P 500 Buffer 20 ETF - May	0.07%	0.08%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBMY and XBAP in my portfolio?

PBMY and XBAP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMY or XBAP?

PBMY has higher volatility (1.71%) compared to XBAP (1.57%). In terms of maximum drawdown, PBMY dropped -8.11% vs XBAP's -14.57%.

Which ETF is better, PBMY or XBAP?

On 1-year performance, XBAP leads with 14.57% vs 8.85% for PBMY. On fees, PBMY is cheaper at 0.50% per year. On volatility, XBAP has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBMY or XBAP?

Over the 1-year period, XBAP has performed better with a 14.57% return vs 8.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBMY or XBAP?

PBMY is cheaper with a 0.50% expense ratio, compared with 0.79% for XBAP.

Which ETF pays a higher dividend yield, PBMY or XBAP?

PBMY has the higher dividend yield at 0.07%, compared with 0.00% for XBAP.

What is the main difference between PBMY and XBAP?

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

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.06 vs 2.72), 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.