PDEC vs. BSEP

Last updated Jun 9, 2026

PDEC (Innovator U.S. Equity Power Buffer ETF - December) and BSEP (Innovator U.S. Equity Buffer ETF - September) are both Defined Outcome funds from Innovator - PDEC tracks the S&P 500 while BSEP tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, PDEC returned 8.43%/yr vs 10.62%/yr for BSEP. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PDEC vs. BSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - December (PDEC) and Innovator U.S. Equity Buffer ETF - September (BSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDEC achieves a 4.93% return, which is significantly lower than BSEP's 6.02% return.

PDEC

• 1D: 0.15%
• 1M: 0.40%
• YTD: 4.93%
• 6M: 5.27%
• 1Y: 16.12%
• 3Y*: 11.99%
• 5Y*: 8.43%
• 10Y*: —

BSEP

• 1D: 0.15%
• 1M: 0.68%
• YTD: 6.02%
• 6M: 6.59%
• 1Y: 18.71%
• 3Y*: 16.14%
• 5Y*: 10.62%
• 10Y*: —

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

PDEC vs. BSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PDEC Innovator U.S. Equity Power Buffer ETF - December	4.93%	12.91%	9.46%	17.43%	-5.95%	9.59%	8.45%	0.91%
BSEP Innovator U.S. Equity Buffer ETF - September	6.02%	14.80%	16.96%	20.94%	-9.20%	14.64%	12.44%	1.56%

Correlation

The correlation between PDEC and BSEP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019	0.90

The correlation between PDEC and BSEP has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

PDEC vs. BSEP - Sectors Allocation Comparison

Sectors	PDEC	BSEP
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PDEC vs. BSEP — Risk / Return Rank

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

PDEC

PDEC Risk / Return Rank: 83
PDEC Sharpe Ratio Rank: 82
PDEC Sortino Ratio Rank: 85
PDEC Omega Ratio Rank: 85
PDEC Calmar Ratio Rank: 74
PDEC Martin Ratio Rank: 88

BSEP

BSEP Risk / Return Rank: 82
BSEP Sharpe Ratio Rank: 83
BSEP Sortino Ratio Rank: 85
BSEP Omega Ratio Rank: 85
BSEP Calmar Ratio Rank: 72
BSEP Martin Ratio Rank: 86

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.

PDEC vs. BSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - December (PDEC) and Innovator U.S. Equity Buffer ETF - September (BSEP). 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.

	PDEC	BSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.41	-0.03
Sortino ratio: Return per unit of downside risk	3.46	3.44	+0.02
Omega ratio: Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	3.39	3.30	+0.09
Martin ratio: Return relative to average drawdown	17.46	16.41	+1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDEC vs. BSEP - Sharpe Ratio Comparison

The current PDEC Sharpe Ratio is 2.38, which is comparable to the BSEP Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PDEC and BSEP, 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

	PDEC	BSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.41	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.92	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.88	-0.08

Drawdowns

PDEC vs. BSEP - Drawdown Comparison

The maximum PDEC drawdown since its inception was -19.31%, smaller than the maximum BSEP drawdown of -23.98%. Use the drawdown chart below to compare losses from any high point for PDEC and BSEP.

Drawdown Indicators

	PDEC	BSEP	Difference
Max Drawdown Largest peak-to-trough decline	-19.31%	-23.98%	+4.67%
Max Drawdown (1Y) Largest decline over 1 year	-4.78%	-5.70%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-10.77%	-13.36%	+2.59%
Max Drawdown (5Y) Largest decline over 5 years	-11.53%	-15.02%	+3.49%
Current Drawdown Current decline from peak	-0.94%	-0.80%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.02%	-2.74%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.14%	-0.21%

Volatility

PDEC vs. BSEP - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - December (PDEC) has a higher volatility of 1.46% compared to Innovator U.S. Equity Buffer ETF - September (BSEP) at 1.26%. This indicates that PDEC's price experiences larger fluctuations and is considered to be riskier than BSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDEC	BSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.26%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	5.06%	5.89%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	7.81%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.92%	11.62%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	13.76%	-2.80%

PDEC vs. BSEP - Expense Ratio Comparison

Both PDEC and BSEP have an expense ratio of 0.79%.

Dividends

PDEC vs. BSEP - Dividend Comparison

Neither PDEC nor BSEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
PDEC Innovator U.S. Equity Power Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDEC and BSEP in my portfolio?

With a correlation of 0.96, PDEC and BSEP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PDEC or BSEP?

PDEC has higher volatility (1.46%) compared to BSEP (1.26%). In terms of maximum drawdown, PDEC dropped -19.31% vs BSEP's -23.98%.

Which ETF is better, PDEC or BSEP?

On 5-year performance, BSEP leads with 10.62% vs 8.43% for PDEC. Both ETFs have the same 0.79% expense ratio. On volatility, BSEP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDEC or BSEP?

Over the 5-year period, BSEP has performed better with a 10.62% return vs 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDEC or BSEP?

PDEC and BSEP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PDEC or BSEP?

PDEC and BSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between PDEC and BSEP?

PDEC tracks S&P 500, while BSEP tracks S&P 500 Index.

Which has better risk-adjusted returns?

BSEP currently has the higher Sharpe Ratio (2.41 vs 2.38), 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.