PDEC vs. DIVO

Last updated Jun 3, 2026

PDEC (Innovator U.S. Equity Power Buffer ETF - December) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both exchange-traded funds - PDEC is a Defined Outcome fund tracking the S&P 500, while DIVO is a Derivative Income fund actively managed by Amplify. PDEC is passively managed, while DIVO is actively managed. Over the past 5 years, PDEC returned 8.69%/yr vs 10.81%/yr for DIVO. A 0.75 correlation means they provide meaningful diversification when combined. PDEC charges 0.79%/yr vs 0.56%/yr for DIVO.

Performance

PDEC vs. DIVO - 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 Amplify CWP Enhanced Dividend Income ETF (DIVO). 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 PDEC having a 5.92% return and DIVO slightly higher at 6.11%.

PDEC

• 1D: 0.07%
• 1M: 2.32%
• YTD: 5.92%
• 6M: 6.50%
• 1Y: 18.00%
• 3Y*: 12.47%
• 5Y*: 8.69%
• 10Y*: —

DIVO

• 1D: 0.48%
• 1M: 1.83%
• YTD: 6.11%
• 6M: 6.82%
• 1Y: 19.19%
• 3Y*: 15.56%
• 5Y*: 10.81%
• 10Y*: —

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

PDEC vs. DIVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PDEC Innovator U.S. Equity Power Buffer ETF - December	5.92%	12.91%	9.46%	17.43%	-5.95%	9.59%	8.45%	1.58%
DIVO Amplify CWP Enhanced Dividend Income ETF	6.11%	17.40%	16.22%	6.95%	-1.46%	22.87%	12.40%	2.47%

Correlation

The correlation between PDEC and DIVO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	0.75

The correlation between PDEC and DIVO has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

PDEC vs. DIVO - Sectors Allocation Comparison

Sectors	PDEC	DIVO
Technology	36.2%	14.5%
Financial Services	11.9%	30.3%
Communication Services	10.9%	1.0%
Consumer Cyclical	10.1%	11.6%
Healthcare	8.4%	6.7%
Industrials	8.1%	16.2%
Consumer Defensive	4.9%	6.9%
Energy	3.5%	6.8%
Utilities	2.3%	2.0%
Real Estate	1.9%	-
Basic Materials	1.8%	4.1%

Return for Risk

PDEC vs. DIVO — 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: 81
PDEC Sortino Ratio Rank: 86
PDEC Omega Ratio Rank: 85
PDEC Calmar Ratio Rank: 75
PDEC Martin Ratio Rank: 89

DIVO

DIVO Risk / Return Rank: 66
DIVO Sharpe Ratio Rank: 64
DIVO Sortino Ratio Rank: 69
DIVO Omega Ratio Rank: 62
DIVO Calmar Ratio Rank: 67
DIVO Martin Ratio Rank: 66

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. DIVO - 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 Amplify CWP Enhanced Dividend Income ETF (DIVO). 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	DIVO	Difference
Sharpe ratio Return per unit of total volatility	2.68	2.15	+0.53
Sortino ratio Return per unit of downside risk	3.94	3.19	+0.75
Omega ratio Gain probability vs. loss probability	1.53	1.38	+0.15
Calmar ratio Return relative to maximum drawdown	3.87	3.37	+0.50
Martin ratio Return relative to average drawdown	20.06	12.19	+7.87
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. DIVO - Sharpe Ratio Comparison

The current PDEC Sharpe Ratio is 2.68, which is comparable to the DIVO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PDEC and DIVO, 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	DIVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.15	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.91	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.85	-0.03

Drawdowns

PDEC vs. DIVO - Drawdown Comparison

The maximum PDEC drawdown since its inception was -19.31%, smaller than the maximum DIVO drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for PDEC and DIVO.

Drawdown Indicators

	PDEC	DIVO	Difference
Max Drawdown Largest peak-to-trough decline	-19.31%	-30.04%	+10.73%
Max Drawdown (1Y) Largest decline over 1 year	-4.78%	-5.95%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-10.77%	-12.12%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-11.53%	-13.72%	+2.19%
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.02%	-2.61%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.64%	-0.72%

Volatility

PDEC vs. DIVO - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - December (PDEC) is 1.08%, while Amplify CWP Enhanced Dividend Income ETF (DIVO) has a volatility of 2.23%. This indicates that PDEC experiences smaller price fluctuations and is considered to be less risky than DIVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDEC	DIVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	2.23%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	6.94%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	8.97%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	11.93%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	14.84%	-3.88%

PDEC vs. DIVO - Expense Ratio Comparison

PDEC has a 0.79% expense ratio, which is higher than DIVO's 0.56% expense ratio.

Dividends

PDEC vs. DIVO - Dividend Comparison

PDEC has not paid dividends to shareholders, while DIVO's dividend yield for the trailing twelve months is around 6.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIVO Amplify CWP Enhanced Dividend Income ETF	6.38%	6.44%	4.70%	4.67%	4.76%	4.79%	4.91%	8.16%	5.27%	3.83%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDEC and DIVO in my portfolio?

PDEC and DIVO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDEC or DIVO?

DIVO has higher volatility (2.23%) compared to PDEC (1.08%). In terms of maximum drawdown, PDEC dropped -19.31% vs DIVO's -30.04%.

Which ETF is better, PDEC or DIVO?

On 5-year performance, DIVO leads with 10.81% vs 8.69% for PDEC. On fees, DIVO is cheaper at 0.56% per year. On volatility, PDEC has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDEC or DIVO?

Over the 5-year period, DIVO has performed better with a 10.81% return vs 8.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDEC or DIVO?

DIVO is cheaper with a 0.56% expense ratio, compared with 0.79% for PDEC.

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

DIVO has the higher dividend yield at 6.38%, compared with 0.00% for PDEC.

What is the main difference between PDEC and DIVO?

PDEC is categorized as Defined Outcome, while DIVO is Derivative Income. They also come from different issuers: Innovator and Amplify. Their fees differ too: 0.79% for PDEC and 0.56% for DIVO.

Which has better risk-adjusted returns?

PDEC currently has the higher Sharpe Ratio (2.68 vs 2.15), 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.