PDEC vs. VOO

Last updated Jun 3, 2026

PDEC (Innovator U.S. Equity Power Buffer ETF - December) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PDEC is a Defined Outcome fund tracking the S&P 500, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, PDEC returned 8.69%/yr vs 14.26%/yr for VOO. Their correlation of 0.91 suggests significant overlap in exposure. PDEC charges 0.79%/yr vs 0.03%/yr for VOO.

Performance

PDEC vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDEC achieves a 5.92% return, which is significantly lower than VOO's 11.69% return.

PDEC

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

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

PDEC vs. VOO - 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%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	3.82%

Correlation

The correlation between PDEC and VOO 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	0.91

The correlation between PDEC and VOO has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

PDEC vs. VOO - Sectors Allocation Comparison

Sectors	PDEC	VOO
Technology	36.2%	35.7%
Financial Services	11.9%	11.6%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PDEC vs. VOO — 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

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.68	2.53	+0.15
Sortino ratio Return per unit of downside risk	3.94	3.43	+0.51
Omega ratio Gain probability vs. loss probability	1.53	1.46	+0.07
Calmar ratio Return relative to maximum drawdown	3.87	3.42	+0.45
Martin ratio Return relative to average drawdown	20.06	15.95	+4.12
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. VOO - Sharpe Ratio Comparison

The current PDEC Sharpe Ratio is 2.68, which is comparable to the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PDEC and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.53	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.85	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.89	-0.07

Drawdowns

PDEC vs. VOO - Drawdown Comparison

The maximum PDEC drawdown since its inception was -19.31%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PDEC and VOO.

Drawdown Indicators

	PDEC	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-19.31%	-33.99%	+14.68%
Max Drawdown (1Y) Largest decline over 1 year	-4.78%	-8.90%	+4.12%
Max Drawdown (3Y) Largest decline over 3 years	-10.77%	-18.69%	+7.92%
Max Drawdown (5Y) Largest decline over 5 years	-11.53%	-24.52%	+12.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.02%	-3.69%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.91%	-0.99%

Volatility

PDEC vs. VOO - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - December (PDEC) is 1.08%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.74%. This indicates that PDEC experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDEC	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	2.74%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	8.88%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	11.78%	-5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	16.81%	-7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	18.01%	-7.05%

PDEC vs. VOO - Expense Ratio Comparison

PDEC has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PDEC vs. VOO - Dividend Comparison

PDEC has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PDEC and VOO in my portfolio?

With a correlation of 0.96, PDEC and VOO 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 VOO?

VOO has higher volatility (2.74%) compared to PDEC (1.08%). In terms of maximum drawdown, PDEC dropped -19.31% vs VOO's -33.99%.

Which ETF is better, PDEC or VOO?

On 5-year performance, VOO leads with 14.26% vs 8.69% for PDEC. On fees, VOO is cheaper at 0.03% 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 VOO?

Over the 5-year period, VOO has performed better with a 14.26% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.79% for PDEC.

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

VOO has the higher dividend yield at 1.02%, compared with 0.00% for PDEC.

What is the main difference between PDEC and VOO?

PDEC is categorized as Defined Outcome, while VOO is S&P 500. PDEC tracks S&P 500, while VOO tracks S&P 500 Index. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for PDEC and 0.03% for VOO.

Which has better risk-adjusted returns?

PDEC currently has the higher Sharpe Ratio (2.68 vs 2.53), 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.