PFEB vs. BMAR

Last updated Aug 4, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and BMAR (Innovator U.S. Equity Buffer ETF - March) are both Defined Outcome funds from Innovator - PFEB tracks the S&P 500 while BMAR tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, PFEB returned 8.79%/yr vs 11.94%/yr for BMAR. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

PFEB vs. BMAR - Performance Comparison

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

Returns By Period

In the year-to-date period, PFEB achieves a 6.90% return, which is significantly lower than BMAR's 10.01% return.

PFEB

• 1D: 0.46%
• 1M: 1.15%
• 6M: 5.32%
• YTD: 6.90%
• 1Y: 13.95%
• 3Y*: 12.09%
• 5Y*: 8.79%
• 10Y*: —
• ALL TIME*: 9.11%

BMAR

• 1D: 0.61%
• 1M: 1.44%
• 6M: 8.47%
• YTD: 10.01%
• 1Y: 18.41%
• 3Y*: 16.17%
• 5Y*: 11.94%
• 10Y*: —
• ALL TIME*: 13.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMAR Innovator U.S. Equity Buffer ETF - March	$245.82K	$478.55K	$540.30K
PFEB Innovator U.S. Equity Power Buffer ETF - February	$1.01M	$1.06M	$1.04M

PFEB vs. BMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFEB Innovator U.S. Equity Power Buffer ETF - February	6.90%	10.65%	12.71%	14.96%	-2.84%	11.52%	11.34%
BMAR Innovator U.S. Equity Buffer ETF - March	10.01%	14.97%	16.49%	23.09%	-7.06%	16.79%	12.50%

Correlation

The correlation between PFEB and BMAR is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020	0.90

The correlation between PFEB and BMAR has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

PFEB vs. BMAR - Sectors Allocation Comparison

Sectors	PFEB	BMAR
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

PFEB vs. BMAR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFEB

PFEB Risk / Return Rank: 88
PFEB Sharpe Ratio Rank: 89
PFEB Sortino Ratio Rank: 92
PFEB Omega Ratio Rank: 92
PFEB Calmar Ratio Rank: 77
PFEB Martin Ratio Rank: 90

BMAR

BMAR Risk / Return Rank: 90
BMAR Sharpe Ratio Rank: 90
BMAR Sortino Ratio Rank: 91
BMAR Omega Ratio Rank: 92
BMAR Calmar Ratio Rank: 83
BMAR Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFEB vs. BMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - February (PFEB) and Innovator U.S. Equity Buffer ETF - March (BMAR). 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.

	PFEB	BMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.35	-0.01
Sortino ratio: Return per unit of downside risk	3.51	3.42	+0.09
Omega ratio: Gain probability vs. loss probability	1.47	1.46	+0.01
Calmar ratio: Return relative to maximum drawdown	2.97	3.28	-0.30
Martin ratio: Return relative to average drawdown	15.39	17.42	-2.02

PFEB vs. BMAR - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.34, which is comparable to the BMAR Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of PFEB and BMAR, 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

PFEB vs. BMAR - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, smaller than the maximum BMAR drawdown of -21.43%. Use the drawdown chart below to compare losses from any high point for PFEB and BMAR.

Drawdown Indicators

	PFEB	BMAR	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-21.43%	+1.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-5.64%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-12.86%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	-15.02%	+3.97%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.80%	-2.30%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.06%	-0.15%

Volatility

PFEB vs. BMAR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - February (PFEB) is 1.55%, while Innovator U.S. Equity Buffer ETF - March (BMAR) has a volatility of 2.24%. This indicates that PFEB experiences smaller price fluctuations and is considered to be less risky than BMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFEB	BMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	2.24%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	5.02%	6.67%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.00%	7.88%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.28%	11.38%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.21%	13.58%	-2.37%

PFEB vs. BMAR - Expense Ratio Comparison

Both PFEB and BMAR have an expense ratio of 0.79%.

Dividends

PFEB vs. BMAR - Dividend Comparison

Neither PFEB nor BMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PFEB and BMAR in my portfolio?

With a correlation of 0.94, PFEB and BMAR 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, PFEB or BMAR?

BMAR has higher volatility (2.24%) compared to PFEB (1.55%). In terms of maximum drawdown, PFEB dropped -19.98% vs BMAR's -21.43%.

Which ETF is better, PFEB or BMAR?

On 5-year performance, BMAR leads with 11.94% vs 8.79% for PFEB. Both ETFs have the same 0.79% expense ratio. On volatility, PFEB has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or BMAR?

Over the 5-year period, BMAR has performed better with a 11.94% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFEB or BMAR?

PFEB and BMAR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PFEB or BMAR?

PFEB and BMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between PFEB and BMAR?

PFEB tracks S&P 500, while BMAR tracks S&P 500 Price Return Index.

Which has better risk-adjusted returns?

BMAR currently has the higher Sharpe Ratio (2.35 vs 2.34), 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.