PFEB vs. LOUP

Last updated Jun 24, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and LOUP (Innovator Deepwater Frontier Tech ETF) are both exchange-traded funds - PFEB is a Defined Outcome fund tracking the S&P 500, while LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index. Both are passively managed. Over the past 5 years, PFEB returned 8.59%/yr vs 11.06%/yr for LOUP. A 0.73 correlation means they provide meaningful diversification when combined. PFEB charges 0.79%/yr vs 0.70%/yr for LOUP.

Performance

PFEB vs. LOUP - 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 Deepwater Frontier Tech ETF (LOUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFEB achieves a 5.11% return, which is significantly lower than LOUP's 20.82% return.

PFEB

• 1D: -0.37%
• 1M: 0.02%
• YTD: 5.11%
• 6M: 5.08%
• 1Y: 14.19%
• 3Y*: 12.04%
• 5Y*: 8.59%
• 10Y*: —

LOUP

• 1D: -0.95%
• 1M: 3.72%
• YTD: 20.82%
• 6M: 18.60%
• 1Y: 54.03%
• 3Y*: 34.40%
• 5Y*: 11.06%
• 10Y*: —

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

PFEB vs. LOUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFEB Innovator U.S. Equity Power Buffer ETF - February	5.11%	10.65%	12.71%	14.96%	-2.84%	11.52%	6.07%
LOUP Innovator Deepwater Frontier Tech ETF	20.82%	43.24%	21.80%	51.31%	-46.00%	7.54%	79.50%

Correlation

The correlation between PFEB and LOUP is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020	0.73

The correlation between PFEB and LOUP has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

PFEB vs. LOUP - Sectors Allocation Comparison

Sectors	PFEB	LOUP
Technology	38.4%	45.6%
Financial Services	11.0%	2.6%
Communication Services	10.8%	17.0%
Consumer Cyclical	10.0%	8.9%
Healthcare	8.4%	2.6%
Industrials	7.9%	17.6%
Consumer Defensive	4.6%	-
Energy	3.2%	2.7%
Utilities	2.1%	3.0%
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

PFEB vs. LOUP — Risk / Return Rank

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

PFEB

PFEB Risk / Return Rank: 80
PFEB Sharpe Ratio Rank: 81
PFEB Sortino Ratio Rank: 86
PFEB Omega Ratio Rank: 86
PFEB Calmar Ratio Rank: 66
PFEB Martin Ratio Rank: 84

LOUP

LOUP Risk / Return Rank: 57
LOUP Sharpe Ratio Rank: 62
LOUP Sortino Ratio Rank: 55
LOUP Omega Ratio Rank: 52
LOUP Calmar Ratio Rank: 59
LOUP Martin Ratio Rank: 54

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.

PFEB vs. LOUP - 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 Deepwater Frontier Tech ETF (LOUP). 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	LOUP	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.83	+0.54
Sortino ratio: Return per unit of downside risk	3.53	2.35	+1.18
Omega ratio: Gain probability vs. loss probability	1.48	1.30	+0.18
Calmar ratio: Return relative to maximum drawdown	3.02	2.59	+0.44
Martin ratio: Return relative to average drawdown	15.79	8.49	+7.30

PFEB vs. LOUP - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.36, which is comparable to the LOUP Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PFEB and LOUP, 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. LOUP - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, smaller than the maximum LOUP drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for PFEB and LOUP.

Drawdown Indicators

	PFEB	LOUP	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-58.68%	+38.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-21.00%	+16.29%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-35.23%	+24.65%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	-55.63%	+44.58%
Current Drawdown Current decline from peak	-0.75%	-7.53%	+6.78%
Average Drawdown Average peak-to-trough decline	-1.82%	-19.94%	+18.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	6.38%	-5.48%

Volatility

PFEB vs. LOUP - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - February (PFEB) is 1.83%, while Innovator Deepwater Frontier Tech ETF (LOUP) has a volatility of 11.91%. This indicates that PFEB experiences smaller price fluctuations and is considered to be less risky than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFEB	LOUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	11.91%	-10.08%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	23.37%	-18.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	29.94%	-23.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.26%	32.64%	-24.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	32.04%	-20.75%

PFEB vs. LOUP - Expense Ratio Comparison

PFEB has a 0.79% expense ratio, which is higher than LOUP's 0.70% expense ratio.

Dividends

PFEB vs. LOUP - Dividend Comparison

Neither PFEB nor LOUP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PFEB and LOUP in my portfolio?

PFEB and LOUP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFEB or LOUP?

LOUP has higher volatility (11.91%) compared to PFEB (1.83%). In terms of maximum drawdown, PFEB dropped -19.98% vs LOUP's -58.68%.

Which ETF is better, PFEB or LOUP?

On 5-year performance, LOUP leads with 11.06% vs 8.59% for PFEB. On fees, LOUP is cheaper at 0.70% per year. On volatility, PFEB has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or LOUP?

Over the 5-year period, LOUP has performed better with a 11.06% return vs 8.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFEB or LOUP?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.79% for PFEB.

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

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

What is the main difference between PFEB and LOUP?

PFEB is categorized as Defined Outcome, while LOUP is Technology Equities. PFEB tracks S&P 500, while LOUP tracks Deepwater Frontier Tech Index. Their fees differ too: 0.79% for PFEB and 0.70% for LOUP.

Which has better risk-adjusted returns?

PFEB currently has the higher Sharpe Ratio (2.36 vs 1.83), 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.