PFEB vs. PDEC

Last updated Jun 6, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and PDEC (Innovator U.S. Equity Power Buffer ETF - December) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, PFEB returned 8.62%/yr vs 8.41%/yr for PDEC. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PFEB vs. PDEC - 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 Power Buffer ETF - December (PDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PFEB having a 4.94% return and PDEC slightly lower at 4.77%.

PFEB

• 1D: -0.91%
• 1M: 0.46%
• YTD: 4.94%
• 6M: 5.77%
• 1Y: 15.05%
• 3Y*: 12.29%
• 5Y*: 8.62%
• 10Y*: —

PDEC

• 1D: -1.05%
• 1M: 0.42%
• YTD: 4.77%
• 6M: 5.04%
• 1Y: 16.62%
• 3Y*: 12.05%
• 5Y*: 8.41%
• 10Y*: —

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

PFEB vs. PDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFEB Innovator U.S. Equity Power Buffer ETF - February	4.94%	10.65%	12.71%	14.96%	-2.84%	11.52%	6.24%
PDEC Innovator U.S. Equity Power Buffer ETF - December	4.77%	12.91%	9.46%	17.43%	-5.95%	9.59%	7.89%

Correlation

The correlation between PFEB and PDEC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 4, 2020	0.87

The correlation between PFEB and PDEC has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

PFEB vs. PDEC - Sectors Allocation Comparison

Sectors	PFEB	PDEC
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

PFEB vs. PDEC — Risk / Return Rank

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

PFEB

PFEB Risk / Return Rank: 82
PFEB Sharpe Ratio Rank: 82
PFEB Sortino Ratio Rank: 87
PFEB Omega Ratio Rank: 87
PFEB Calmar Ratio Rank: 68
PFEB Martin Ratio Rank: 86

PDEC

PDEC Risk / Return Rank: 82
PDEC Sharpe Ratio Rank: 80
PDEC Sortino Ratio Rank: 84
PDEC Omega Ratio Rank: 84
PDEC Calmar Ratio Rank: 73
PDEC Martin Ratio Rank: 87

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. PDEC - 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 Power Buffer ETF - December (PDEC). 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.

	PFEB	PDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.45	+0.07
Sortino ratio: Return per unit of downside risk	3.75	3.56	+0.19
Omega ratio: Gain probability vs. loss probability	1.52	1.48	+0.04
Calmar ratio: Return relative to maximum drawdown	3.21	3.49	-0.29
Martin ratio: Return relative to average drawdown	16.97	18.03	-1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFEB vs. PDEC - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.52, which is comparable to the PDEC Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of PFEB and PDEC, 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

	PFEB	PDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.45	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.95	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.80	0.00

Drawdowns

PFEB vs. PDEC - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, roughly equal to the maximum PDEC drawdown of -19.31%. Use the drawdown chart below to compare losses from any high point for PFEB and PDEC.

Drawdown Indicators

	PFEB	PDEC	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-19.31%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-4.78%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-10.77%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	-11.53%	+0.48%
Current Drawdown Current decline from peak	-0.91%	-1.09%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.02%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.92%	-0.03%

Volatility

PFEB vs. PDEC - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - February (PFEB) is 1.32%, while Innovator U.S. Equity Power Buffer ETF - December (PDEC) has a volatility of 1.46%. This indicates that PFEB experiences smaller price fluctuations and is considered to be less risky than PDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFEB	PDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.46%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	4.65%	5.06%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	6.02%	6.83%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	8.91%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	10.96%	+0.36%

PFEB vs. PDEC - Expense Ratio Comparison

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

Dividends

PFEB vs. PDEC - Dividend Comparison

Neither PFEB nor PDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PFEB and PDEC in my portfolio?

With a correlation of 0.91, PFEB and PDEC 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 PDEC?

PDEC has higher volatility (1.46%) compared to PFEB (1.32%). In terms of maximum drawdown, PFEB dropped -19.98% vs PDEC's -19.31%.

Which ETF is better, PFEB or PDEC?

On 5-year performance, PFEB leads with 8.62% vs 8.41% for PDEC. Both ETFs have the same 0.79% expense ratio. On volatility, PFEB has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or PDEC?

Over the 5-year period, PFEB has performed better with a 8.62% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFEB or PDEC?

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

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

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

What is the main difference between PFEB and PDEC?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

PFEB currently has the higher Sharpe Ratio (2.52 vs 2.45), 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.