PFEB vs. PMAR

Last updated Aug 4, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and PMAR (Innovator U.S. Equity Power Buffer ETF - March) are both Defined Outcome funds from Innovator - PFEB tracks the S&P 500 while PMAR tracks the Cboe S&P 500 15% Buffer Protect March Series Index. Both are passively managed. Over the past 5 years, PFEB returned 8.79%/yr vs 9.43%/yr for PMAR. Their correlation of 0.87 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

PFEB vs. PMAR - 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 - March (PMAR). 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 PMAR's 7.45% 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%

PMAR

• 1D: 0.46%
• 1M: 1.15%
• 6M: 6.44%
• YTD: 7.45%
• 1Y: 13.67%
• 3Y*: 12.57%
• 5Y*: 9.43%
• 10Y*: —
• ALL TIME*: 9.91%

*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)
PFEB Innovator U.S. Equity Power Buffer ETF - February	$1.01M	$1.06M	$1.04M
PMAR Innovator U.S. Equity Power Buffer ETF - March	$609.98K	$573.18K	$815.06K

PFEB vs. PMAR - 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%
PMAR Innovator U.S. Equity Power Buffer ETF - March	7.45%	11.82%	12.83%	15.95%	-2.65%	10.96%	8.01%

Correlation

The correlation between PFEB and PMAR is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020	0.87

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

PFEB vs. PMAR - Sectors Allocation Comparison

Sectors	PFEB	PMAR
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. PMAR — 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

PMAR

PMAR Risk / Return Rank: 92
PMAR Sharpe Ratio Rank: 92
PMAR Sortino Ratio Rank: 94
PMAR Omega Ratio Rank: 95
PMAR Calmar Ratio Rank: 84
PMAR Martin Ratio Rank: 94

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. PMAR - 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 - March (PMAR). 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	PMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.53	-0.19
Sortino ratio: Return per unit of downside risk	3.51	3.76	-0.25
Omega ratio: Gain probability vs. loss probability	1.47	1.55	-0.08
Calmar ratio: Return relative to maximum drawdown	2.97	3.34	-0.37
Martin ratio: Return relative to average drawdown	15.39	19.07	-3.67

PFEB vs. PMAR - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.34, which is comparable to the PMAR Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PFEB and PMAR, 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. PMAR - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, which is greater than PMAR's maximum drawdown of -17.18%. Use the drawdown chart below to compare losses from any high point for PFEB and PMAR.

Drawdown Indicators

	PFEB	PMAR	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-17.18%	-2.80%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-4.11%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-9.32%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	-10.84%	-0.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.80%	-1.53%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.72%	+0.19%

Volatility

PFEB vs. PMAR - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - February (PFEB) and Innovator U.S. Equity Power Buffer ETF - March (PMAR) have volatilities of 1.55% and 1.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFEB	PMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.56%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	5.02%	4.60%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.00%	5.44%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.28%	8.21%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.21%	10.63%	+0.58%

PFEB vs. PMAR - Expense Ratio Comparison

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

Dividends

PFEB vs. PMAR - Dividend Comparison

Neither PFEB nor PMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PFEB and PMAR in my portfolio?

With a correlation of 0.91, PFEB and PMAR 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 PMAR?

PMAR has higher volatility (1.56%) compared to PFEB (1.55%). In terms of maximum drawdown, PFEB dropped -19.98% vs PMAR's -17.18%.

Which ETF is better, PFEB or PMAR?

On 5-year performance, PMAR leads with 9.43% vs 8.79% for PFEB. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or PMAR?

Over the 5-year period, PMAR has performed better with a 9.43% 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 PMAR?

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

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

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

What is the main difference between PFEB and PMAR?

PFEB tracks S&P 500, while PMAR tracks Cboe S&P 500 15% Buffer Protect March Series Index.

Which has better risk-adjusted returns?

PMAR currently has the higher Sharpe Ratio (2.53 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.