PMAR vs. BDRY
PMAR (Innovator U.S. Equity Power Buffer ETF - March) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - PMAR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect March Series Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, PMAR returned 9.25%/yr vs -16.41%/yr for BDRY. At a 0.03 correlation, their price movements are largely independent. PMAR charges 0.79%/yr vs 3.76%/yr for BDRY.
Performance
PMAR vs. BDRY - Performance Comparison
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Returns By Period
In the year-to-date period, PMAR achieves a 5.76% return, which is significantly lower than BDRY's 34.21% return.
PMAR
- 1D
- -0.25%
- 1M
- 0.13%
- YTD
- 5.76%
- 6M
- 5.79%
- 1Y
- 14.20%
- 3Y*
- 12.46%
- 5Y*
- 9.25%
- 10Y*
- —
BDRY
- 1D
- 1.64%
- 1M
- -7.14%
- YTD
- 34.21%
- 6M
- 34.67%
- 1Y
- 103.63%
- 3Y*
- 24.09%
- 5Y*
- -16.41%
- 10Y*
- —
PMAR vs. BDRY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PMAR Innovator U.S. Equity Power Buffer ETF - March | 5.76% | 11.82% | 12.83% | 15.95% | -2.65% | 10.96% | 8.01% |
BDRY Breakwave Dry Bulk Shipping ETF | 34.21% | 44.24% | -47.40% | 25.79% | -68.84% | 282.99% | -5.98% |
Correlation
The correlation between PMAR and BDRY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020 | 0.03 |
The correlation between PMAR and BDRY shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PMAR vs. BDRY — Risk / Return Rank
PMAR
BDRY
PMAR vs. BDRY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - March (PMAR) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.
| PMAR | BDRY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.36 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 4.82 | -1.36 |
| Martin ratioReturn relative to average drawdown | 20.17 | 13.59 | +6.59 |
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Drawdowns
PMAR vs. BDRY - Drawdown Comparison
The maximum PMAR drawdown since its inception was -17.18%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for PMAR and BDRY.
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Drawdown Indicators
| PMAR | BDRY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.18% | -89.16% | +71.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -21.60% | +17.49% |
Max Drawdown (3Y)Largest decline over 3 years | -9.32% | -69.71% | +60.39% |
Max Drawdown (5Y)Largest decline over 5 years | -10.84% | -89.16% | +78.32% |
Current DrawdownCurrent decline from peak | -0.63% | -71.65% | +71.02% |
Average DrawdownAverage peak-to-trough decline | -1.55% | -58.43% | +56.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 7.65% | -6.94% |
Volatility
PMAR vs. BDRY - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - March (PMAR) is 1.69%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that PMAR experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMAR | BDRY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 7.30% | -5.61% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 29.14% | -24.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.35% | 42.10% | -36.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.20% | 60.24% | -52.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.71% | 62.40% | -51.69% |
PMAR vs. BDRY - Expense Ratio Comparison
PMAR has a 0.79% expense ratio, which is lower than BDRY's 3.76% expense ratio.
Dividends
PMAR vs. BDRY - Dividend Comparison
Neither PMAR nor BDRY has paid dividends to shareholders.
Frequently Asked Questions
PMAR and BDRY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDRY has higher volatility (7.30%) compared to PMAR (1.69%). In terms of maximum drawdown, PMAR dropped -17.18% vs BDRY's -89.16%.
On 5-year performance, PMAR leads with 9.25% vs -16.41% for BDRY. On fees, PMAR is cheaper at 0.79% per year. On volatility, PMAR has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PMAR has performed better with a 9.25% return vs -16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PMAR is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.
PMAR and BDRY have nearly identical dividend yields, around 0.00%.
PMAR is categorized as Defined Outcome, while BDRY is Commodities. PMAR tracks Cboe S&P 500 15% Buffer Protect March Series Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: Innovator and ETFMG. Their fees differ too: 0.79% for PMAR and 3.76% for BDRY.
PMAR currently has the higher Sharpe Ratio (2.68 vs 2.48), 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.
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