PMAR vs. GMAR

Last updated Jun 3, 2026

PMAR (Innovator U.S. Equity Power Buffer ETF - March) and GMAR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - March) are both exchange-traded funds - PMAR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect March Series Index, while GMAR is a Options Trading fund actively managed by FT Vest. PMAR is passively managed, while GMAR is actively managed. Over the past 3 years, PMAR returned 13.05%/yr vs 12.27%/yr for GMAR. Their correlation of 0.87 suggests significant overlap in exposure. PMAR charges 0.79%/yr vs 0.85%/yr for GMAR.

Performance

PMAR vs. GMAR - Performance Comparison

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

Returns By Period

In the year-to-date period, PMAR achieves a 6.36% return, which is significantly lower than GMAR's 7.99% return.

PMAR

• 1D: 0.06%
• 1M: 1.94%
• YTD: 6.36%
• 6M: 7.38%
• 1Y: 15.93%
• 3Y*: 13.05%
• 5Y*: 9.61%
• 10Y*: —

GMAR

• 1D: -0.01%
• 1M: 1.47%
• YTD: 7.99%
• 6M: 8.99%
• 1Y: 15.68%
• 3Y*: 12.27%
• 5Y*: —
• 10Y*: —

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

PMAR vs. GMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PMAR Innovator U.S. Equity Power Buffer ETF - March	6.36%	11.82%	12.83%	13.10%
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	7.99%	9.29%	12.14%	11.95%

Correlation

The correlation between PMAR and GMAR is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023	0.87

The correlation between PMAR and GMAR has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

PMAR vs. GMAR - Sectors Allocation Comparison

Sectors	PMAR	GMAR
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

PMAR vs. GMAR — Risk / Return Rank

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

PMAR

PMAR Risk / Return Rank: 88
PMAR Sharpe Ratio Rank: 88
PMAR Sortino Ratio Rank: 92
PMAR Omega Ratio Rank: 94
PMAR Calmar Ratio Rank: 76
PMAR Martin Ratio Rank: 92

GMAR

GMAR Risk / Return Rank: 97
GMAR Sharpe Ratio Rank: 95
GMAR Sortino Ratio Rank: 98
GMAR Omega Ratio Rank: 98
GMAR Calmar Ratio Rank: 96
GMAR Martin Ratio Rank: 98

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.

PMAR vs. GMAR - 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 FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR). 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.

	PMAR	GMAR	Difference
Sharpe ratio Return per unit of total volatility	3.01	4.04	-1.02
Sortino ratio Return per unit of downside risk	4.52	6.76	-2.23
Omega ratio Gain probability vs. loss probability	1.69	2.05	-0.36
Calmar ratio Return relative to maximum drawdown	3.90	8.85	-4.95
Martin ratio Return relative to average drawdown	23.14	61.68	-38.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAR vs. GMAR - Sharpe Ratio Comparison

The current PMAR Sharpe Ratio is 3.01, which is comparable to the GMAR Sharpe Ratio of 4.04. The chart below compares the historical Sharpe Ratios of PMAR and GMAR, 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

	PMAR	GMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	4.04	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.92	-1.01

Drawdowns

PMAR vs. GMAR - Drawdown Comparison

The maximum PMAR drawdown since its inception was -17.18%, which is greater than GMAR's maximum drawdown of -9.11%. Use the drawdown chart below to compare losses from any high point for PMAR and GMAR.

Drawdown Indicators

	PMAR	GMAR	Difference
Max Drawdown Largest peak-to-trough decline	-17.18%	-9.11%	-8.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-1.79%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-9.32%	-9.11%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	—	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.56%	-0.54%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.26%	+0.43%

Volatility

PMAR vs. GMAR - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - March (PMAR) has a higher volatility of 0.83% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) at 0.71%. This indicates that PMAR's price experiences larger fluctuations and is considered to be riskier than GMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAR	GMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.71%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	4.14%	2.98%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	3.90%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.17%	6.84%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.73%	6.84%	+3.89%

PMAR vs. GMAR - Expense Ratio Comparison

PMAR has a 0.79% expense ratio, which is lower than GMAR's 0.85% expense ratio.

Dividends

PMAR vs. GMAR - Dividend Comparison

Neither PMAR nor GMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAR and GMAR in my portfolio?

PMAR and GMAR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAR or GMAR?

PMAR has higher volatility (0.83%) compared to GMAR (0.71%). In terms of maximum drawdown, PMAR dropped -17.18% vs GMAR's -9.11%.

Which ETF is better, PMAR or GMAR?

On 3-year performance, PMAR leads with 13.05% vs 12.27% for GMAR. On fees, PMAR is cheaper at 0.79% per year. On volatility, GMAR has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAR or GMAR?

Over the 3-year period, PMAR has performed better with a 13.05% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAR or GMAR?

PMAR is cheaper with a 0.79% expense ratio, compared with 0.85% for GMAR.

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

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

What is the main difference between PMAR and GMAR?

PMAR is categorized as Defined Outcome, while GMAR is Options Trading. They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.79% for PMAR and 0.85% for GMAR.

Which has better risk-adjusted returns?

GMAR currently has the higher Sharpe Ratio (4.04 vs 3.01), 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.