PMAR vs. PDEC

Last updated Jun 6, 2026

PMAR (Innovator U.S. Equity Power Buffer ETF - March) and PDEC (Innovator U.S. Equity Power Buffer ETF - December) are both Defined Outcome funds from Innovator - PMAR tracks the Cboe S&P 500 15% Buffer Protect March Series Index while PDEC tracks the S&P 500. Both are passively managed. Over the past 5 years, PMAR returned 9.33%/yr vs 8.41%/yr for PDEC. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PMAR vs. PDEC - 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 Innovator U.S. Equity Power Buffer ETF - December (PDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAR achieves a 5.38% return, which is significantly higher than PDEC's 4.77% return.

PMAR

• 1D: -0.88%
• 1M: 0.36%
• YTD: 5.38%
• 6M: 6.12%
• 1Y: 14.67%
• 3Y*: 12.68%
• 5Y*: 9.33%
• 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)

PMAR vs. PDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMAR Innovator U.S. Equity Power Buffer ETF - March	5.38%	11.82%	12.83%	15.95%	-2.65%	10.96%	6.64%
PDEC Innovator U.S. Equity Power Buffer ETF - December	4.77%	12.91%	9.46%	17.43%	-5.95%	9.59%	10.09%

Correlation

The correlation between PMAR and PDEC is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020	0.85

The correlation between PMAR and PDEC has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

PMAR vs. PDEC - Sectors Allocation Comparison

Sectors	PMAR	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

PMAR vs. PDEC — 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: 87
PMAR Sortino Ratio Rank: 91
PMAR Omega Ratio Rank: 93
PMAR Calmar Ratio Rank: 75
PMAR Martin Ratio Rank: 91

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.

PMAR vs. PDEC - 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 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.

	PMAR	PDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.45	+0.30
Sortino ratio: Return per unit of downside risk	4.06	3.56	+0.50
Omega ratio: Gain probability vs. loss probability	1.62	1.48	+0.14
Calmar ratio: Return relative to maximum drawdown	3.58	3.49	+0.09
Martin ratio: Return relative to average drawdown	21.14	18.03	+3.11
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. PDEC - Sharpe Ratio Comparison

The current PMAR Sharpe Ratio is 2.75, which is comparable to the PDEC Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of PMAR 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

	PMAR	PDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.45	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	0.95	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.80	+0.10

Drawdowns

PMAR vs. PDEC - Drawdown Comparison

The maximum PMAR drawdown since its inception was -17.18%, smaller than the maximum PDEC drawdown of -19.31%. Use the drawdown chart below to compare losses from any high point for PMAR and PDEC.

Drawdown Indicators

	PMAR	PDEC	Difference
Max Drawdown Largest peak-to-trough decline	-17.18%	-19.31%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-4.78%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-9.32%	-10.77%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-11.53%	+0.69%
Current Drawdown Current decline from peak	-0.92%	-1.09%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.56%	-2.02%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.92%	-0.22%

Volatility

PMAR vs. PDEC - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - March (PMAR) is 1.15%, while Innovator U.S. Equity Power Buffer ETF - December (PDEC) has a volatility of 1.46%. This indicates that PMAR 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

	PMAR	PDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	1.46%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	5.06%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.37%	6.83%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	8.91%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.72%	10.96%	-0.24%

PMAR vs. PDEC - Expense Ratio Comparison

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

Dividends

PMAR vs. PDEC - Dividend Comparison

Neither PMAR nor PDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAR and PDEC in my portfolio?

With a correlation of 0.90, PMAR 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, PMAR or PDEC?

PDEC has higher volatility (1.46%) compared to PMAR (1.15%). In terms of maximum drawdown, PMAR dropped -17.18% vs PDEC's -19.31%.

Which ETF is better, PMAR or PDEC?

On 5-year performance, PMAR leads with 9.33% vs 8.41% for PDEC. Both ETFs have the same 0.79% expense ratio. On volatility, PMAR has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAR or PDEC?

Over the 5-year period, PMAR has performed better with a 9.33% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAR or PDEC?

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

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

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

What is the main difference between PMAR and PDEC?

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

Which has better risk-adjusted returns?

PMAR currently has the higher Sharpe Ratio (2.75 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.