PMAU vs. NOCT
PMAU (PGIM S&P 500 Max Buffer ETF - August) and NOCT (Innovator Growth-100 Power Buffer ETF - October) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. PMAU charges 0.50%/yr vs 0.79%/yr for NOCT.
Performance
PMAU vs. NOCT - Performance Comparison
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Returns By Period
In the year-to-date period, PMAU achieves a 3.05% return, which is significantly lower than NOCT's 6.77% return.
PMAU
- 1D
- -0.13%
- 1M
- 0.30%
- YTD
- 3.05%
- 6M
- 3.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NOCT
- 1D
- -0.83%
- 1M
- -0.13%
- YTD
- 6.77%
- 6M
- 6.34%
- 1Y
- 15.56%
- 3Y*
- 14.27%
- 5Y*
- 10.00%
- 10Y*
- —
PMAU vs. NOCT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMAU PGIM S&P 500 Max Buffer ETF - August | 3.05% | 2.94% |
NOCT Innovator Growth-100 Power Buffer ETF - October | 6.77% | 4.70% |
Correlation
The correlation between PMAU and NOCT is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025 | 0.86 |
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Return for Risk
PMAU vs. NOCT — Risk / Return Rank
PMAU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NOCT
PMAU vs. NOCT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - August (PMAU) and Innovator Growth-100 Power Buffer ETF - October (NOCT). 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.
| PMAU | NOCT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.40 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.68 | — |
| Martin ratioReturn relative to average drawdown | — | 12.33 | — |
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Drawdowns
PMAU vs. NOCT - Drawdown Comparison
The maximum PMAU drawdown since its inception was -1.79%, smaller than the maximum NOCT drawdown of -16.21%. Use the drawdown chart below to compare losses from any high point for PMAU and NOCT.
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Drawdown Indicators
| PMAU | NOCT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.79% | -16.21% | +14.42% |
Max Drawdown (1Y)Largest decline over 1 year | — | -5.84% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.70% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.21% | — |
Current DrawdownCurrent decline from peak | -0.13% | -1.08% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -2.33% | +2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.26% | — |
Volatility
PMAU vs. NOCT - Volatility Comparison
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Volatility by Period
| PMAU | NOCT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.36% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.13% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 7.74% | -5.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 10.98% | -8.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.48% | 11.19% | -8.71% |
PMAU vs. NOCT - Expense Ratio Comparison
PMAU has a 0.50% expense ratio, which is lower than NOCT's 0.79% expense ratio.
Dividends
PMAU vs. NOCT - Dividend Comparison
Neither PMAU nor NOCT has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
NOCT Innovator Growth-100 Power Buffer ETF - October | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.07% |
PMAU PGIM S&P 500 Max Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PMAU and NOCT have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PMAU is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PMAU is cheaper with a 0.50% expense ratio, compared with 0.79% for NOCT.
PMAU and NOCT have nearly identical dividend yields, around 0.00%.
They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PMAU and 0.79% for NOCT.
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