PMAU vs. USEP

Last updated Jun 4, 2026

PMAU (PGIM S&P 500 Max Buffer ETF - August) and USEP (Innovator U.S. Equity Ultra Buffer ETF - September) are both Defined Outcome funds. PMAU is actively managed, while USEP is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. PMAU charges 0.50%/yr vs 0.79%/yr for USEP.

Performance

PMAU vs. USEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - August (PMAU) and Innovator U.S. Equity Ultra Buffer ETF - September (USEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAU achieves a 2.95% return, which is significantly lower than USEP's 4.73% return.

PMAU

• 1D: -0.02%
• 1M: 0.89%
• YTD: 2.95%
• 6M: 3.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USEP

• 1D: -0.08%
• 1M: 1.65%
• YTD: 4.73%
• 6M: 5.26%
• 1Y: 14.66%
• 3Y*: 13.11%
• 5Y*: 8.01%
• 10Y*: —

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

PMAU vs. USEP - Yearly Performance Comparison

	2026 (YTD)	2025
PMAU PGIM S&P 500 Max Buffer ETF - August	2.95%	2.98%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	4.73%	5.85%

Correlation

The correlation between PMAU and USEP 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 (All Time) Calculated using the full available price history since Aug 4, 2025	0.90

Return for Risk

PMAU vs. USEP — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 84
USEP Sharpe Ratio Rank: 83
USEP Sortino Ratio Rank: 87
USEP Omega Ratio Rank: 88
USEP Calmar Ratio Rank: 74
USEP 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.

PMAU vs. USEP - 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 U.S. Equity Ultra Buffer ETF - September (USEP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PMAU	USEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.70	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.90	1.00	+1.89

Drawdowns

PMAU vs. USEP - Drawdown Comparison

The maximum PMAU drawdown since its inception was -1.79%, smaller than the maximum USEP drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for PMAU and USEP.

Drawdown Indicators

	PMAU	USEP	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-13.37%	+11.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.84%	—
Current Drawdown Current decline from peak	-0.02%	-0.08%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.17%	-1.89%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.78%	—

Volatility

Volatility by Period

	PMAU	USEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	5.47%	-2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.51%	7.41%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.51%	8.06%	-5.55%

PMAU vs. USEP - Expense Ratio Comparison

PMAU has a 0.50% expense ratio, which is lower than USEP's 0.79% expense ratio.

Dividends

PMAU vs. USEP - Dividend Comparison

Neither PMAU nor USEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%

Frequently Asked Questions

Can I hold both PMAU and USEP in my portfolio?

With a correlation of 0.90, PMAU and USEP 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 ETF is better, PMAU or USEP?

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.

Which ETF is cheaper, PMAU or USEP?

PMAU is cheaper with a 0.50% expense ratio, compared with 0.79% for USEP.

Which ETF pays a higher dividend yield, PMAU or USEP?

PMAU and USEP have nearly identical dividend yields, around 0.00%.

What is the main difference between PMAU and USEP?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PMAU and 0.79% for USEP.