PMAY vs. CMDT
PMAY (Innovator U.S. Equity Power Buffer ETF - May) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, PMAY returned 11.60%/yr vs 12.77%/yr for CMDT. At a 0.06 correlation, their price movements are largely independent. PMAY charges 0.79%/yr vs 0.65%/yr for CMDT.
Performance
PMAY vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, PMAY achieves a 3.56% return, which is significantly lower than CMDT's 13.43% return.
PMAY
- 1D
- -0.53%
- 1M
- -0.43%
- YTD
- 3.56%
- 6M
- 3.61%
- 1Y
- 9.74%
- 3Y*
- 11.60%
- 5Y*
- 6.96%
- 10Y*
- —
CMDT
- 1D
- -1.14%
- 1M
- -8.86%
- YTD
- 13.43%
- 6M
- 13.42%
- 1Y
- 21.34%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
PMAY vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PMAY Innovator U.S. Equity Power Buffer ETF - May | 3.56% | 10.26% | 14.08% | 10.20% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 13.43% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between PMAY and CMDT is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | 0.06 |
The correlation between PMAY and CMDT shifts across timeframes, from -0.07 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PMAY vs. CMDT — Risk / Return Rank
PMAY
CMDT
PMAY vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - May (PMAY) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.
| PMAY | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.29 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 5.30 | 1.93 | +3.37 |
| Martin ratioReturn relative to average drawdown | 27.89 | 9.62 | +18.27 |
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Drawdowns
PMAY vs. CMDT - Drawdown Comparison
The maximum PMAY drawdown since its inception was -13.05%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for PMAY and CMDT.
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Drawdown Indicators
| PMAY | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.05% | -11.11% | -1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.85% | -11.11% | +9.26% |
Max Drawdown (3Y)Largest decline over 3 years | -9.43% | -11.11% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -13.05% | — | — |
Current DrawdownCurrent decline from peak | -1.10% | -11.11% | +10.01% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -2.77% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 2.25% | -1.90% |
Volatility
PMAY vs. CMDT - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - May (PMAY) is 2.18%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that PMAY experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMAY | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 3.26% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 10.60% | -7.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 12.65% | -8.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 12.24% | -3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.42% | 12.24% | -3.82% |
PMAY vs. CMDT - Expense Ratio Comparison
PMAY has a 0.79% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
PMAY vs. CMDT - Dividend Comparison
PMAY has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.67% | 3.04% | 8.80% | 2.71% |
PMAY Innovator U.S. Equity Power Buffer ETF - May | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PMAY and CMDT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.26%) compared to PMAY (2.18%). In terms of maximum drawdown, PMAY dropped -13.05% vs CMDT's -11.11%.
On 3-year performance, CMDT leads with 12.77% vs 11.60% for PMAY. On fees, CMDT is cheaper at 0.65% per year. On volatility, PMAY has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 12.77% return vs 11.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.79% for PMAY.
CMDT has the higher dividend yield at 2.67%, compared with 0.00% for PMAY.
PMAY is categorized as Defined Outcome, while CMDT is Commodities. PMAY tracks S&P 500 Price Return Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Innovator and PIMCO. Their fees differ too: 0.79% for PMAY and 0.65% for CMDT.
PMAY currently has the higher Sharpe Ratio (2.36 vs 1.71), 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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