PMAY vs. EINC

Last updated Jul 12, 2026

PMAY (Innovator U.S. Equity Power Buffer ETF - May) and EINC (VanEck Energy Income ETF) are both exchange-traded funds - PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while EINC is a Energy Equities fund tracking the MVIS North America Energy Infrastructure Index. Both are passively managed. Over the past 5 years, PMAY returned 7.01%/yr vs 21.31%/yr for EINC. At a 0.39 correlation, their price movements are largely independent. PMAY charges 0.79%/yr vs 0.45%/yr for EINC.

Performance

PMAY vs. EINC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - May (PMAY) and VanEck Energy Income ETF (EINC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAY achieves a 5.10% return, which is significantly lower than EINC's 26.77% return.

PMAY

• 1D: 0.36%
• 1M: 1.22%
• 6M: 4.68%
• YTD: 5.10%
• 1Y: 9.64%
• 3Y*: 11.80%
• 5Y*: 7.01%
• 10Y*: —

EINC

• 1D: 0.19%
• 1M: 0.31%
• 6M: 28.45%
• YTD: 26.77%
• 1Y: 30.66%
• 3Y*: 28.13%
• 5Y*: 21.31%
• 10Y*: 11.56%

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

PMAY vs. EINC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMAY Innovator U.S. Equity Power Buffer ETF - May	5.10%	10.26%	14.08%	12.05%	-8.08%	7.80%	10.74%
EINC VanEck Energy Income ETF	26.77%	7.11%	42.79%	15.55%	19.18%	38.05%	17.39%

Correlation

The correlation between PMAY and EINC is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.39

The correlation between PMAY and EINC shifts across timeframes, from -0.13 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

PMAY vs. EINC - Sectors Allocation Comparison

Sectors	PMAY	EINC
Technology	38.4%	-
Financial Services	11.0%	-
Communication Services	10.8%	-
Consumer Cyclical	10.0%	-
Healthcare	8.4%	-
Industrials	7.9%	0.6%
Consumer Defensive	4.6%	-
Energy	3.2%	99.4%
Utilities	2.1%	0.6%
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

PMAY vs. EINC — Risk / Return Rank

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

PMAY

PMAY Risk / Return Rank: 93
PMAY Sharpe Ratio Rank: 89
PMAY Sortino Ratio Rank: 92
PMAY Omega Ratio Rank: 94
PMAY Calmar Ratio Rank: 93
PMAY Martin Ratio Rank: 96

EINC

EINC Risk / Return Rank: 78
EINC Sharpe Ratio Rank: 81
EINC Sortino Ratio Rank: 78
EINC Omega Ratio Rank: 77
EINC Calmar Ratio Rank: 87
EINC Martin Ratio Rank: 68

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.

PMAY vs. EINC - 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 VanEck Energy Income ETF (EINC). 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	EINC	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.05	+0.30
Sortino ratio: Return per unit of downside risk	3.51	2.78	+0.73
Omega ratio: Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio: Return relative to maximum drawdown	5.34	3.98	+1.36
Martin ratio: Return relative to average drawdown	25.89	9.80	+16.09

PMAY vs. EINC - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 2.35, which is comparable to the EINC Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PMAY and EINC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PMAY vs. EINC - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum EINC drawdown of -87.55%. Use the drawdown chart below to compare losses from any high point for PMAY and EINC.

Drawdown Indicators

	PMAY	EINC	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-87.55%	+74.50%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-7.89%	+6.04%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-16.01%	+6.58%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	-19.87%	+6.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-68.85%	—
Current Drawdown Current decline from peak	0.00%	-3.89%	+3.89%
Average Drawdown Average peak-to-trough decline	-2.08%	-44.02%	+41.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	3.20%	-2.82%

Volatility

PMAY vs. EINC - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - May (PMAY) is 2.00%, while VanEck Energy Income ETF (EINC) has a volatility of 6.16%. This indicates that PMAY experiences smaller price fluctuations and is considered to be less risky than EINC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	EINC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	6.16%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	12.26%	-8.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.20%	15.33%	-11.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.68%	19.58%	-10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.39%	25.33%	-16.94%

PMAY vs. EINC - Expense Ratio Comparison

PMAY has a 0.79% expense ratio, which is higher than EINC's 0.45% expense ratio.

Dividends

PMAY vs. EINC - Dividend Comparison

PMAY has not paid dividends to shareholders, while EINC's dividend yield for the trailing twelve months is around 3.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EINC VanEck Energy Income ETF	3.49%	4.51%	3.33%	3.77%	2.89%	6.03%	6.69%	9.66%	11.31%	8.53%	9.71%	28.53%
PMAY Innovator U.S. Equity Power Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMAY and EINC in my portfolio?

PMAY and EINC have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAY or EINC?

EINC has higher volatility (6.16%) compared to PMAY (2.00%). In terms of maximum drawdown, PMAY dropped -13.05% vs EINC's -87.55%.

Which ETF is better, PMAY or EINC?

On 5-year performance, EINC leads with 21.31% vs 7.01% for PMAY. On fees, EINC is cheaper at 0.45% per year. On volatility, PMAY has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAY or EINC?

Over the 5-year period, EINC has performed better with a 21.31% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAY or EINC?

EINC is cheaper with a 0.45% expense ratio, compared with 0.79% for PMAY.

Which ETF pays a higher dividend yield, PMAY or EINC?

EINC has the higher dividend yield at 3.49%, compared with 0.00% for PMAY.

What is the main difference between PMAY and EINC?

PMAY is categorized as Defined Outcome, while EINC is Energy Equities. PMAY tracks S&P 500 Price Return Index, while EINC tracks MVIS North America Energy Infrastructure Index. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.79% for PMAY and 0.45% for EINC.

Which has better risk-adjusted returns?

PMAY currently has the higher Sharpe Ratio (2.35 vs 2.05), 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.