PMAY vs. PJUN

Last updated Jun 6, 2026

PMAY (Innovator U.S. Equity Power Buffer ETF - May) and PJUN (Innovator U.S. Equity Power Buffer ETF - June) are both Defined Outcome funds from Innovator tracking the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, PMAY returned 6.99%/yr vs 6.82%/yr for PJUN. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

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

Returns By Period

In the year-to-date period, PMAY achieves a 3.41% return, which is significantly higher than PJUN's 2.36% return.

PMAY

• 1D: -1.18%
• 1M: 0.12%
• YTD: 3.41%
• 6M: 4.01%
• 1Y: 10.56%
• 3Y*: 11.96%
• 5Y*: 6.99%
• 10Y*: —

PJUN

• 1D: -1.33%
• 1M: -0.92%
• YTD: 2.36%
• 6M: 2.95%
• 1Y: 10.06%
• 3Y*: 11.40%
• 5Y*: 6.82%
• 10Y*: —

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

PMAY vs. PJUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMAY Innovator U.S. Equity Power Buffer ETF - May	3.41%	10.26%	14.08%	12.05%	-8.08%	7.80%	11.97%
PJUN Innovator U.S. Equity Power Buffer ETF - June	2.36%	11.62%	12.40%	12.28%	-7.75%	7.13%	14.16%

Correlation

The correlation between PMAY and PJUN is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.88

The correlation between PMAY and PJUN has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

PMAY vs. PJUN - Sectors Allocation Comparison

Sectors	PMAY	PJUN
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

PMAY vs. PJUN — Risk / Return Rank

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

PMAY

PMAY Risk / Return Rank: 92
PMAY Sharpe Ratio Rank: 86
PMAY Sortino Ratio Rank: 91
PMAY Omega Ratio Rank: 94
PMAY Calmar Ratio Rank: 94
PMAY Martin Ratio Rank: 96

PJUN

PJUN Risk / Return Rank: 79
PJUN Sharpe Ratio Rank: 71
PJUN Sortino Ratio Rank: 74
PJUN Omega Ratio Rank: 83
PJUN Calmar Ratio Rank: 75
PJUN Martin Ratio Rank: 91

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. PJUN - 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 Innovator U.S. Equity Power Buffer ETF - June (PJUN). 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.

	PMAY	PJUN	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.17	+0.52
Sortino ratio: Return per unit of downside risk	4.10	3.15	+0.95
Omega ratio: Gain probability vs. loss probability	1.63	1.47	+0.15
Calmar ratio: Return relative to maximum drawdown	6.73	3.62	+3.11
Martin ratio: Return relative to average drawdown	36.44	21.00	+15.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAY vs. PJUN - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 2.69, which is comparable to the PJUN Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PMAY and PJUN, 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

	PMAY	PJUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.17	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.83	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.80	+0.18

Drawdowns

PMAY vs. PJUN - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum PJUN drawdown of -16.31%. Use the drawdown chart below to compare losses from any high point for PMAY and PJUN.

Drawdown Indicators

	PMAY	PJUN	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-16.31%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-1.58%	-2.79%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-10.09%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	-12.51%	-0.54%
Current Drawdown Current decline from peak	-1.24%	-1.40%	+0.16%
Average Drawdown Average peak-to-trough decline	-2.11%	-1.87%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.48%	-0.19%

Volatility

PMAY vs. PJUN - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - May (PMAY) has a higher volatility of 1.64% compared to Innovator U.S. Equity Power Buffer ETF - June (PJUN) at 1.46%. This indicates that PMAY's price experiences larger fluctuations and is considered to be riskier than PJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	PJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.46%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	3.55%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	4.66%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.66%	8.21%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.41%	9.73%	-1.32%

PMAY vs. PJUN - Expense Ratio Comparison

Both PMAY and PJUN have an expense ratio of 0.79%.

Dividends

PMAY vs. PJUN - Dividend Comparison

Neither PMAY nor PJUN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAY and PJUN in my portfolio?

PMAY and PJUN have a correlation of 0.80, 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 PJUN?

PMAY has higher volatility (1.64%) compared to PJUN (1.46%). In terms of maximum drawdown, PMAY dropped -13.05% vs PJUN's -16.31%.

Which ETF is better, PMAY or PJUN?

On 5-year performance, PMAY leads with 6.99% vs 6.82% for PJUN. Both ETFs have the same 0.79% expense ratio. On volatility, PJUN has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAY or PJUN?

Over the 5-year period, PMAY has performed better with a 6.99% return vs 6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAY or PJUN?

PMAY and PJUN have the same expense ratio: 0.79% per year.

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

PMAY and PJUN have nearly identical dividend yields, around 0.00%.

What is the main difference between PMAY and PJUN?

Both ETFs track S&P 500 Price Return Index.

Which has better risk-adjusted returns?

PMAY currently has the higher Sharpe Ratio (2.69 vs 2.17), 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.