PMAY vs. SCHR
PMAY (Innovator U.S. Equity Power Buffer ETF - May) and SCHR (Schwab Intermediate-Term U.S. Treasury ETF) are both exchange-traded funds - PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while SCHR is a Government Bonds fund tracking the Bloomberg US Treasury 3-10 Year Index. Both are passively managed. Over the past 5 years, PMAY returned 6.96%/yr vs 0.10%/yr for SCHR. At a 0.08 correlation, their price movements are largely independent. PMAY charges 0.79%/yr vs 0.05%/yr for SCHR.
Performance
PMAY vs. SCHR - Performance Comparison
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Returns By Period
In the year-to-date period, PMAY achieves a 3.56% return, which is significantly higher than SCHR's -0.43% return.
PMAY
- 1D
- -0.53%
- 1M
- -0.43%
- YTD
- 3.56%
- 6M
- 3.61%
- 1Y
- 9.74%
- 3Y*
- 11.60%
- 5Y*
- 6.96%
- 10Y*
- —
SCHR
- 1D
- 0.08%
- 1M
- 0.33%
- YTD
- -0.43%
- 6M
- -0.27%
- 1Y
- 2.71%
- 3Y*
- 3.53%
- 5Y*
- 0.10%
- 10Y*
- 1.14%
PMAY vs. SCHR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PMAY Innovator U.S. Equity Power Buffer ETF - May | 3.56% | 10.26% | 14.08% | 12.05% | -8.08% | 7.80% | 10.74% |
SCHR Schwab Intermediate-Term U.S. Treasury ETF | -0.43% | 7.33% | 1.42% | 4.27% | -10.58% | -2.62% | 0.22% |
Correlation
The correlation between PMAY and SCHR is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since May 1, 2020 | 0.08 |
The correlation between PMAY and SCHR shifts across timeframes, from 0.08 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PMAY vs. SCHR — Risk / Return Rank
PMAY
SCHR
PMAY vs. SCHR - 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 Schwab Intermediate-Term U.S. Treasury ETF (SCHR). 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 | SCHR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.14 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 5.30 | 0.97 | +4.33 |
| Martin ratioReturn relative to average drawdown | 27.89 | 2.63 | +25.26 |
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Drawdowns
PMAY vs. SCHR - Drawdown Comparison
The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum SCHR drawdown of -16.11%. Use the drawdown chart below to compare losses from any high point for PMAY and SCHR.
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Drawdown Indicators
| PMAY | SCHR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.05% | -16.11% | +3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.85% | -2.79% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -9.43% | -4.35% | -5.08% |
Max Drawdown (5Y)Largest decline over 5 years | -13.05% | -15.07% | +2.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.11% | — |
Current DrawdownCurrent decline from peak | -1.10% | -2.37% | +1.27% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -3.63% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 1.03% | -0.68% |
Volatility
PMAY vs. SCHR - Volatility Comparison
Innovator U.S. Equity Power Buffer ETF - May (PMAY) has a higher volatility of 2.18% compared to Schwab Intermediate-Term U.S. Treasury ETF (SCHR) at 1.06%. This indicates that PMAY's price experiences larger fluctuations and is considered to be riskier than SCHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMAY | SCHR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 1.06% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 2.48% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 3.42% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 5.38% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.42% | 4.47% | +3.95% |
PMAY vs. SCHR - Expense Ratio Comparison
PMAY has a 0.79% expense ratio, which is higher than SCHR's 0.05% expense ratio.
Dividends
PMAY vs. SCHR - Dividend Comparison
PMAY has not paid dividends to shareholders, while SCHR's dividend yield for the trailing twelve months is around 3.92%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SCHR Schwab Intermediate-Term U.S. Treasury ETF | 3.92% | 3.85% | 3.77% | 3.16% | 2.02% | 1.00% | 1.62% | 2.31% | 2.11% | 1.65% | 1.45% | 1.56% |
Frequently Asked Questions
PMAY and SCHR have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMAY has higher volatility (2.18%) compared to SCHR (1.06%). In terms of maximum drawdown, PMAY dropped -13.05% vs SCHR's -16.11%.
On 5-year performance, PMAY leads with 6.96% vs 0.10% for SCHR. On fees, SCHR is cheaper at 0.05% per year. On volatility, SCHR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PMAY has performed better with a 6.96% return vs 0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHR is cheaper with a 0.05% expense ratio, compared with 0.79% for PMAY.
SCHR has the higher dividend yield at 3.92%, compared with 0.00% for PMAY.
PMAY is categorized as Defined Outcome, while SCHR is Government Bonds. PMAY tracks S&P 500 Price Return Index, while SCHR tracks Bloomberg US Treasury 3-10 Year Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.79% for PMAY and 0.05% for SCHR.
PMAY currently has the higher Sharpe Ratio (2.36 vs 0.80), 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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