PMAY vs. STCE

Last updated Jun 24, 2026

PMAY (Innovator U.S. Equity Power Buffer ETF - May) and STCE (Schwab Crypto Thematic ETF) are both exchange-traded funds - PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index. Both are passively managed. Over the past 3 years, PMAY returned 11.60%/yr vs 54.83%/yr for STCE. A 0.56 correlation means they provide meaningful diversification when combined. PMAY charges 0.79%/yr vs 0.30%/yr for STCE.

Performance

PMAY vs. STCE - 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 Schwab Crypto Thematic ETF (STCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAY achieves a 3.56% return, which is significantly lower than STCE's 28.85% return.

PMAY

• 1D: -0.53%
• 1M: -0.43%
• YTD: 3.56%
• 6M: 3.61%
• 1Y: 9.74%
• 3Y*: 11.60%
• 5Y*: 6.96%
• 10Y*: —

STCE

• 1D: -2.15%
• 1M: 3.34%
• YTD: 28.85%
• 6M: 18.77%
• 1Y: 80.72%
• 3Y*: 54.83%
• 5Y*: —
• 10Y*: —

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

PMAY vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PMAY Innovator U.S. Equity Power Buffer ETF - May	3.56%	10.26%	14.08%	12.05%	-2.97%
STCE Schwab Crypto Thematic ETF	28.85%	36.12%	41.76%	108.65%	-40.98%

Correlation

The correlation between PMAY and STCE is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 4, 2022	0.56

The correlation between PMAY and STCE has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

PMAY vs. STCE - Sectors Allocation Comparison

Sectors	PMAY	STCE
Technology	38.4%	26.3%
Financial Services	11.0%	69.0%
Communication Services	10.8%	4.7%
Consumer Cyclical	10.0%	-
Healthcare	8.4%	-
Industrials	7.9%	-
Consumer Defensive	4.6%	-
Energy	3.2%	0.0%
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

PMAY vs. STCE — Risk / Return Rank

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

PMAY

PMAY Risk / Return Rank: 88
PMAY Sharpe Ratio Rank: 80
PMAY Sortino Ratio Rank: 85
PMAY Omega Ratio Rank: 90
PMAY Calmar Ratio Rank: 91
PMAY Martin Ratio Rank: 95

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 39
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 35
STCE Calmar Ratio Rank: 31
STCE Martin Ratio Rank: 22

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. STCE - 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 Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.31	+1.05
Sortino ratio: Return per unit of downside risk	3.50	1.90	+1.60
Omega ratio: Gain probability vs. loss probability	1.53	1.23	+0.31
Calmar ratio: Return relative to maximum drawdown	5.30	1.50	+3.80
Martin ratio: Return relative to average drawdown	27.89	2.65	+25.24

PMAY vs. STCE - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 2.36, which is higher than the STCE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of PMAY and STCE, 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. STCE - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for PMAY and STCE.

Drawdown Indicators

	PMAY	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-54.11%	+41.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-54.11%	+52.26%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-54.11%	+44.68%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	—	—
Current Drawdown Current decline from peak	-1.10%	-27.40%	+26.30%
Average Drawdown Average peak-to-trough decline	-2.10%	-22.05%	+19.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	30.56%	-30.21%

Volatility

PMAY vs. STCE - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - May (PMAY) is 2.18%, while Schwab Crypto Thematic ETF (STCE) has a volatility of 16.59%. This indicates that PMAY experiences smaller price fluctuations and is considered to be less risky than STCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	16.59%	-14.41%
Volatility (6M) Calculated over the trailing 6-month period	3.48%	42.95%	-39.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	62.01%	-57.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.69%	56.01%	-47.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	56.01%	-47.59%

PMAY vs. STCE - Expense Ratio Comparison

PMAY has a 0.79% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

PMAY vs. STCE - Dividend Comparison

PMAY has not paid dividends to shareholders, while STCE's dividend yield for the trailing twelve months is around 1.52%.

Position	TTM	2025	2024	2023	2022
PMAY Innovator U.S. Equity Power Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.52%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both PMAY and STCE in my portfolio?

PMAY and STCE have a correlation of 0.50, 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 STCE?

STCE has higher volatility (16.59%) compared to PMAY (2.18%). In terms of maximum drawdown, PMAY dropped -13.05% vs STCE's -54.11%.

Which ETF is better, PMAY or STCE?

On 3-year performance, STCE leads with 54.83% vs 11.60% for PMAY. On fees, STCE is cheaper at 0.30% 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.

Which ETF has performed better, PMAY or STCE?

Over the 3-year period, STCE has performed better with a 54.83% return vs 11.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAY or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.79% for PMAY.

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

STCE has the higher dividend yield at 1.52%, compared with 0.00% for PMAY.

What is the main difference between PMAY and STCE?

PMAY is categorized as Defined Outcome, while STCE is Blockchain. PMAY tracks S&P 500 Price Return Index, while STCE tracks Schwab Crypto Thematic Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.79% for PMAY and 0.30% for STCE.

Which has better risk-adjusted returns?

PMAY currently has the higher Sharpe Ratio (2.36 vs 1.31), 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.