PMAY vs. VOO

Last updated Aug 2, 2026

PMAY (Innovator U.S. Equity Power Buffer ETF - May) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, PMAY returned 7.00%/yr vs 12.83%/yr for VOO. Their correlation of 0.89 means they have usually moved in the same direction. PMAY charges 0.79%/yr vs 0.03%/yr for VOO.

Performance

PMAY vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAY achieves a 4.85% return, which is significantly lower than VOO's 10.16% return.

PMAY

• 1D: 0.27%
• 1M: 0.48%
• 6M: 4.27%
• YTD: 4.85%
• 1Y: 9.33%
• 3Y*: 11.23%
• 5Y*: 7.00%
• 10Y*: —
• ALL TIME*: 8.04%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PMAY Innovator U.S. Equity Power Buffer ETF - May	$1.63M	$1.63M	$6.87M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

PMAY vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMAY Innovator U.S. Equity Power Buffer ETF - May	4.85%	10.26%	14.08%	12.05%	-8.08%	7.80%	10.74%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	30.43%

Correlation

The correlation between PMAY and VOO is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.89

The correlation between PMAY and VOO has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

PMAY vs. VOO - Sectors Allocation Comparison

Sectors	PMAY	VOO
Technology	37.9%	38.6%
Financial Services	11.7%	11.4%
Communication Services	10.0%	9.9%
Consumer Cyclical	9.6%	9.5%
Healthcare	9.1%	8.9%
Industrials	8.4%	8.5%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.0%
Utilities	2.3%	2.2%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

PMAY vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMAY

PMAY Risk / Return Rank: 91
PMAY Sharpe Ratio Rank: 86
PMAY Sortino Ratio Rank: 88
PMAY Omega Ratio Rank: 91
PMAY Calmar Ratio Rank: 94
PMAY Martin Ratio Rank: 96

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMAY vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.53	+0.50
Sortino ratio: Return per unit of downside risk	3.00	2.13	+0.86
Omega ratio: Gain probability vs. loss probability	1.44	1.28	+0.17
Calmar ratio: Return relative to maximum drawdown	4.89	2.21	+2.68
Martin ratio: Return relative to average drawdown	22.05	9.44	+12.61

PMAY vs. VOO - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 2.03, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of PMAY and VOO, 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. VOO - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PMAY and VOO.

Drawdown Indicators

	PMAY	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-33.99%	+20.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-8.90%	+7.05%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-18.69%	+9.26%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	-24.52%	+11.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.26%	-1.38%	+1.12%
Average Drawdown Average peak-to-trough decline	-2.07%	-3.67%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	2.08%	-1.67%

Volatility

PMAY vs. VOO - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - May (PMAY) is 1.73%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that PMAY experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	3.54%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	10.10%	-6.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.44%	12.82%	-8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.68%	16.93%	-8.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.38%	18.01%	-9.63%

PMAY vs. VOO - Expense Ratio Comparison

PMAY has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PMAY vs. VOO - Dividend Comparison

PMAY has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.

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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PMAY and VOO in my portfolio?

PMAY and VOO have a correlation of 0.86, 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 VOO?

VOO has higher volatility (3.54%) compared to PMAY (1.73%). In terms of maximum drawdown, PMAY dropped -13.05% vs VOO's -33.99%.

Which ETF is better, PMAY or VOO?

On 5-year performance, VOO leads with 12.83% vs 7.00% for PMAY. On fees, VOO is cheaper at 0.03% per year. On volatility, PMAY has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAY or VOO?

Over the 5-year period, VOO has performed better with a 12.83% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAY or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.79% for PMAY.

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

VOO has the higher dividend yield at 1.07%, compared with 0.00% for PMAY.

What is the main difference between PMAY and VOO?

PMAY is categorized as Defined Outcome, while VOO is S&P 500. PMAY tracks S&P 500 Price Return Index, while VOO tracks S&P 500 Index. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for PMAY and 0.03% for VOO.

Which has better risk-adjusted returns?

PMAY currently has the higher Sharpe Ratio (2.03 vs 1.53), 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.