PMAY vs. VUG

Last updated Jun 24, 2026

PMAY (Innovator U.S. Equity Power Buffer ETF - May) and VUG (Vanguard Growth ETF) are both exchange-traded funds - PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. Over the past 5 years, PMAY returned 6.96%/yr vs 12.80%/yr for VUG. Their correlation of 0.83 suggests significant overlap in exposure. PMAY charges 0.79%/yr vs 0.03%/yr for VUG.

Performance

PMAY vs. VUG - 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 Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PMAY having a 3.56% return and VUG slightly lower at 3.52%.

PMAY

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

VUG

• 1D: -2.12%
• 1M: -3.95%
• YTD: 3.52%
• 6M: 2.23%
• 1Y: 20.05%
• 3Y*: 22.74%
• 5Y*: 12.80%
• 10Y*: 18.02%

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

PMAY vs. VUG - 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%
VUG Vanguard Growth ETF	3.52%	19.40%	32.69%	46.83%	-33.16%	27.35%	41.31%

Correlation

The correlation between PMAY and VUG is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.83

The correlation between PMAY and VUG has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

PMAY vs. VUG - Sectors Allocation Comparison

Sectors	PMAY	VUG
Technology	38.4%	53.5%
Financial Services	11.0%	4.3%
Communication Services	10.8%	17.3%
Consumer Cyclical	10.0%	12.2%
Healthcare	8.4%	4.6%
Industrials	7.9%	3.6%
Consumer Defensive	4.6%	1.5%
Energy	3.2%	0.4%
Utilities	2.1%	0.9%
Real Estate	1.8%	1.0%
Basic Materials	1.7%	0.6%

Return for Risk

PMAY vs. VUG — 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

VUG

VUG Risk / Return Rank: 31
VUG Sharpe Ratio Rank: 34
VUG Sortino Ratio Rank: 32
VUG Omega Ratio Rank: 33
VUG Calmar Ratio Rank: 26
VUG Martin Ratio Rank: 30

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. VUG - 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 Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.19	+1.17
Sortino ratio: Return per unit of downside risk	3.50	1.67	+1.83
Omega ratio: Gain probability vs. loss probability	1.53	1.21	+0.32
Calmar ratio: Return relative to maximum drawdown	5.30	1.22	+4.08
Martin ratio: Return relative to average drawdown	27.89	4.15	+23.74

PMAY vs. VUG - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 2.36, which is higher than the VUG Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of PMAY and VUG, 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. VUG - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for PMAY and VUG.

Drawdown Indicators

	PMAY	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-50.68%	+37.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-16.53%	+14.68%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-22.85%	+13.42%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	-35.61%	+22.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.61%	—
Current Drawdown Current decline from peak	-1.10%	-6.88%	+5.78%
Average Drawdown Average peak-to-trough decline	-2.10%	-7.09%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	4.84%	-4.49%

Volatility

PMAY vs. VUG - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - May (PMAY) is 2.18%, while Vanguard Growth ETF (VUG) has a volatility of 6.86%. This indicates that PMAY experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	6.86%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	3.48%	13.44%	-9.96%
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	16.91%	-12.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.69%	22.39%	-13.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	21.51%	-13.09%

PMAY vs. VUG - Expense Ratio Comparison

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

Dividends

PMAY vs. VUG - Dividend Comparison

PMAY has not paid dividends to shareholders, while VUG's dividend yield for the trailing twelve months is around 0.39%.

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%
VUG Vanguard Growth ETF	0.39%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both PMAY and VUG in my portfolio?

PMAY and VUG have a correlation of 0.77, 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 VUG?

VUG has higher volatility (6.86%) compared to PMAY (2.18%). In terms of maximum drawdown, PMAY dropped -13.05% vs VUG's -50.68%.

Which ETF is better, PMAY or VUG?

On 5-year performance, VUG leads with 12.80% vs 6.96% for PMAY. On fees, VUG is cheaper at 0.03% 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 VUG?

Over the 5-year period, VUG has performed better with a 12.80% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAY or VUG?

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

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

VUG has the higher dividend yield at 0.39%, compared with 0.00% for PMAY.

What is the main difference between PMAY and VUG?

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

Which has better risk-adjusted returns?

PMAY currently has the higher Sharpe Ratio (2.36 vs 1.19), 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.