PMSE vs. PAPR
PMSE (PGIM S&P 500 Max Buffer ETF - September) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. PMSE is actively managed, while PAPR is passively managed. A 0.75 correlation means they provide meaningful diversification when combined. PMSE charges 0.50%/yr vs 0.79%/yr for PAPR.
Performance
PMSE vs. PAPR - Performance Comparison
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Returns By Period
In the year-to-date period, PMSE achieves a 2.77% return, which is significantly lower than PAPR's 7.36% return.
PMSE
- 1D
- -0.04%
- 1M
- 0.15%
- YTD
- 2.77%
- 6M
- 2.72%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPR
- 1D
- 0.12%
- 1M
- -0.02%
- YTD
- 7.36%
- 6M
- 7.33%
- 1Y
- 13.33%
- 3Y*
- 11.16%
- 5Y*
- 8.10%
- 10Y*
- —
PMSE vs. PAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMSE PGIM S&P 500 Max Buffer ETF - September | 2.77% | 2.13% |
PAPR Innovator U.S. Equity Power Buffer ETF - April | 7.36% | 2.95% |
Correlation
The correlation between PMSE and PAPR is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 2, 2025 | 0.75 |
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Return for Risk
PMSE vs. PAPR — Risk / Return Rank
PMSE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPR
PMSE vs. PAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - September (PMSE) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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.
| PMSE | PAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.93 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 11.54 | — |
| Martin ratioReturn relative to average drawdown | — | 58.72 | — |
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Drawdowns
PMSE vs. PAPR - Drawdown Comparison
The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for PMSE and PAPR.
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Drawdown Indicators
| PMSE | PAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.44% | -15.31% | +13.87% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.16% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.87% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.54% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -1.56% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.23% | — |
Volatility
PMSE vs. PAPR - Volatility Comparison
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Volatility by Period
| PMSE | PAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.43% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.77% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 3.42% | -1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 8.22% | -5.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.28% | 9.42% | -7.14% |
PMSE vs. PAPR - Expense Ratio Comparison
PMSE has a 0.50% expense ratio, which is lower than PAPR's 0.79% expense ratio.
Dividends
PMSE vs. PAPR - Dividend Comparison
Neither PMSE nor PAPR has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.07% |
PMSE PGIM S&P 500 Max Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PMSE and PAPR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PMSE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PMSE is cheaper with a 0.50% expense ratio, compared with 0.79% for PAPR.
PMSE and PAPR have nearly identical dividend yields, around 0.00%.
They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PMSE and 0.79% for PAPR.
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