STCE vs. PMAY

Last updated Jun 4, 2026

STCE (Schwab Crypto Thematic ETF) and PMAY (Innovator U.S. Equity Power Buffer ETF - May) are both exchange-traded funds - STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index, while PMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index. Both are passively managed. Over the past 3 years, STCE returned 58.04%/yr vs 12.31%/yr for PMAY. A 0.56 correlation means they provide meaningful diversification when combined. STCE charges 0.30%/yr vs 0.79%/yr for PMAY.

Performance

STCE vs. PMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Crypto Thematic ETF (STCE) and Innovator U.S. Equity Power Buffer ETF - May (PMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STCE achieves a 32.00% return, which is significantly higher than PMAY's 4.47% return.

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 5Y*: —
• 10Y*: —

PMAY

• 1D: -0.23%
• 1M: 2.20%
• YTD: 4.47%
• 6M: 5.26%
• 1Y: 11.51%
• 3Y*: 12.31%
• 5Y*: 7.21%
• 10Y*: —

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

STCE vs. PMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
STCE Schwab Crypto Thematic ETF	32.00%	36.12%	41.76%	108.65%	-38.86%
PMAY Innovator U.S. Equity Power Buffer ETF - May	4.47%	10.26%	14.08%	12.05%	-2.97%

Correlation

The correlation between STCE and PMAY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Aug 5, 2022	0.56

The correlation between STCE and PMAY has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

STCE vs. PMAY - Sectors Allocation Comparison

Sectors	STCE	PMAY
Financial Services	62.9%	11.9%
Technology	30.9%	36.2%
Communication Services	6.2%	10.9%
Energy	0.0%	3.5%
Basic Materials	-	1.8%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Utilities	-	2.3%

Return for Risk

STCE vs. PMAY — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

PMAY

PMAY Risk / Return Rank: 94
PMAY Sharpe Ratio Rank: 89
PMAY Sortino Ratio Rank: 94
PMAY Omega Ratio Rank: 95
PMAY Calmar Ratio Rank: 94
PMAY Martin Ratio Rank: 97

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.

STCE vs. PMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Crypto Thematic ETF (STCE) and Innovator U.S. Equity Power Buffer ETF - May (PMAY). 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.

	STCE	PMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.40	3.07	-1.67
Sortino ratio: Return per unit of downside risk	1.99	4.97	-2.98
Omega ratio: Gain probability vs. loss probability	1.24	1.71	-0.48
Calmar ratio: Return relative to maximum drawdown	1.58	7.34	-5.76
Martin ratio: Return relative to average drawdown	2.85	41.09	-38.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STCE vs. PMAY - Sharpe Ratio Comparison

The current STCE Sharpe Ratio is 1.40, which is lower than the PMAY Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of STCE and PMAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	STCE	PMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	3.07	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.00	-0.35

Drawdowns

STCE vs. PMAY - Drawdown Comparison

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

Drawdown Indicators

	STCE	PMAY	Difference
Max Drawdown Largest peak-to-trough decline	-54.11%	-13.05%	-41.06%
Max Drawdown (1Y) Largest decline over 1 year	-54.11%	-1.58%	-52.53%
Max Drawdown (3Y) Largest decline over 3 years	-54.11%	-9.43%	-44.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.05%	—
Current Drawdown Current decline from peak	-25.63%	-0.23%	-25.40%
Average Drawdown Average peak-to-trough decline	-21.98%	-2.11%	-19.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	0.28%	+29.59%

Volatility

STCE vs. PMAY - Volatility Comparison

Schwab Crypto Thematic ETF (STCE) has a higher volatility of 14.89% compared to Innovator U.S. Equity Power Buffer ETF - May (PMAY) at 1.24%. This indicates that STCE's price experiences larger fluctuations and is considered to be riskier than PMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STCE	PMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.89%	1.24%	+13.65%
Volatility (6M) Calculated over the trailing 6-month period	42.80%	2.79%	+40.01%
Volatility (1Y) Calculated over the trailing 1-year period	61.14%	3.77%	+57.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.86%	8.65%	+47.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.86%	8.40%	+47.46%

STCE vs. PMAY - Expense Ratio Comparison

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

Dividends

STCE vs. PMAY - Dividend Comparison

STCE's dividend yield for the trailing twelve months is around 1.49%, while PMAY has not paid dividends to shareholders.

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	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both STCE and PMAY in my portfolio?

STCE and PMAY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STCE or PMAY?

STCE has higher volatility (14.89%) compared to PMAY (1.24%). In terms of maximum drawdown, STCE dropped -54.11% vs PMAY's -13.05%.

Which ETF is better, STCE or PMAY?

On 3-year performance, STCE leads with 58.04% vs 12.31% for PMAY. On fees, STCE is cheaper at 0.30% per year. On volatility, PMAY has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STCE or PMAY?

Over the 3-year period, STCE has performed better with a 58.04% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STCE or PMAY?

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

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

STCE has the higher dividend yield at 1.49%, compared with 0.00% for PMAY.

What is the main difference between STCE and PMAY?

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

Which has better risk-adjusted returns?

PMAY currently has the higher Sharpe Ratio (3.07 vs 1.40), 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.