UMAR vs. PBFR

Last updated Jun 4, 2026

UMAR (Innovator U.S. Equity Ultra Buffer ETF - March) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. UMAR is passively managed, while PBFR is actively managed. Over the past year, UMAR returned 14.67% vs 12.83% for PBFR. Their correlation of 0.88 suggests significant overlap in exposure. UMAR charges 0.79%/yr vs 0.50%/yr for PBFR.

Performance

UMAR vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMAR achieves a 5.78% return, which is significantly higher than PBFR's 4.52% return.

UMAR

• 1D: 0.18%
• 1M: 1.97%
• YTD: 5.78%
• 6M: 6.56%
• 1Y: 14.67%
• 3Y*: 12.79%
• 5Y*: 7.83%
• 10Y*: —

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMAR vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UMAR Innovator U.S. Equity Ultra Buffer ETF - March	5.78%	11.94%	6.51%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%

Correlation

The correlation between UMAR and PBFR is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.88

The correlation between UMAR and PBFR has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

UMAR vs. PBFR - Sectors Allocation Comparison

Sectors	UMAR	PBFR
Technology	33.6%	36.2%
Financial Services	12.2%	11.9%
Communication Services	10.5%	10.9%
Consumer Cyclical	10.0%	10.1%
Healthcare	9.5%	8.4%
Industrials	8.5%	8.1%
Consumer Defensive	5.3%	4.9%
Energy	4.0%	3.5%
Utilities	2.6%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.9%	1.8%

Return for Risk

UMAR vs. PBFR — Risk / Return Rank

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

UMAR

UMAR Risk / Return Rank: 89
UMAR Sharpe Ratio Rank: 88
UMAR Sortino Ratio Rank: 92
UMAR Omega Ratio Rank: 93
UMAR Calmar Ratio Rank: 80
UMAR Martin Ratio Rank: 92

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

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.

UMAR vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). 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.

	UMAR	PBFR	Difference
Sharpe ratio Return per unit of total volatility	2.99	2.99	0.00
Sortino ratio Return per unit of downside risk	4.39	4.36	+0.03
Omega ratio Gain probability vs. loss probability	1.65	1.66	-0.01
Calmar ratio Return relative to maximum drawdown	4.08	4.57	-0.50
Martin ratio Return relative to average drawdown	22.77	24.09	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMAR vs. PBFR - Sharpe Ratio Comparison

The current UMAR Sharpe Ratio is 2.99, which is comparable to the PBFR Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of UMAR and PBFR, 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

	UMAR	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.99	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.54	-0.50

Drawdowns

UMAR vs. PBFR - Drawdown Comparison

The maximum UMAR drawdown since its inception was -11.08%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for UMAR and PBFR.

Drawdown Indicators

	UMAR	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-11.08%	-8.50%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-2.82%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-7.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.72%	—	—
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.63%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.53%	+0.12%

Volatility

UMAR vs. PBFR - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) has a higher volatility of 0.82% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that UMAR's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAR	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.64%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.78%	3.34%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	4.33%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	6.89%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.52%	6.89%	+0.63%

UMAR vs. PBFR - Expense Ratio Comparison

UMAR has a 0.79% expense ratio, which is higher than PBFR's 0.50% expense ratio.

Dividends

UMAR vs. PBFR - Dividend Comparison

UMAR has not paid dividends to shareholders, while PBFR's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
UMAR Innovator U.S. Equity Ultra Buffer ETF - March	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UMAR and PBFR in my portfolio?

UMAR and PBFR have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAR or PBFR?

UMAR has higher volatility (0.82%) compared to PBFR (0.64%). In terms of maximum drawdown, UMAR dropped -11.08% vs PBFR's -8.50%.

Which ETF is better, UMAR or PBFR?

On 1-year performance, UMAR leads with 14.67% vs 12.83% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAR or PBFR?

Over the 1-year period, UMAR has performed better with a 14.67% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAR or PBFR?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.79% for UMAR.

Which ETF pays a higher dividend yield, UMAR or PBFR?

PBFR has the higher dividend yield at 0.01%, compared with 0.00% for UMAR.

What is the main difference between UMAR and PBFR?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for UMAR and 0.50% for PBFR.

Which has better risk-adjusted returns?

UMAR currently has the higher Sharpe Ratio (2.99 vs 2.99), 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.