UMAY vs. PBFR

Last updated Jun 4, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. UMAY is passively managed, while PBFR is actively managed. Over the past year, UMAY returned 10.48% vs 12.83% for PBFR. Their correlation of 0.84 suggests significant overlap in exposure. UMAY charges 0.79%/yr vs 0.50%/yr for PBFR.

Performance

UMAY vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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, UMAY achieves a 3.93% return, which is significantly lower than PBFR's 4.52% return.

UMAY

• 1D: -0.27%
• 1M: 1.86%
• YTD: 3.93%
• 6M: 4.74%
• 1Y: 10.48%
• 3Y*: 11.51%
• 5Y*: 6.49%
• 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)

UMAY vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	3.93%	8.79%	5.78%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%

Correlation

The correlation between UMAY and PBFR is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.84

The correlation between UMAY and PBFR has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

UMAY vs. PBFR - Sectors Allocation Comparison

Sectors	UMAY	PBFR
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

UMAY vs. PBFR — Risk / Return Rank

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

UMAY

UMAY Risk / Return Rank: 93
UMAY Sharpe Ratio Rank: 89
UMAY Sortino Ratio Rank: 93
UMAY Omega Ratio Rank: 94
UMAY Calmar Ratio Rank: 95
UMAY Martin Ratio Rank: 96

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.

UMAY vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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.

	UMAY	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.99	0.00
Sortino ratio: Return per unit of downside risk	4.63	4.36	+0.27
Omega ratio: Gain probability vs. loss probability	1.67	1.66	+0.01
Calmar ratio: Return relative to maximum drawdown	7.71	4.57	+3.14
Martin ratio: Return relative to average drawdown	39.51	24.09	+15.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMAY vs. PBFR - Sharpe Ratio Comparison

The current UMAY 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 UMAY 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

	UMAY	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	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.54	-0.68

Drawdowns

UMAY vs. PBFR - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for UMAY and PBFR.

Drawdown Indicators

	UMAY	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-8.50%	-3.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-2.82%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.16%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.14%	-0.63%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.53%	-0.26%

Volatility

UMAY vs. PBFR - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) has a higher volatility of 1.20% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that UMAY'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

	UMAY	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.64%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	3.34%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	4.33%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.46%	6.89%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.93%	6.89%	+1.04%

UMAY vs. PBFR - Expense Ratio Comparison

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

Dividends

UMAY vs. PBFR - Dividend Comparison

UMAY 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%
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UMAY and PBFR in my portfolio?

UMAY and PBFR have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAY or PBFR?

UMAY has higher volatility (1.20%) compared to PBFR (0.64%). In terms of maximum drawdown, UMAY dropped -12.12% vs PBFR's -8.50%.

Which ETF is better, UMAY or PBFR?

On 1-year performance, PBFR leads with 12.83% vs 10.48% for UMAY. 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, UMAY or PBFR?

Over the 1-year period, PBFR has performed better with a 12.83% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or PBFR?

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

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

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

What is the main difference between UMAY and PBFR?

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

Which has better risk-adjusted returns?

UMAY 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.