UNOV vs. PMMY

Last updated Aug 4, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both Defined Outcome funds. UNOV is passively managed, while PMMY is actively managed. Over the past year, UNOV returned 12.07% vs 5.25% for PMMY. Their 0.75 correlation means they have sometimes moved together and sometimes differently. UNOV charges 0.79%/yr vs 0.50%/yr for PMMY.

Performance

UNOV vs. PMMY - Performance Comparison

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

Returns By Period

In the year-to-date period, UNOV achieves a 6.92% return, which is significantly higher than PMMY's 2.71% return.

UNOV

• 1D: 0.67%
• 1M: 1.37%
• 6M: 5.74%
• YTD: 6.92%
• 1Y: 12.07%
• 3Y*: 9.62%
• 5Y*: 6.86%
• 10Y*: —
• ALL TIME*: 7.08%

PMMY

• 1D: 0.13%
• 1M: 0.54%
• 6M: 2.30%
• YTD: 2.71%
• 1Y: 5.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PMMY PGIM S&P 500 Max Buffer ETF - May	$160.95	$4.47K	$29.43K
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	$167.14K	$174.47K	$1.54M

UNOV vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	6.92%	12.10%
PMMY PGIM S&P 500 Max Buffer ETF - May	2.71%	4.44%

Correlation

The correlation between UNOV and PMMY is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.75

The correlation between UNOV and PMMY has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

Return for Risk

UNOV vs. PMMY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UNOV

UNOV Risk / Return Rank: 81
UNOV Sharpe Ratio Rank: 81
UNOV Sortino Ratio Rank: 83
UNOV Omega Ratio Rank: 86
UNOV Calmar Ratio Rank: 72
UNOV Martin Ratio Rank: 84

PMMY

PMMY Risk / Return Rank: 98
PMMY Sharpe Ratio Rank: 98
PMMY Sortino Ratio Rank: 98
PMMY Omega Ratio Rank: 98
PMMY Calmar Ratio Rank: 97
PMMY Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UNOV vs. PMMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) and PGIM S&P 500 Max Buffer ETF - May (PMMY). 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.

	UNOV	PMMY	Difference
Sharpe ratio: Return per unit of total volatility	2.02	3.77	-1.75
Sortino ratio: Return per unit of downside risk	2.90	5.76	-2.85
Omega ratio: Gain probability vs. loss probability	1.40	1.91	-0.52
Calmar ratio: Return relative to maximum drawdown	2.68	8.83	-6.15
Martin ratio: Return relative to average drawdown	12.59	46.06	-33.47

UNOV vs. PMMY - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 2.02, which is lower than the PMMY Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of UNOV and PMMY, 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

UNOV vs. PMMY - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, which is greater than PMMY's maximum drawdown of -0.60%. Use the drawdown chart below to compare losses from any high point for UNOV and PMMY.

Drawdown Indicators

	UNOV	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-0.60%	-13.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-0.60%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.06%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.11%	+0.85%

Volatility

UNOV vs. PMMY - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) has a higher volatility of 2.02% compared to PGIM S&P 500 Max Buffer ETF - May (PMMY) at 0.59%. This indicates that UNOV's price experiences larger fluctuations and is considered to be riskier than PMMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	0.59%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	1.20%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	1.40%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	1.54%	+5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	1.54%	+6.16%

UNOV vs. PMMY - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is higher than PMMY's 0.50% expense ratio.

Dividends

UNOV vs. PMMY - Dividend Comparison

Neither UNOV nor PMMY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNOV and PMMY in my portfolio?

UNOV and PMMY 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, UNOV or PMMY?

UNOV has higher volatility (2.02%) compared to PMMY (0.59%). In terms of maximum drawdown, UNOV dropped -13.84% vs PMMY's -0.60%.

Which ETF is better, UNOV or PMMY?

On 1-year performance, UNOV leads with 12.07% vs 5.25% for PMMY. On fees, PMMY is cheaper at 0.50% per year. On volatility, PMMY has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNOV or PMMY?

Over the 1-year period, UNOV has performed better with a 12.07% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or PMMY?

PMMY is cheaper with a 0.50% expense ratio, compared with 0.79% for UNOV.

Which ETF pays a higher dividend yield, UNOV or PMMY?

UNOV and PMMY have nearly identical dividend yields, around 0.00%.

What is the main difference between UNOV and PMMY?

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

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (3.77 vs 2.02), 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.