USEP vs. PMAU
USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and PMAU (PGIM S&P 500 Max Buffer ETF - August) are both Defined Outcome funds. USEP is passively managed, while PMAU is actively managed. Over the past year, USEP returned 12.28% vs 7.00% for PMAU. Their correlation of 0.87 means they have usually moved in the same direction. USEP charges 0.79%/yr vs 0.50%/yr for PMAU.
Performance
USEP vs. PMAU - Performance Comparison
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Returns By Period
In the year-to-date period, USEP achieves a 6.07% return, which is significantly higher than PMAU's 3.90% return.
USEP
- 1D
- 0.26%
- 1M
- 0.88%
- 6M
- 5.46%
- YTD
- 6.07%
- 1Y
- 12.28%
- 3Y*
- 11.86%
- 5Y*
- 8.16%
- 10Y*
- —
- ALL TIME*
- 8.05%
PMAU
- 1D
- 0.09%
- 1M
- 0.49%
- 6M
- 3.48%
- YTD
- 3.90%
- 1Y
- 7.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $48.78K | $23.35K | $8.53K | |
| $489.58K | $385.07K | $322.37K |
USEP vs. PMAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 6.07% | 4.97% |
PMAU PGIM S&P 500 Max Buffer ETF - August | 3.90% | 2.94% |
Correlation
The correlation between USEP and PMAU is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025 | 0.87 |
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Return for Risk
USEP vs. PMAU — Risk / Return Rank
USEP
PMAU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
USEP vs. PMAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and PGIM S&P 500 Max Buffer ETF - August (PMAU). 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.
| USEP | PMAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | — | — |
| Martin ratioReturn relative to average drawdown | 14.55 | — | — |
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Drawdowns
USEP vs. PMAU - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, which is greater than PMAU's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for USEP and PMAU.
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Drawdown Indicators
| USEP | PMAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -1.79% | -11.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -1.79% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -0.15% | -1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
USEP vs. PMAU - Volatility Comparison
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Volatility by Period
| USEP | PMAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.06% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 2.35% | +2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 2.35% | +5.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.99% | 2.35% | +5.64% |
USEP vs. PMAU - Expense Ratio Comparison
USEP has a 0.79% expense ratio, which is higher than PMAU's 0.50% expense ratio.
Dividends
USEP vs. PMAU - Dividend Comparison
Neither USEP nor PMAU has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PMAU PGIM S&P 500 Max Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
USEP and PMAU 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.
On 1-year performance, USEP leads with 12.28% vs 7.00% for PMAU. On fees, PMAU is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USEP has performed better with a 12.28% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PMAU is cheaper with a 0.50% expense ratio, compared with 0.79% for USEP.
USEP and PMAU have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for USEP and 0.50% for PMAU.
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