XTOC vs. PMDE

Last updated Jun 24, 2026

XTOC (Innovator U.S. Equity Accelerated Plus ETF - October) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - XTOC is a Options Trading fund actively managed by Innovator, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). XTOC is actively managed, while PMDE is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. XTOC charges 0.79%/yr vs 0.50%/yr for PMDE.

Performance

XTOC vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) and PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTOC achieves a 7.04% return, which is significantly higher than PMDE's 2.51% return.

XTOC

• 1D: -0.51%
• 1M: 0.43%
• YTD: 7.04%
• 6M: 6.54%
• 1Y: 16.62%
• 3Y*: 14.24%
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.14%
• 1M: 0.14%
• YTD: 2.51%
• 6M: 2.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTOC vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
XTOC Innovator U.S. Equity Accelerated Plus ETF - October	7.04%	0.95%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between XTOC and PMDE is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.89

Return for Risk

XTOC vs. PMDE — Risk / Return Rank

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

XTOC

XTOC Risk / Return Rank: 63
XTOC Sharpe Ratio Rank: 60
XTOC Sortino Ratio Rank: 62
XTOC Omega Ratio Rank: 72
XTOC Calmar Ratio Rank: 50
XTOC Martin Ratio Rank: 72

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

XTOC vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) and PGIM S&P 500 Max Buffer ETF - December (PMDE). 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.

	XTOC	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.81	—	—
Sortino ratio: Return per unit of downside risk	2.60	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.25	—	—
Martin ratio: Return relative to average drawdown	12.01	—	—

Drawdowns

XTOC vs. PMDE - Drawdown Comparison

The maximum XTOC drawdown since its inception was -24.09%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for XTOC and PMDE.

Drawdown Indicators

	XTOC	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-24.09%	-1.59%	-22.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	—	—
Current Drawdown Current decline from peak	-0.69%	-0.21%	-0.48%
Average Drawdown Average peak-to-trough decline	-4.82%	-0.25%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	—	—

Volatility

Volatility by Period

	XTOC	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.25%	2.47%	+6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	2.47%	+12.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.10%	2.47%	+12.63%

XTOC vs. PMDE - Expense Ratio Comparison

XTOC has a 0.79% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

XTOC vs. PMDE - Dividend Comparison

Neither XTOC nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XTOC and PMDE in my portfolio?

XTOC and PMDE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XTOC or PMDE?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XTOC or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.79% for XTOC.

Which ETF pays a higher dividend yield, XTOC or PMDE?

XTOC and PMDE have nearly identical dividend yields, around 0.00%.

What is the main difference between XTOC and PMDE?

XTOC is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for XTOC and 0.50% for PMDE.