PMAY vs SPY
Innovator US Equity Power Buffer ETF - May vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PMAY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $807M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +6.15% | +13.39% | |
| 1Y Return | +9.91% | +22.52% | |
| 3Y Return (annualized) | +11.97% | +21.36% | |
| 5Y Return (annualized) | +7.16% | +13.19% | |
| Volatility (annualized) | 7.0% | 15.3% | |
| Max Drawdown | -13.1% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 30, 2020 | Jan 22, 1993 |
PMAY vs SPY Performance
Innovator US Equity Power Buffer ETF - May (PMAY) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PMAY returned +9.91% while SPY returned +22.52%. Year to date, PMAY is up 6.15% versus a gain of 13.39% for SPY.
Over three years, PMAY compounded at +11.97% per year against +21.36% for SPY; over five years the annualized figures are +7.16% and +13.19% respectively. Across the full 6-year window we track, SPY has the edge at +8.84% annualized vs +8.42%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.0% for PMAY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.1% for PMAY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PMAY charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, PMAY currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PMAY or SPY?
PMAY has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, PMAY or SPY?
Over the past year PMAY returned +9.91% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), PMAY annualized +8.42% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PMAY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.0% for PMAY. Worst drawdown: PMAY -13.1% vs SPY -56.5%.
Should I hold both PMAY and SPY?
PMAY and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
Which pays a higher dividend, PMAY or SPY?
PMAY yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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