Are PDEC and SPY in the same category?

PDEC is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, PDEC or SPY?

In the year to Oct 28, 2026, with distributions reinvested, PDEC returned +11.7% and SPY +13.6%.

Which is cheaper, PDEC or SPY?

SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

PDEC vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PDEC returned +11.7% to SPY's +13.6%, and SPY charges 0.09% to PDEC's 0.79%.

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Net assets: $988m on Oct 28, 2026 for Innovator U.S. Equity Power Buffer ETF - Dec, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.

PDEC on its own →SPY on its own →

At a glance

+11.7%

PDEC total return, 1 year

+13.6%

SPY total return, 1 year

0.79%

PDEC expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.70 points a year less; their one-year returns differ by 1.9 points; SPY is far larger, $814.8bn against $986m.

PDEC vs SPY: Differences, Returns & Fees
Measure	PDEC	SPY
Return
Measure	PDEC	SPY
Total return, 1 year	+11.7%	+13.6%
Drawdown
Measure	PDEC	SPY
Index fall to the buffer	11.4%
Fund price fall to the buffer	10.2%
Benchmark
Measure	PDEC	SPY
What it tracks	SPY	S&P 500 Index
The outcome period
Measure	PDEC	SPY
Room to the cap	1.7%
Buffer left, in index points	15.0% of 15.0%
Days left in the period	33
Period ends	Nov 30, 2026
Cost and size
Measure	PDEC	SPY
Expense ratio	0.79%	0.09%
Net assets, as of Oct 27, 2026	$986m	$814.8bn
Holdings
Measure	PDEC	SPY
Holdings in common	not published
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		38.1%

Method

Risk and return

Dec 13, 2019 to Oct 23, 2026 · 358 weekly returns

PDEC SPY

Return

Total return edge SPY +77.6% +164.8%

Annualized edge SPY +8.7% +15.2%

Price return edge SPY +77.6% +139.5%

Risk

Volatility edge PDEC 9.8% 18.8%

Max drawdown edge PDEC −18.8% −31.8%

Downside capture 56.1% 100.0%

Beta 0.50 1.00

Risk-adjusted

Sharpe edge SPY 0.60 0.69

Sortino edge SPY 0.86 1.01

Treynor 0.118 0.133

Calmar edge SPY (slight) 0.46 0.48

Against the benchmark

Alpha −0.6% a year −0.1% a year

Alpha t-stat −0.56 −0.51

Information ratio −0.73 −0.15

Tracking error 9.8% 0.4%

Each against its own benchmark: PDEC against SPY, Dec 13, 2019 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +164.8% to +77.6%. PDEC swung less: 9.8% to 18.8%. PDEC fell less at its worst: −18.8% to −31.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PDEC vs SPY: Differences, Returns & Fees
Measure	PDEC	SPY	Edge	How it is measured
Return
Total return	+77.6%	+164.8%	SPY	Price change plus distributions, reinvested.
Annualized	+8.7%	+15.2%	SPY	Total return as a yearly rate.
Price return	+77.6%	+139.5%	SPY	Price change alone, distributions left out.
Risk
Volatility	9.8%	18.8%	PDEC	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	6.9%	12.9%	PDEC	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−18.8%	−31.8%	PDEC	Deepest fall from a high to the low after it.
Upside capture	36.2%	99.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	56.1%	100.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.50	1.00	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.92	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.60	0.69	SPY	Return above Treasury bills per unit of volatility.
Sortino	0.86	1.01	SPY	Return above Treasury bills per unit of downside deviation.
Treynor	0.118	0.133		Return above Treasury bills per unit of beta.
Calmar	0.46	0.48	SPY (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	VOO		The ETF each fund is measured against.
Alpha	−0.6% a year	−0.1% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.56	−0.51	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.7% to +1.5%	−0.3% to +0.1%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.73	−0.15		Return against its benchmark per unit of tracking error.
Tracking error	9.8%	0.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 358 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

PDEC Innovator U.S. Equity Power Buffer ETF - Dec SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer Innovator State Street

What it is Defined outcome, 15% on SPY Tracks the S&P 500

Total return, 1 year +11.7% +13.6%

Its benchmark over the same days +12.4% (SPY) +13.7% (VOO)

Gap to its benchmark −0.7 pts vs SPY −0.1 pts vs VOO

Expense ratio 0.79% 0.09%

Holdings not read by ETFIQ 504

Net assets, PDEC as of Oct 28, 2026 and SPY as of Oct 27, 2026 $988m $814.8bn

PDEC and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-CB7DA39A4E

PDEC and SPY do different jobs. What does each one do in a portfolio?

What each follows. PDEC follows SPY and SPY follows S&P 500 Index.
Cost. PDEC charges 0.79% of assets a year and SPY 0.09%, a gap of 0.70 points.
Size. PDEC has $986m in net assets and SPY $814.8bn (net assets, as of Oct 27, 2026); SPY is 826.4 times larger.

Data as of Oct 28, 2026.

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About each fund

PDEC

From its price on Oct 28, 2026, the fund can gain about 1.7% more before it reaches its cap. The fund's price can fall 10.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 33 days remained on Oct 28, 2026. On Nov 30, 2026 the period ends and a new cap is set.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are PDEC and SPY in the same category?: PDEC is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, PDEC or SPY?: In the year to Oct 28, 2026, with distributions reinvested, PDEC returned +11.7% and SPY +13.6%.
Which is cheaper, PDEC or SPY?: SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

IVV vs PDEC PDEC vs VOO PDEC vs SPYM PMAY vs SPY PMAR vs SPY PJAN vs SPY FAUG vs SPY DJUL vs SPY

Where to next

PDEC on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

PDEC filings on SEC EDGAR ↗

Innovator page for PDEC ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, PDEC against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/pdec-vs-spy

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