Which has more room to gain, BMAR or PMAR?

From their prices on Nov 4, 2026, BMAR can gain about 6.0% before its cap and PMAR about 4.0%, so BMAR has more room left this period.

Which resets first, BMAR or PMAR?

BMAR ends its outcome period on Feb 28, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, BMAR or PMAR?

BMAR and PMAR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BMAR vs PMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 BMAR can fall 9.4% before its buffer engages and PMAR 7.8%.

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Net assets on Nov 4, 2026: $203m for Innovator U.S. Equity Buffer ETF - Mar and $748m for Innovator U.S. Equity Power Buffer ETF - Mar.

BMAR on its own →PMAR on its own →

At a glance

9.4%

BMAR can fall this far before its buffer

7.8%

PMAR can fall this far before its buffer

6.0%

BMAR can still gain

4.0%

PMAR can still gain

BMAR Between buffer and cap

BMAR: reference +11.7% since period start, fund +9.8%; buffer 0 to −9; cap +17.0%; Between buffer and cap. Data to Nov 4, 2026.

PMAR Between buffer and cap

PMAR: reference +11.7% since period start, fund +7.9%; buffer 0 to −15; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 3.0 points; PMAR is 3.7 times larger.

Points (pts) are percentage points.

BMAR vs PMAR: Cap, Buffer & Days Left
Measure	BMAR	PMAR
Return
Measure	BMAR	PMAR
Total return, 1 year	+14.6%	+11.6%
Drawdown
Measure	BMAR	PMAR
Index fall to the buffer	10.5%
Benchmark
Measure	BMAR	PMAR
What it tracks	SPY	SPY
Cost and size
Measure	BMAR	PMAR
Expense ratio	0.79%	0.79%
Net assets	$203m	$748m
Holdings
Measure	BMAR	PMAR
Holdings in common	not published

ETFIQ Downside Cover Score · PMAR scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score20.5BMAR60.8PMAR

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

BMAR 20.5

PMAR 60.8

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Risk and return

Mar 13, 2020 to Oct 30, 2026 · 346 weekly returns · each against SPY

BMAR PMAR

Return

Total return edge BMAR +144.3% +98.2%

Annualized edge BMAR +14.4% +10.8%

Price return edge BMAR +144.3% +98.2%

Risk

Volatility edge PMAR 12.2% 9.3%

Max drawdown edge PMAR −13.9% −10.2%

Downside capture 67.3% 48.8%

Beta 0.66 0.49

Risk-adjusted

Sharpe edge BMAR (slight) 0.92 0.83

Sortino edge BMAR 1.39 1.23

Treynor 0.171 0.159

Calmar edge PMAR (slight) 1.03 1.06

Against the benchmark

Alpha +1.0% a year +0.2% a year

Alpha t-stat 0.83 0.13

Information ratio −0.64 −0.80

Tracking error 6.9% 9.8%

Reading

From Mar 2020 to Oct 2026, BMAR returned more: +144.3% to +98.2%. PMAR swung less: 9.3% to 12.2%. PMAR fell less at its worst: −10.2% to −13.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: BMAR vs PMAR: Cap, Buffer & Days Left
Measure	BMAR	PMAR	SPY	Edge	How it is measured
Return
Total return	+144.3%	+98.2%	+208.8%	BMAR	Price change plus distributions, reinvested.
Annualized	+14.4%	+10.8%	+18.5%	BMAR	Total return as a yearly rate.
Price return	+144.3%	+98.2%	+180.6%	BMAR	Price change alone, distributions left out.
Risk
Volatility	12.2%	9.3%	18.1%	PMAR	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.1%	6.3%	11.8%	PMAR	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−13.9%	−10.2%	−23.9%	PMAR	Deepest fall from a high to the low after it.
Upside capture	51.8%	33.1%	100.0%	BMAR	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	67.3%	48.8%	100.0%	PMAR	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.66	0.49	1.00	PMAR lower	How far it moves for each 1% its benchmark moves.
R squared	0.94	0.89	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.92	0.83	0.86	BMAR (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.39	1.23	1.32	BMAR	Return above Treasury bills per unit of downside deviation.
Treynor	0.171	0.159	0.156	BMAR (slight)	Return above Treasury bills per unit of beta.
Calmar	1.03	1.06	0.77	PMAR (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+1.0% a year	+0.2% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.83	0.13		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.3% to +3.3%	−2.2% to +2.5%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.64	−0.80		BMAR	Return against its benchmark per unit of tracking error.
Tracking error	6.9%	9.8%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 346 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: BMAR vs PMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAR	PMAR	BMAR	PMAR
3 months	+1.2%	+1.9%	+1.6 pts	+2.2 pts
6 months	+4.9%	+4.4%	+0.4 pts	−0.1 pts
1 year	+14.6%	+11.6%	+1.1 pts	−1.9 pts
3 years	+61.5%	+44.9%	−14.9 pts	−31.5 pts
Since launchBMAR Mar 2020 · PMAR Mar 2020	+122.7%	+84.8%	−25.4 pts	−63.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

BMAR Innovator U.S. Equity Buffer ETF - Mar · Absorbs the first 9% of loss on SPY and caps the gain at 17.0%, over a period ending Feb 28, 2027 PMAR Innovator U.S. Equity Power Buffer ETF - Mar · Absorbs the first 15% of loss on SPY and caps the gain at 12.8%, over a period ending Feb 28, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

Outcome period Feb 28, 2026 to Feb 28, 2027 Feb 28, 2026 to Feb 28, 2027

Days left 116 116

Starting cap +17.0% +12.8%

Can still gain 6.0% 4.0%

Fall before buffer 9.4% 7.8%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +11.7% +11.7%

Fund return this period +9.8% +7.9%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $203m $748m

As of Nov 4, 2026. Source: ETFIQ.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BMAR resets first, on Feb 28, 2027, 116 days from now; PMAR runs to Feb 28, 2027, 116 days. BMAR can still gain 6.0% before its cap, PMAR 4.0%. A fall from here reaches BMAR’s buffer after 9.4% and PMAR’s after 7.8%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

BMAR

From its price on Nov 4, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

PMAR

From its price on Nov 4, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 7.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BMAR or PMAR?: From their prices on Nov 4, 2026, BMAR can gain about 6.0% before its cap and PMAR about 4.0%, so BMAR has more room left this period.
Which resets first, BMAR or PMAR?: BMAR ends its outcome period on Feb 28, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, BMAR or PMAR?: BMAR and PMAR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAR vs DFEB BMAR vs FFEB BMAR vs GFEB BMAR vs SIXP PMAR vs CPSR PMAR vs MART PMAR vs DDTM PMAR vs PMMR

Where to next

SPY →BMAR on its own →PMAR on its own →Method →Standards and sources →

Sources and dates

BMAR and PMAR filings on SEC EDGAR ↗

Innovator page for BMAR ↗

Innovator page for PMAR ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BMAR against PMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmar-vs-pmar

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.