Data as of Nov 4, 2026.
GFEB vs PMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 PMAR can fall 7.8% before its buffer engages and GFEB 7.7%, and GFEB resets 9 days sooner.
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Net assets: $369m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - February, and $748m on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - Mar.
GFEB: reference +11.2% since period start, fund +7.4%; buffer 0 to −15; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.
GFEB: reference +11.2% since period start, fund +7.4%; buffer 0 to −15; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.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.
Data to Nov 4, 2026.Pair scorecard
PMAR costs 0.06 points a year less; their one-year returns differ by 0.4 points; PMAR is 2.0 times larger.
Points (pts) are percentage points.
| Measure | GFEB | PMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.2% | +11.6% |
| Drawdown | ||
| Index fall to the buffer | 10.1% | 10.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $369m | $742m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Risk and return
Mar 3, 2023 to Oct 30, 2026 · 191 weekly returns · each against SPYFrom Mar 2023 to Oct 2026, GFEB and PMAR returned about the same: +54.0% and +53.9%. GFEB and PMAR swung about the same: 6.9% and 6.9%. PMAR fell slightly less at its worst: −8.2% to −8.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GFEB | PMAR | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +54.0% | +53.9% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +12.5% | +12.4% | Tie | Total return as a yearly rate. | |
| Price return | +54.0% | +53.9% | Tie | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.9% | 6.9% | Tie | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.6% | 4.6% | Tie | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −8.5% | −8.2% | PMAR (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 37.9% | 37.5% | 100.0% | Tie | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 46.2% | 45.6% | 100.0% | Tie | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.47 | 0.47 | 1.00 | Tie | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.92 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.08 | 1.07 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.62 | 1.60 | Tie | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.157 | 0.156 | 0.147 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 1.47 | 1.51 | PMAR (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.4% a year | +0.4% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.43 | 0.39 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.6% to +2.5% | −1.6% to +2.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.96 | −0.97 | Tie | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.6% | 7.6% | 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, 191 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GFEB | PMAR | GFEB | PMAR |
| 3 months | +1.5% | +1.9% | +1.8 pts | +2.2 pts |
| 6 months | +4.3% | +4.4% | −0.2 pts | −0.1 pts |
| 1 year | +11.2% | +11.6% | −2.4 pts | −1.9 pts |
| 3 years | +45.4% | +44.9% | −31.0 pts | −31.5 pts |
| Since launchNot the same days: GFEB Feb 2023 · PMAR Mar 2020 | +56.2% | +84.8% | −36.0 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
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
GFEB resets first, on Feb 19, 2027, 107 days from now; PMAR runs to Feb 28, 2027, 116 days. GFEB can still gain 3.5% before its cap, PMAR 4.0%. A fall from here reaches GFEB’s buffer after 7.7% 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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GFEB
From its price on Nov 4, 2026, the fund can gain about 3.5% more before it reaches its cap. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% 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. 107 days remained on Nov 4, 2026. On Feb 19, 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. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
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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.
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ETFIQ, GFEB against PMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gfeb-vs-pmar
ETFIQ. (Nov 4, 2026). GFEB against PMAR. Retrieved from https://etfiq.com/compare/buffer/gfeb-vs-pmar
[GFEB against PMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gfeb-vs-pmar)
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