PMO vs UDEC

Comparison between Putnam Municipal Opportunities Trust (PMO, ETF) and Innovator U.S. Equity Ultra Buffer ETF - December (UDEC, ETF).

5-Year PerformanceUDEC has outperformed PMO, delivering a return of +7.1% compared to -1.4%

PMO vs UDEC - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PMO(ETF)	UDEC(ETF)
Net Assets	$310M	$312M
Expense Ratio	N/A	0.79%
Max Drawdown	44.44%	13.37%
Sharpe Ratio	0.90	1.76
5Y Beta	0.19	0.42
5Y Dividends CAGR	-7.33%	N/A

Net Assets

PMO

$310M

Winner

UDEC

$312M

Expense Ratio

PMO

N/A

UDEC

0.79%

Max Drawdown

PMO

44.44%

Winner

UDEC

13.37%

Sharpe Ratio

PMO

0.90

Winner

UDEC

1.76

5Y Beta

Winner

PMO

0.19

UDEC

0.42

5Y Dividends CAGR

PMO

-7.33%

UDEC

N/A

PMO vs UDEC - Historical Returns

Returns include dividend reinvestment.

Period	PMO	UDEC
1 month	+1.26%	+0.93%
3 months	-1.13%	+3.98%
6 months	+0.93%	+4.40%
1 year	+11.67%	+16.72%
5 years(CAGR)	-1.40%	+7.07%
10 years(CAGR)	+2.50%	N/A
Max(CAGR)	+5.13%	+7.15%

Winner

PMO

+1.26%

UDEC

+0.93%

PMO

-1.13%

Winner

UDEC

+3.98%

PMO

+0.93%

Winner

UDEC

+4.40%

PMO

+11.67%

Winner

UDEC

+16.72%

5Y(CAGR)

PMO

-1.40%

Winner

UDEC

+7.07%

10Y(CAGR)

PMO

+2.50%

UDEC

N/A

Max(CAGR)

PMO

+5.13%

Winner

UDEC

+7.15%

PMO vs UDEC - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	PMO	UDEC
2026	-0.39%	+4.11%
2025	+9.91%	+13.00%
2024	+2.45%	+9.89%
2023	-3.28%	+17.36%
2022	-19.78%	-9.56%
2021	+9.37%	+7.04%
2020	+9.03%	+6.31%
2019	+21.21%	+1.16%
2018	-4.43%	N/A
2017	+8.53%	N/A
2016	+2.30%	N/A
2015	+8.40%	N/A
2014	+18.82%	N/A
2013	-14.31%	N/A
2012	+12.61%	N/A
2011	+22.64%	N/A
2010	+4.65%	N/A
2009	+34.84%	N/A
2008	-17.87%	N/A
2007	-1.05%	N/A
2006	+10.34%	N/A
2005	-0.56%	N/A
2004	+0.91%	N/A
2003	+15.65%	N/A
2002	+1.00%	N/A
2001	+3.07%	N/A
2000	+18.39%	N/A
1999	-11.15%	N/A

PMO vs UDEC Drawdown Comparison

The maximum drawdown for PMO was -36.47%, occurring on Oct 23, 2023. This drawdown has not yet recovered.

The maximum drawdown for UDEC was -13.37%, occurring on Mar 20, 2020. Recovery took 116 trading sessions.

The current PMO drawdown is -13.98%. The current UDEC drawdown is -1.01%.

Rank	PMO	UDEC
#1	-36.47% Dec 23, 2021 - Oct 23, 2023	-13.37% Feb 19, 2020 - Aug 4, 2020
#2	-30.16% Apr 3, 2007 - Sep 3, 2009	-10.26% Jan 4, 2022 - Jul 13, 2023
#3	-26.06% Feb 25, 2020 - Jul 17, 2020	-8.94% Feb 19, 2025 - Jun 24, 2025
#4	-22.27% Nov 30, 2012 - Jan 15, 2015	-8.15% Jul 28, 2023 - Nov 15, 2023
#5	-15.92% Oct 18, 2010 - Aug 17, 2011	-4.44% Jan 28, 2026 - Apr 14, 2026
#6	-14.04% Aug 22, 2016 - Feb 14, 2019	-2.81% Jul 16, 2024 - Aug 15, 2024
#7	-13.12% Apr 1, 2004 - Oct 27, 2006	-2.70% Oct 12, 2020 - Nov 5, 2020
#8	-12.90% Nov 5, 1999 - Jul 11, 2000	-2.46% Nov 12, 2025 - Nov 25, 2025
#9	-10.47% Oct 7, 2002 - May 6, 2003	-2.31% Sep 2, 2020 - Oct 9, 2020
#10	-10.09% Sep 18, 2001 - Sep 4, 2002	-2.16% Dec 6, 2024 - Jan 21, 2025
#11	-8.71% Aug 18, 2021 - Dec 20, 2021	-1.96% Mar 28, 2024 - May 6, 2024
#12	-7.75% Jul 7, 2003 - Dec 18, 2003	-1.79% Oct 8, 2025 - Oct 21, 2025
#13	-7.05% Aug 5, 2020 - Dec 15, 2020	-1.45% Jul 25, 2025 - Aug 8, 2025
#14	-6.52% Feb 2, 2015 - Oct 21, 2015	-1.25% Feb 24, 2021 - Mar 12, 2021
#15	-5.79% Jul 8, 2016 - Aug 17, 2016	-1.13% Dec 11, 2025 - Dec 22, 2025