ACII vs. PEPS

Last updated Jun 4, 2026

ACII (Innovator Index Autocallable Income Strategy ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. With a 1.00 correlation, they move nearly in lockstep. ACII charges 0.79%/yr vs 0.10%/yr for PEPS.

Performance

ACII vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Index Autocallable Income Strategy ETF (ACII) and Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ACII

• 1D: -0.95%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -0.51%
• 1M: 6.44%
• YTD: 10.67%
• 6M: 10.79%
• 1Y: 31.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACII vs. PEPS - Yearly Performance Comparison

	2026 (YTD)
ACII Innovator Index Autocallable Income Strategy ETF	-1.10%
PEPS Parametric Equity Plus ETF	0.42%

Correlation

The correlation between ACII and PEPS is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

ACII vs. PEPS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PEPS

PEPS Risk / Return Rank: 73
PEPS Sharpe Ratio Rank: 76
PEPS Sortino Ratio Rank: 71
PEPS Omega Ratio Rank: 75
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACII vs. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Index Autocallable Income Strategy ETF (ACII) and Parametric Equity Plus ETF (PEPS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ACII	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	-7.55	1.05	-8.60

Drawdowns

ACII vs. PEPS - Drawdown Comparison

The maximum ACII drawdown since its inception was -1.27%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for ACII and PEPS.

Drawdown Indicators

	ACII	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-1.27%	-21.26%	+19.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.80%	—
Current Drawdown Current decline from peak	-1.27%	-0.51%	-0.76%
Average Drawdown Average peak-to-trough decline	-0.42%	-2.77%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.09%	—

Volatility

Volatility by Period

	ACII	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	13.06%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.65%	18.31%	-10.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	18.31%	-10.66%

ACII vs. PEPS - Expense Ratio Comparison

ACII has a 0.79% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

ACII vs. PEPS - Dividend Comparison

ACII's dividend yield for the trailing twelve months is around 0.74%, less than PEPS's 0.88% yield.

Position	TTM	2025	2024
ACII Innovator Index Autocallable Income Strategy ETF	0.74%	0.00%	0.00%
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%

Frequently Asked Questions

Can I hold both ACII and PEPS in my portfolio?

With a correlation of 1.00, ACII and PEPS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ACII or PEPS?

On fees, PEPS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACII or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.79% for ACII.

Which ETF pays a higher dividend yield, ACII or PEPS?

PEPS has the higher dividend yield at 0.88%, compared with 0.74% for ACII.

What is the main difference between ACII and PEPS?

They also come from different issuers: Innovator and Parametric. Their fees differ too: 0.79% for ACII and 0.10% for PEPS.