ACIO vs. USEP

Last updated Jun 4, 2026

ACIO (Aptus Collared Income Opportunity ETF) and USEP (Innovator U.S. Equity Ultra Buffer ETF - September) are both exchange-traded funds - ACIO is a Diversified Portfolio fund actively managed by Aptus Capital Advisors, while USEP is a Defined Outcome fund tracking the S&P 500 Index. ACIO is actively managed, while USEP is passively managed. Over the past 5 years, ACIO returned 10.18%/yr vs 8.01%/yr for USEP. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

ACIO vs. USEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Collared Income Opportunity ETF (ACIO) and Innovator U.S. Equity Ultra Buffer ETF - September (USEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACIO achieves a 7.22% return, which is significantly higher than USEP's 4.73% return.

ACIO

• 1D: -0.55%
• 1M: 3.52%
• YTD: 7.22%
• 6M: 6.40%
• 1Y: 15.88%
• 3Y*: 15.97%
• 5Y*: 10.18%
• 10Y*: —

USEP

• 1D: -0.08%
• 1M: 1.65%
• YTD: 4.73%
• 6M: 5.26%
• 1Y: 14.66%
• 3Y*: 13.11%
• 5Y*: 8.01%
• 10Y*: —

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

ACIO vs. USEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ACIO Aptus Collared Income Opportunity ETF	7.22%	9.03%	21.92%	15.90%	-10.31%	18.03%	9.85%	6.53%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	4.73%	11.75%	12.39%	18.62%	-7.98%	5.73%	7.13%	3.60%

Correlation

The correlation between ACIO and USEP is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019	0.85

The correlation between ACIO and USEP has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

ACIO vs. USEP - Sectors Allocation Comparison

Sectors	ACIO	USEP
Technology	35.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	11.3%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.3%	8.1%
Consumer Defensive	5.0%	4.9%
Energy	3.6%	3.5%
Utilities	2.4%	2.3%
Real Estate	2.1%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

ACIO vs. USEP — Risk / Return Rank

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

ACIO

ACIO Risk / Return Rank: 53
ACIO Sharpe Ratio Rank: 56
ACIO Sortino Ratio Rank: 57
ACIO Omega Ratio Rank: 56
ACIO Calmar Ratio Rank: 44
ACIO Martin Ratio Rank: 52

USEP

USEP Risk / Return Rank: 84
USEP Sharpe Ratio Rank: 83
USEP Sortino Ratio Rank: 87
USEP Omega Ratio Rank: 88
USEP Calmar Ratio Rank: 74
USEP Martin Ratio Rank: 87

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.

ACIO vs. USEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Collared Income Opportunity ETF (ACIO) and Innovator U.S. Equity Ultra Buffer ETF - September (USEP). 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.

	ACIO	USEP	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.70	-0.77
Sortino ratio: Return per unit of downside risk	2.74	3.98	-1.24
Omega ratio: Gain probability vs. loss probability	1.35	1.55	-0.20
Calmar ratio: Return relative to maximum drawdown	2.21	3.66	-1.45
Martin ratio: Return relative to average drawdown	8.84	18.85	-10.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACIO vs. USEP - Sharpe Ratio Comparison

The current ACIO Sharpe Ratio is 1.93, which is comparable to the USEP Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ACIO and USEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACIO	USEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.70	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	1.09	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.00	-0.10

Drawdowns

ACIO vs. USEP - Drawdown Comparison

The maximum ACIO drawdown since its inception was -14.19%, which is greater than USEP's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for ACIO and USEP.

Drawdown Indicators

	ACIO	USEP	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-13.37%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-4.03%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-12.12%	-9.72%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	-14.00%	-11.84%	-2.16%
Current Drawdown Current decline from peak	-0.64%	-0.08%	-0.56%
Average Drawdown Average peak-to-trough decline	-3.19%	-1.89%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.78%	+1.02%

Volatility

ACIO vs. USEP - Volatility Comparison

Aptus Collared Income Opportunity ETF (ACIO) has a higher volatility of 2.18% compared to Innovator U.S. Equity Ultra Buffer ETF - September (USEP) at 0.62%. This indicates that ACIO's price experiences larger fluctuations and is considered to be riskier than USEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACIO	USEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	0.62%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	4.00%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.26%	5.47%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.05%	7.41%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	8.06%	+3.58%

ACIO vs. USEP - Expense Ratio Comparison

Both ACIO and USEP have an expense ratio of 0.79%.

Dividends

ACIO vs. USEP - Dividend Comparison

ACIO's dividend yield for the trailing twelve months is around 0.38%, while USEP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ACIO Aptus Collared Income Opportunity ETF	0.38%	0.37%	0.44%	0.72%	1.51%	0.61%	1.02%	1.32%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%

Frequently Asked Questions

Can I hold both ACIO and USEP in my portfolio?

With a correlation of 0.91, ACIO and USEP 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 is riskier, ACIO or USEP?

ACIO has higher volatility (2.18%) compared to USEP (0.62%). In terms of maximum drawdown, ACIO dropped -14.19% vs USEP's -13.37%.

Which ETF is better, ACIO or USEP?

On 5-year performance, ACIO leads with 10.18% vs 8.01% for USEP. Both ETFs have the same 0.79% expense ratio. On volatility, USEP has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACIO or USEP?

Over the 5-year period, ACIO has performed better with a 10.18% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACIO or USEP?

ACIO and USEP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ACIO or USEP?

ACIO has the higher dividend yield at 0.38%, compared with 0.00% for USEP.

What is the main difference between ACIO and USEP?

ACIO is categorized as Diversified Portfolio, while USEP is Defined Outcome. They also come from different issuers: Aptus Capital Advisors and Innovator.

Which has better risk-adjusted returns?

USEP currently has the higher Sharpe Ratio (2.70 vs 1.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.