AIOO vs. KAUG

Last updated Aug 1, 2026

AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) and KAUG (Innovator U.S. Small Cap Power Buffer ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, AIOO returned 4.97% vs 17.74% for KAUG. Their 0.57 correlation means they have sometimes moved together and sometimes differently. AIOO charges 0.64%/yr vs 0.79%/yr for KAUG.

Performance

AIOO vs. KAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Innovator U.S. Small Cap Power Buffer ETF (KAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIOO achieves a 2.41% return, which is significantly lower than KAUG's 8.59% return.

AIOO

• 1D: 0.10%
• 1M: 0.20%
• 6M: 2.08%
• YTD: 2.41%
• 1Y: 4.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.72%

KAUG

• 1D: 0.10%
• 1M: 0.56%
• 6M: 6.47%
• YTD: 8.59%
• 1Y: 17.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	$338.86K	$297.94K	$421.07K
KAUG Innovator U.S. Small Cap Power Buffer ETF	$320.24K	$293.83K	$502.19K

AIOO vs. KAUG - Yearly Performance Comparison

	2026 (YTD)	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.41%	2.65%
KAUG Innovator U.S. Small Cap Power Buffer ETF	8.59%	6.76%

Correlation

The correlation between AIOO and KAUG is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.57

The correlation between AIOO and KAUG has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

Return for Risk

AIOO vs. KAUG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 91
AIOO Sortino Ratio Rank: 93
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

KAUG

KAUG Risk / Return Rank: 92
KAUG Sharpe Ratio Rank: 89
KAUG Sortino Ratio Rank: 92
KAUG Omega Ratio Rank: 92
KAUG Calmar Ratio Rank: 92
KAUG Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AIOO vs. KAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Innovator U.S. Small Cap Power Buffer ETF (KAUG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIOO	KAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.20	+0.12
Sortino ratio: Return per unit of downside risk	3.59	3.32	+0.27
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	6.44	4.21	+2.23
Martin ratio: Return relative to average drawdown	18.58	17.09	+1.49

AIOO vs. KAUG - Sharpe Ratio Comparison

The current AIOO Sharpe Ratio is 2.33, which is comparable to the KAUG Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of AIOO and KAUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIOO vs. KAUG - Drawdown Comparison

The maximum AIOO drawdown since its inception was -0.74%, smaller than the maximum KAUG drawdown of -15.66%. Use the drawdown chart below to compare losses from any high point for AIOO and KAUG.

Drawdown Indicators

	AIOO	KAUG	Difference
Max Drawdown Largest peak-to-trough decline	-0.74%	-15.66%	+14.92%
Max Drawdown (1Y) Largest decline over 1 year	-0.74%	-3.94%	+3.20%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.18%	-2.69%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.97%	-0.71%

Volatility

AIOO vs. KAUG - Volatility Comparison

AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) has a higher volatility of 0.40% compared to Innovator U.S. Small Cap Power Buffer ETF (KAUG) at 0.28%. This indicates that AIOO's price experiences larger fluctuations and is considered to be riskier than KAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIOO	KAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.28%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	4.77%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	7.53%	-5.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.02%	10.85%	-8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.02%	10.85%	-8.83%

AIOO vs. KAUG - Expense Ratio Comparison

AIOO has a 0.64% expense ratio, which is lower than KAUG's 0.79% expense ratio.

Dividends

AIOO vs. KAUG - Dividend Comparison

Neither AIOO nor KAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AIOO and KAUG in my portfolio?

AIOO and KAUG have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIOO or KAUG?

AIOO has higher volatility (0.40%) compared to KAUG (0.28%). In terms of maximum drawdown, AIOO dropped -0.74% vs KAUG's -15.66%.

Which ETF is better, AIOO or KAUG?

On 1-year performance, KAUG leads with 17.74% vs 4.97% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, KAUG has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIOO or KAUG?

Over the 1-year period, KAUG has performed better with a 17.74% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIOO or KAUG?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for KAUG.

Which ETF pays a higher dividend yield, AIOO or KAUG?

AIOO and KAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between AIOO and KAUG?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.64% for AIOO and 0.79% for KAUG.

Which has better risk-adjusted returns?

AIOO currently has the higher Sharpe Ratio (2.33 vs 2.20), 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.