AOR vs. PAUG
AOR (iShares Core 60/40 Balanced Allocation ETF) and PAUG (Innovator U.S. Equity Power Buffer ETF - August) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index, while PAUG is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect August Series Index. Both are passively managed. Over the past 5 years, AOR returned 7.09%/yr vs 9.23%/yr for PAUG. Their correlation of 0.85 suggests significant overlap in exposure. AOR charges 0.15%/yr vs 0.79%/yr for PAUG.
Performance
AOR vs. PAUG - Performance Comparison
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Returns By Period
In the year-to-date period, AOR achieves a 7.85% return, which is significantly higher than PAUG's 5.25% return.
AOR
- 1D
- 0.95%
- 1M
- 2.42%
- YTD
- 7.85%
- 6M
- 8.39%
- 1Y
- 19.38%
- 3Y*
- 13.65%
- 5Y*
- 7.09%
- 10Y*
- 8.58%
PAUG
- 1D
- 0.40%
- 1M
- 1.02%
- YTD
- 5.25%
- 6M
- 5.77%
- 1Y
- 15.45%
- 3Y*
- 13.76%
- 5Y*
- 9.23%
- 10Y*
- —
AOR vs. PAUG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 7.85% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 6.40% |
PAUG Innovator U.S. Equity Power Buffer ETF - August | 5.25% | 12.34% | 15.37% | 17.71% | -6.85% | 7.58% | 9.82% | 3.60% |
Correlation
The correlation between AOR and PAUG is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019 | 0.85 |
The correlation between AOR and PAUG has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.
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Return for Risk
AOR vs. PAUG — Risk / Return Rank
AOR
PAUG
AOR vs. PAUG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) and Innovator U.S. Equity Power Buffer ETF - August (PAUG). 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.
| AOR | PAUG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.60 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 3.92 | -0.99 |
| Martin ratioReturn relative to average drawdown | 12.60 | 21.35 | -8.76 |
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Drawdowns
AOR vs. PAUG - Drawdown Comparison
The maximum AOR drawdown since its inception was -24.44%, which is greater than PAUG's maximum drawdown of -17.88%. Use the drawdown chart below to compare losses from any high point for AOR and PAUG.
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Drawdown Indicators
| AOR | PAUG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.44% | -17.88% | -6.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -3.96% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -10.45% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -21.72% | -11.76% | -9.96% |
Max Drawdown (10Y)Largest decline over 10 years | -22.95% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -1.81% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 0.72% | +0.82% |
Volatility
AOR vs. PAUG - Volatility Comparison
iShares Core 60/40 Balanced Allocation ETF (AOR) has a higher volatility of 3.61% compared to Innovator U.S. Equity Power Buffer ETF - August (PAUG) at 1.01%. This indicates that AOR's price experiences larger fluctuations and is considered to be riskier than PAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOR | PAUG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 1.01% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.37% | 4.26% | +3.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.84% | 5.55% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.63% | 8.72% | +1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.70% | 10.58% | +0.12% |
AOR vs. PAUG - Expense Ratio Comparison
AOR has a 0.15% expense ratio, which is lower than PAUG's 0.79% expense ratio.
Dividends
AOR vs. PAUG - Dividend Comparison
AOR's dividend yield for the trailing twelve months is around 2.46%, while PAUG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.46% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
PAUG Innovator U.S. Equity Power Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AOR and PAUG have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOR has higher volatility (3.61%) compared to PAUG (1.01%). In terms of maximum drawdown, AOR dropped -24.44% vs PAUG's -17.88%.
On 5-year performance, PAUG leads with 9.23% vs 7.09% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, PAUG has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PAUG has performed better with a 9.23% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOR is cheaper with a 0.15% expense ratio, compared with 0.79% for PAUG.
AOR has the higher dividend yield at 2.46%, compared with 0.00% for PAUG.
AOR is categorized as Diversified Portfolio, while PAUG is Defined Outcome. AOR tracks S&P Target Risk Growth Index, while PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.15% for AOR and 0.79% for PAUG.
PAUG currently has the higher Sharpe Ratio (2.80 vs 2.21), 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.
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