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BAUG vs. BDEC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BAUG vs. BDEC

Last updated Aug 1, 2026
Documentation

BAUG (Innovator U.S. Equity Buffer ETF - August) and BDEC (Innovator U.S. Equity Buffer ETF - December) are both Defined Outcome funds from Innovator - BAUG tracks the Cboe S&P 500 Buffer Protect Index August while BDEC tracks the Cboe S&P 500 Buffer Protect Index December. Both are passively managed. Over the past 5 years, BAUG returned 11.37%/yr vs 9.90%/yr for BDEC. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BAUG vs. BDEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - August (BAUG) and Innovator U.S. Equity Buffer ETF - December (BDEC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with BAUG having a 8.35% return and BDEC slightly lower at 8.00%.

BAUG

1D
0.08%
1M
1.12%
6M
7.36%
YTD
8.35%
1Y
16.10%
3Y*
16.16%
5Y*
11.37%
10Y*
—
ALL TIME*
11.65%

BDEC

1D
0.74%
1M
0.72%
6M
7.11%
YTD
8.00%
1Y
18.12%
3Y*
12.91%
5Y*
9.90%
10Y*
—
ALL TIME*
11.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

BAUG

Innovator U.S. Equity Buffer ETF - August
$705.00K$399.85K$286.26K

BDEC

Innovator U.S. Equity Buffer ETF - December
$295.72K$323.89K$1.43M

BAUG vs. BDEC - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
BAUG
Innovator U.S. Equity Buffer ETF - August		8.35%14.81%21.15%20.11%-10.30%12.06%12.20%1.53%
BDEC
Innovator U.S. Equity Buffer ETF - December		8.00%14.96%12.71%19.86%-9.42%15.45%13.39%1.55%

Correlation

The correlation between BAUG and BDEC is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.97

Correlation (3Y)
Balances recent behavior with more history.

0.95

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.96

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2019

0.94

The correlation between BAUG and BDEC has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

BAUG vs. BDEC - Sectors Allocation Comparison

Sectors
BAUG
BDEC

Technology

37.9%
37.9%

Financial Services

11.7%
11.7%

Communication Services

10.0%
10.0%

Consumer Cyclical

9.6%
9.6%

Healthcare

9.1%
9.1%

Industrials

8.4%
8.4%

Consumer Defensive

4.6%
4.6%

Energy

3.0%
3.0%

Utilities

2.3%
2.3%

Real Estate

1.9%
1.9%

Basic Materials

1.7%
1.7%

Technology

BAUG
37.9%
BDEC
37.9%

Financial Services

BAUG
11.7%
BDEC
11.7%

Communication Services

BAUG
10.0%
BDEC
10.0%

Consumer Cyclical

BAUG
9.6%
BDEC
9.6%

Healthcare

BAUG
9.1%
BDEC
9.1%

Industrials

BAUG
8.4%
BDEC
8.4%

Consumer Defensive

BAUG
4.6%
BDEC
4.6%

Energy

BAUG
3.0%
BDEC
3.0%

Utilities

BAUG
2.3%
BDEC
2.3%

Real Estate

BAUG
1.9%
BDEC
1.9%

Basic Materials

BAUG
1.7%
BDEC
1.7%

Compare stocks, funds, or ETFs

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Innovator U.S. Equity Buffer ETF - August

Innovator U.S. Equity Buffer ETF - December

Often compared with BAUG:
BAUG vs. PAUGBAUG vs. BJULBAUG vs. UAUGBAUG vs. VOOBAUG vs. BUFFBAUG vs. JEPQBAUG vs. SCHG
Often compared with BDEC:
BDEC vs. UDECBDEC vs. PDECBDEC vs. VOOBDEC vs. SPYBDEC vs. LJULBDEC vs. ZFEBBDEC vs. MMAX

Return for Risk

BAUG vs. BDEC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
BAUG
BAUG Risk / Return Rank: 8484
Overall Rank
BAUG Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
BAUG Sortino Ratio Rank: 8686
Sortino Ratio Rank
BAUG Omega Ratio Rank: 8787
Omega Ratio Rank
BAUG Calmar Ratio Rank: 7575
Calmar Ratio Rank
BAUG Martin Ratio Rank: 8989
Martin Ratio Rank
BDEC
BDEC Risk / Return Rank: 7979
Overall Rank
BDEC Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
BDEC Sortino Ratio Rank: 7979
Sortino Ratio Rank
BDEC Omega Ratio Rank: 7979
Omega Ratio Rank
BDEC Calmar Ratio Rank: 7474
Calmar Ratio Rank
BDEC Martin Ratio Rank: 8585
Martin Ratio Rank
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.

BAUG vs. BDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - August (BAUG) and Innovator U.S. Equity Buffer ETF - December (BDEC). 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.

BAUGBDECDifference
Sharpe ratioReturn per unit of total volatility
1.97
1.81

+0.16

Sortino ratioReturn per unit of downside risk
2.86
2.56

+0.30

Omega ratioGain probability vs. loss probability

1.38

1.33

+0.05

Calmar ratioReturn relative to maximum drawdown

2.66

2.57

+0.09

Martin ratioReturn relative to average drawdown

13.47

11.84

+1.63

BAUG vs. BDEC - Sharpe Ratio Comparison

The current BAUG Sharpe Ratio is 1.97, which is comparable to the BDEC Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of BAUG and BDEC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BAUG vs. BDEC - Drawdown Comparison

The maximum BAUG drawdown since its inception was -24.19%, smaller than the maximum BDEC drawdown of -25.60%. Use the drawdown chart below to compare losses from any high point for BAUG and BDEC.

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Drawdown Indicators

BAUGBDECDifference

Max Drawdown

Largest peak-to-trough decline

-24.19%

-25.60%

+1.41%

Max Drawdown (1Y)

Largest decline over 1 year

-5.66%

-6.52%

+0.86%

Max Drawdown (3Y)

Largest decline over 3 years

-13.78%

-13.95%

+0.17%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

-16.44%

+0.85%

Current Drawdown

Current decline from peak

0.00%

-0.33%

+0.33%

Average Drawdown

Average peak-to-trough decline

-2.79%

-3.00%

+0.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.12%

1.42%

-0.30%

Volatility

BAUG vs. BDEC - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - August (BAUG) is 1.30%, while Innovator U.S. Equity Buffer ETF - December (BDEC) has a volatility of 2.49%. This indicates that BAUG experiences smaller price fluctuations and is considered to be less risky than BDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BAUGBDECDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.30%

2.49%

-1.19%

Volatility (6M)

Calculated over the trailing 6-month period

5.92%

6.97%

-1.05%

Volatility (1Y)

Calculated over the trailing 1-year period

7.66%

9.29%

-1.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.75%

12.06%

-0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.82%

14.17%

-0.35%

BAUG vs. BDEC - Expense Ratio Comparison

Both BAUG and BDEC have an expense ratio of 0.79%.

Dividends

BAUG vs. BDEC - Dividend Comparison

Neither BAUG nor BDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

With a correlation of 0.97, BAUG and BDEC 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.

BDEC has higher volatility (2.49%) compared to BAUG (1.30%). In terms of maximum drawdown, BAUG dropped -24.19% vs BDEC's -25.60%.

On 5-year performance, BAUG leads with 11.37% vs 9.90% for BDEC. Both ETFs have the same 0.79% expense ratio. On volatility, BAUG has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, BAUG has performed better with a 11.37% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BAUG and BDEC have the same expense ratio: 0.79% per year.

BAUG and BDEC have nearly identical dividend yields, around 0.00%.

BAUG tracks Cboe S&P 500 Buffer Protect Index August, while BDEC tracks Cboe S&P 500 Buffer Protect Index December.

BAUG currently has the higher Sharpe Ratio (1.97 vs 1.81), 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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