BAUG vs. DMAX
Compare and contrast key facts about Innovator U.S. Equity Buffer ETF - August (BAUG) and iShares Large Cap Max Buffer December ETF (DMAX).
BAUG and DMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BAUG is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index August. It was launched on Jul 31, 2019. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024. Both BAUG and DMAX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BAUG vs. DMAX - Performance Comparison
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BAUG vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BAUG Innovator U.S. Equity Buffer ETF - August | -2.38% | 14.87% |
DMAX iShares Large Cap Max Buffer December ETF | -0.37% | 7.81% |
Returns By Period
In the year-to-date period, BAUG achieves a -2.38% return, which is significantly lower than DMAX's -0.37% return.
BAUG
- 1D
- 2.07%
- 1M
- -3.10%
- YTD
- -2.38%
- 6M
- -0.29%
- 1Y
- 15.07%
- 3Y*
- 15.67%
- 5Y*
- 9.55%
- 10Y*
- —
DMAX
- 1D
- 0.40%
- 1M
- -0.84%
- YTD
- -0.37%
- 6M
- 1.76%
- 1Y
- 7.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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BAUG vs. DMAX - Expense Ratio Comparison
BAUG has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Return for Risk
BAUG vs. DMAX — Risk / Return Rank
BAUG
DMAX
BAUG vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - August (BAUG) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
| BAUG | DMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.17 | 2.26 | -1.08 |
Sortino ratioReturn per unit of downside risk | 1.77 | 3.38 | -1.61 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.51 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | 1.72 | 3.99 | -2.27 |
Martin ratioReturn relative to average drawdown | 9.30 | 19.40 | -10.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BAUG | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 2.26 | -1.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 1.68 | -0.93 |
Correlation
The correlation between BAUG and DMAX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BAUG vs. DMAX - Dividend Comparison
BAUG has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.18%.
| TTM | 2025 | |
|---|---|---|
BAUG Innovator U.S. Equity Buffer ETF - August | 0.00% | 0.00% |
DMAX iShares Large Cap Max Buffer December ETF | 1.18% | 1.18% |
Drawdowns
BAUG vs. DMAX - Drawdown Comparison
The maximum BAUG drawdown since its inception was -24.19%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for BAUG and DMAX.
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Drawdown Indicators
| BAUG | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.19% | -3.37% | -20.82% |
Max Drawdown (1Y)Largest decline over 1 year | -9.23% | -2.00% | -7.23% |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | — | — |
Current DrawdownCurrent decline from peak | -3.70% | -0.97% | -2.73% |
Average DrawdownAverage peak-to-trough decline | -2.91% | -0.42% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 0.41% | +1.29% |
Volatility
BAUG vs. DMAX - Volatility Comparison
Innovator U.S. Equity Buffer ETF - August (BAUG) has a higher volatility of 3.97% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.98%. This indicates that BAUG's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAUG | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 0.98% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 1.81% | +4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.94% | 3.46% | +9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.66% | 3.57% | +8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.09% | 3.57% | +10.52% |