BSTP vs. UAUG

Last updated Jun 4, 2026

BSTP (Innovator Buffer Step-Up Strategy ETF) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both exchange-traded funds - BSTP is a Options Trading fund tracking the S&P 500, while UAUG is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, BSTP returned 14.35%/yr vs 14.57%/yr for UAUG. Their correlation of 0.94 suggests significant overlap in exposure. BSTP charges 0.89%/yr vs 0.79%/yr for UAUG.

Performance

BSTP vs. UAUG - Performance Comparison

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

Returns By Period

In the year-to-date period, BSTP achieves a 6.07% return, which is significantly higher than UAUG's 4.84% return.

BSTP

• 1D: -0.32%
• 1M: 3.05%
• YTD: 6.07%
• 6M: 6.56%
• 1Y: 16.71%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

UAUG

• 1D: -0.10%
• 1M: 1.60%
• YTD: 4.84%
• 6M: 5.32%
• 1Y: 15.19%
• 3Y*: 14.57%
• 5Y*: 7.97%
• 10Y*: —

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

BSTP vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BSTP Innovator Buffer Step-Up Strategy ETF	6.07%	11.80%	16.70%	18.14%	-4.95%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.84%	12.42%	15.51%	17.71%	-7.10%

Correlation

The correlation between BSTP and UAUG is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	0.94

The correlation between BSTP and UAUG has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

BSTP vs. UAUG - Sectors Allocation Comparison

Sectors	BSTP	UAUG
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BSTP vs. UAUG — Risk / Return Rank

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

BSTP

BSTP Risk / Return Rank: 65
BSTP Sharpe Ratio Rank: 63
BSTP Sortino Ratio Rank: 65
BSTP Omega Ratio Rank: 69
BSTP Calmar Ratio Rank: 55
BSTP Martin Ratio Rank: 71

UAUG

UAUG Risk / Return Rank: 86
UAUG Sharpe Ratio Rank: 84
UAUG Sortino Ratio Rank: 89
UAUG Omega Ratio Rank: 89
UAUG Calmar Ratio Rank: 76
UAUG Martin Ratio Rank: 89

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.

BSTP vs. UAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Buffer Step-Up Strategy ETF (BSTP) and Innovator U.S. Equity Ultra Buffer ETF - August (UAUG). 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.

	BSTP	UAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.78	-0.66
Sortino ratio: Return per unit of downside risk	3.01	4.11	-1.10
Omega ratio: Gain probability vs. loss probability	1.41	1.57	-0.16
Calmar ratio: Return relative to maximum drawdown	2.69	3.85	-1.16
Martin ratio: Return relative to average drawdown	13.18	20.38	-7.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSTP vs. UAUG - Sharpe Ratio Comparison

The current BSTP Sharpe Ratio is 2.12, which is comparable to the UAUG Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of BSTP and UAUG, 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

	BSTP	UAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.78	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.91	0.00

Drawdowns

BSTP vs. UAUG - Drawdown Comparison

The maximum BSTP drawdown since its inception was -16.69%, which is greater than UAUG's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for BSTP and UAUG.

Drawdown Indicators

	BSTP	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-13.91%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-3.96%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-10.35%	-3.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.91%	—
Current Drawdown Current decline from peak	-0.32%	-0.10%	-0.22%
Average Drawdown Average peak-to-trough decline	-3.52%	-2.36%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.75%	+0.52%

Volatility

BSTP vs. UAUG - Volatility Comparison

Innovator Buffer Step-Up Strategy ETF (BSTP) has a higher volatility of 1.52% compared to Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) at 0.60%. This indicates that BSTP's price experiences larger fluctuations and is considered to be riskier than UAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSTP	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	0.60%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	4.13%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.93%	5.51%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	7.89%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	8.72%	+3.39%

BSTP vs. UAUG - Expense Ratio Comparison

BSTP has a 0.89% expense ratio, which is higher than UAUG's 0.79% expense ratio.

Dividends

BSTP vs. UAUG - Dividend Comparison

Neither BSTP nor UAUG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSTP Innovator Buffer Step-Up Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%

Frequently Asked Questions

Can I hold both BSTP and UAUG in my portfolio?

With a correlation of 0.93, BSTP and UAUG 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, BSTP or UAUG?

BSTP has higher volatility (1.52%) compared to UAUG (0.60%). In terms of maximum drawdown, BSTP dropped -16.69% vs UAUG's -13.91%.

Which ETF is better, BSTP or UAUG?

On 3-year performance, UAUG leads with 14.57% vs 14.35% for BSTP. On fees, UAUG is cheaper at 0.79% per year. On volatility, UAUG has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSTP or UAUG?

Over the 3-year period, UAUG has performed better with a 14.57% return vs 14.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSTP or UAUG?

UAUG is cheaper with a 0.79% expense ratio, compared with 0.89% for BSTP.

Which ETF pays a higher dividend yield, BSTP or UAUG?

BSTP and UAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between BSTP and UAUG?

BSTP is categorized as Options Trading, while UAUG is Defined Outcome. Both ETFs track S&P 500. Their fees differ too: 0.89% for BSTP and 0.79% for UAUG.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.78 vs 2.12), 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.