BUFF vs. BAUG

Last updated Jun 4, 2026

BUFF (Innovator Laddered Allocation Power Buffer ETF) and BAUG (Innovator U.S. Equity Buffer ETF - August) are both Defined Outcome funds from Innovator - BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index while BAUG tracks the Cboe S&P 500 Buffer Protect Index August. Both are passively managed. Over the past 5 years, BUFF returned 8.71%/yr vs 11.16%/yr for BAUG. Their correlation of 0.87 suggests significant overlap in exposure. BUFF charges 0.89%/yr vs 0.79%/yr for BAUG.

Performance

BUFF vs. BAUG - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFF achieves a 5.42% return, which is significantly lower than BAUG's 6.52% return.

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

BAUG

• 1D: -0.07%
• 1M: 2.35%
• YTD: 6.52%
• 6M: 7.11%
• 1Y: 19.72%
• 3Y*: 17.93%
• 5Y*: 11.16%
• 10Y*: —

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

BUFF vs. BAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	9.60%
BAUG Innovator U.S. Equity Buffer ETF - August	6.52%	14.81%	21.15%	20.11%	-10.30%	12.06%	12.20%	6.33%

Correlation

The correlation between BUFF and BAUG is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.87

The correlation between BUFF and BAUG has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

BUFF vs. BAUG - Sectors Allocation Comparison

Sectors	BUFF	BAUG
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

BUFF vs. BAUG — Risk / Return Rank

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

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

BAUG

BAUG Risk / Return Rank: 80
BAUG Sharpe Ratio Rank: 78
BAUG Sortino Ratio Rank: 82
BAUG Omega Ratio Rank: 83
BAUG Calmar Ratio Rank: 70
BAUG Martin Ratio Rank: 85

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.

BUFF vs. BAUG - Risk-Adjusted Trends Comparison

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

	BUFF	BAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.55	+0.26
Sortino ratio: Return per unit of downside risk	4.24	3.68	+0.56
Omega ratio: Gain probability vs. loss probability	1.58	1.50	+0.08
Calmar ratio: Return relative to maximum drawdown	4.02	3.50	+0.52
Martin ratio: Return relative to average drawdown	21.50	17.76	+3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFF vs. BAUG - Sharpe Ratio Comparison

The current BUFF Sharpe Ratio is 2.80, which is comparable to the BAUG Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of BUFF and BAUG, 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

	BUFF	BAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.55	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.96	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.84	-0.35

Drawdowns

BUFF vs. BAUG - Drawdown Comparison

The maximum BUFF drawdown since its inception was -46.23%, which is greater than BAUG's maximum drawdown of -24.19%. Use the drawdown chart below to compare losses from any high point for BUFF and BAUG.

Drawdown Indicators

	BUFF	BAUG	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-24.19%	-22.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-5.66%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-13.78%	+3.54%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	-15.59%	+5.35%
Current Drawdown Current decline from peak	-0.27%	-0.07%	-0.20%
Average Drawdown Average peak-to-trough decline	-6.18%	-2.84%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.11%	-0.44%

Volatility

BUFF vs. BAUG - Volatility Comparison

Innovator Laddered Allocation Power Buffer ETF (BUFF) and Innovator U.S. Equity Buffer ETF - August (BAUG) have volatilities of 1.02% and 1.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFF	BAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.00%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	5.83%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.15%	7.79%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.41%	11.70%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	13.95%	+3.72%

BUFF vs. BAUG - Expense Ratio Comparison

BUFF has a 0.89% expense ratio, which is higher than BAUG's 0.79% expense ratio.

Dividends

BUFF vs. BAUG - Dividend Comparison

Neither BUFF nor BAUG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BAUG Innovator U.S. Equity Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%

Frequently Asked Questions

Can I hold both BUFF and BAUG in my portfolio?

BUFF and BAUG have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFF or BAUG?

BUFF has higher volatility (1.02%) compared to BAUG (1.00%). In terms of maximum drawdown, BUFF dropped -46.23% vs BAUG's -24.19%.

Which ETF is better, BUFF or BAUG?

On 5-year performance, BAUG leads with 11.16% vs 8.71% for BUFF. On fees, BAUG is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFF or BAUG?

Over the 5-year period, BAUG has performed better with a 11.16% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFF or BAUG?

BAUG is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

Which ETF pays a higher dividend yield, BUFF or BAUG?

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

What is the main difference between BUFF and BAUG?

BUFF tracks Refinitiv Laddered Power Buffer Strategy Index, while BAUG tracks Cboe S&P 500 Buffer Protect Index August. Their fees differ too: 0.89% for BUFF and 0.79% for BAUG.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.55), 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.