FAUG vs. XBAP

Last updated Jul 12, 2026

FAUG (FT Cboe Vest U.S. Equity Buffer ETF - August) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds. FAUG is passively managed, while XBAP is actively managed. Over the past 5 years, FAUG returned 8.97%/yr vs 9.68%/yr for XBAP. Their correlation of 0.87 suggests significant overlap in exposure. FAUG charges 0.85%/yr vs 0.79%/yr for XBAP.

Performance

FAUG vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAUG achieves a 7.31% return, which is significantly lower than XBAP's 9.00% return.

FAUG

• 1D: 0.14%
• 1M: 1.46%
• 6M: 6.29%
• YTD: 7.31%
• 1Y: 15.11%
• 3Y*: 13.87%
• 5Y*: 8.97%
• 10Y*: —

XBAP

• 1D: 0.21%
• 1M: 1.19%
• 6M: 8.77%
• YTD: 9.00%
• 1Y: 14.10%
• 3Y*: 13.33%
• 5Y*: 9.68%
• 10Y*: —

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

FAUG vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAUG FT Cboe Vest U.S. Equity Buffer ETF - August	7.31%	13.77%	14.55%	17.24%	-10.52%	7.75%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	9.00%	13.38%	11.55%	20.53%	-7.59%	7.65%

Correlation

The correlation between FAUG and XBAP is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.87

The correlation between FAUG and XBAP shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

FAUG vs. XBAP - Sectors Allocation Comparison

Sectors	FAUG	XBAP
Technology	39.0%	39.1%
Financial Services	11.1%	10.9%
Communication Services	10.6%	10.7%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FAUG vs. XBAP — Risk / Return Rank

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

FAUG

FAUG Risk / Return Rank: 83
FAUG Sharpe Ratio Rank: 84
FAUG Sortino Ratio Rank: 85
FAUG Omega Ratio Rank: 87
FAUG Calmar Ratio Rank: 71
FAUG Martin Ratio Rank: 87

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 98
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

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.

FAUG vs. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	FAUG	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.12	4.03	-1.90
Sortino ratio: Return per unit of downside risk	3.03	7.19	-4.16
Omega ratio: Gain probability vs. loss probability	1.42	2.03	-0.61
Calmar ratio: Return relative to maximum drawdown	2.85	11.05	-8.20
Martin ratio: Return relative to average drawdown	14.33	60.09	-45.75

FAUG vs. XBAP - Sharpe Ratio Comparison

The current FAUG Sharpe Ratio is 2.12, which is lower than the XBAP Sharpe Ratio of 4.03. The chart below compares the historical Sharpe Ratios of FAUG and XBAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FAUG vs. XBAP - Drawdown Comparison

The maximum FAUG drawdown since its inception was -22.33%, which is greater than XBAP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for FAUG and XBAP.

Drawdown Indicators

	FAUG	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-22.33%	-14.57%	-7.76%
Max Drawdown (1Y) Largest decline over 1 year	-5.26%	-1.30%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-8.25%	-4.56%
Max Drawdown (5Y) Largest decline over 5 years	-15.91%	-14.57%	-1.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.80%	-1.72%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.24%	+0.80%

Volatility

FAUG vs. XBAP - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) has a higher volatility of 1.69% compared to Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) at 1.31%. This indicates that FAUG's price experiences larger fluctuations and is considered to be riskier than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAUG	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	1.31%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	5.58%	2.97%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	7.06%	3.55%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	9.97%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.67%	9.80%	+2.87%

FAUG vs. XBAP - Expense Ratio Comparison

FAUG has a 0.85% expense ratio, which is higher than XBAP's 0.79% expense ratio.

Dividends

FAUG vs. XBAP - Dividend Comparison

Neither FAUG nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAUG and XBAP in my portfolio?

FAUG and XBAP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAUG or XBAP?

FAUG has higher volatility (1.69%) compared to XBAP (1.31%). In terms of maximum drawdown, FAUG dropped -22.33% vs XBAP's -14.57%.

Which ETF is better, FAUG or XBAP?

On 5-year performance, XBAP leads with 9.68% vs 8.97% for FAUG. On fees, XBAP is cheaper at 0.79% per year. On volatility, XBAP has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAUG or XBAP?

Over the 5-year period, XBAP has performed better with a 9.68% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAUG or XBAP?

XBAP is cheaper with a 0.79% expense ratio, compared with 0.85% for FAUG.

Which ETF pays a higher dividend yield, FAUG or XBAP?

FAUG and XBAP have nearly identical dividend yields, around 0.00%.

What is the main difference between FAUG and XBAP?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for FAUG and 0.79% for XBAP.

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.03 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.