IAPR vs. IAUG

Last updated Jun 4, 2026

IAPR (Innovator International Developed Power Buffer ETF - April) and IAUG (Innovator International Developed Power Buffer ETF) are both Defined Outcome funds from Innovator. IAPR is passively managed, while IAUG is actively managed. Over the past year, IAPR returned 14.08% vs 10.69% for IAUG. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

IAPR vs. IAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - April (IAPR) and Innovator International Developed Power Buffer ETF (IAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAPR achieves a 6.91% return, which is significantly higher than IAUG's 5.02% return.

IAPR

• 1D: -0.33%
• 1M: 1.90%
• YTD: 6.91%
• 6M: 8.28%
• 1Y: 14.08%
• 3Y*: 10.13%
• 5Y*: 5.03%
• 10Y*: —

IAUG

• 1D: -0.03%
• 1M: 1.89%
• YTD: 5.02%
• 6M: 6.07%
• 1Y: 10.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IAPR vs. IAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAPR Innovator International Developed Power Buffer ETF - April	6.91%	15.51%	-1.50%
IAUG Innovator International Developed Power Buffer ETF	5.02%	17.50%	-1.12%

Correlation

The correlation between IAPR and IAUG 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 (All Time) Calculated using the full available price history since Aug 2, 2024	0.92

The correlation between IAPR and IAUG has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

IAPR vs. IAUG — Risk / Return Rank

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

IAPR

IAPR Risk / Return Rank: 78
IAPR Sharpe Ratio Rank: 64
IAPR Sortino Ratio Rank: 73
IAPR Omega Ratio Rank: 72
IAPR Calmar Ratio Rank: 90
IAPR Martin Ratio Rank: 91

IAUG

IAUG Risk / Return Rank: 42
IAUG Sharpe Ratio Rank: 39
IAUG Sortino Ratio Rank: 38
IAUG Omega Ratio Rank: 41
IAUG Calmar Ratio Rank: 46
IAUG Martin Ratio Rank: 45

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.

IAPR vs. IAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - April (IAPR) and Innovator International Developed Power Buffer ETF (IAUG). 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.

	IAPR	IAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.37	+0.75
Sortino ratio: Return per unit of downside risk	3.31	1.97	+1.33
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	5.51	2.26	+3.25
Martin ratio: Return relative to average drawdown	21.30	7.28	+14.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAPR vs. IAUG - Sharpe Ratio Comparison

The current IAPR Sharpe Ratio is 2.12, which is higher than the IAUG Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of IAPR and IAUG, 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

	IAPR	IAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.37	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.28	-0.67

Drawdowns

IAPR vs. IAUG - Drawdown Comparison

The maximum IAPR drawdown since its inception was -17.73%, which is greater than IAUG's maximum drawdown of -8.03%. Use the drawdown chart below to compare losses from any high point for IAPR and IAUG.

Drawdown Indicators

	IAPR	IAUG	Difference
Max Drawdown Largest peak-to-trough decline	-17.73%	-8.03%	-9.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-4.75%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-9.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.73%	—	—
Current Drawdown Current decline from peak	-0.41%	-0.03%	-0.38%
Average Drawdown Average peak-to-trough decline	-3.88%	-1.63%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.47%	-0.81%

Volatility

IAPR vs. IAUG - Volatility Comparison

Innovator International Developed Power Buffer ETF - April (IAPR) has a higher volatility of 2.73% compared to Innovator International Developed Power Buffer ETF (IAUG) at 1.40%. This indicates that IAPR's price experiences larger fluctuations and is considered to be riskier than IAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAPR	IAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	1.40%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	5.12%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	6.68%	7.88%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.85%	9.01%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	9.01%	-0.24%

IAPR vs. IAUG - Expense Ratio Comparison

Both IAPR and IAUG have an expense ratio of 0.85%.

Dividends

IAPR vs. IAUG - Dividend Comparison

Neither IAPR nor IAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAPR and IAUG in my portfolio?

IAPR and IAUG 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, IAPR or IAUG?

IAPR has higher volatility (2.73%) compared to IAUG (1.40%). In terms of maximum drawdown, IAPR dropped -17.73% vs IAUG's -8.03%.

Which ETF is better, IAPR or IAUG?

On 1-year performance, IAPR leads with 14.08% vs 10.69% for IAUG. Both ETFs have the same 0.85% expense ratio. On volatility, IAUG has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAPR or IAUG?

Over the 1-year period, IAPR has performed better with a 14.08% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAPR or IAUG?

IAPR and IAUG have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, IAPR or IAUG?

IAPR and IAUG have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

IAPR currently has the higher Sharpe Ratio (2.12 vs 1.37), 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.