IAUG vs. IAPR

Last updated Jun 23, 2026

IAUG (Innovator International Developed Power Buffer ETF) and IAPR (Innovator International Developed Power Buffer ETF - April) are both Defined Outcome funds from Innovator. IAUG is actively managed, while IAPR is passively managed. Over the past year, IAUG returned 13.04% vs 16.19% for IAPR. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

IAUG vs. IAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, IAUG achieves a 5.97% return, which is significantly lower than IAPR's 8.24% return.

IAUG

• 1D: 0.19%
• 1M: 1.35%
• YTD: 5.97%
• 6M: 6.19%
• 1Y: 13.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAPR

• 1D: 0.21%
• 1M: 1.38%
• YTD: 8.24%
• 6M: 8.45%
• 1Y: 16.19%
• 3Y*: 10.80%
• 5Y*: 5.37%
• 10Y*: —

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

IAUG vs. IAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAUG Innovator International Developed Power Buffer ETF	5.97%	17.50%	-2.26%
IAPR Innovator International Developed Power Buffer ETF - April	8.24%	15.51%	-2.99%

Correlation

The correlation between IAUG and IAPR 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 1, 2024	0.92

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

Return for Risk

IAUG vs. IAPR — Risk / Return Rank

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

IAUG

IAUG Risk / Return Rank: 54
IAUG Sharpe Ratio Rank: 51
IAUG Sortino Ratio Rank: 53
IAUG Omega Ratio Rank: 54
IAUG Calmar Ratio Rank: 57
IAUG Martin Ratio Rank: 54

IAPR

IAPR Risk / Return Rank: 87
IAPR Sharpe Ratio Rank: 77
IAPR Sortino Ratio Rank: 86
IAPR Omega Ratio Rank: 84
IAPR Calmar Ratio Rank: 93
IAPR Martin Ratio Rank: 94

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.

IAUG vs. IAPR - Risk-Adjusted Trends Comparison

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

	IAUG	IAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.36	-0.66
Sortino ratio: Return per unit of downside risk	2.47	3.66	-1.19
Omega ratio: Gain probability vs. loss probability	1.33	1.48	-0.16
Calmar ratio: Return relative to maximum drawdown	2.76	6.34	-3.58
Martin ratio: Return relative to average drawdown	9.04	24.42	-15.38

IAUG vs. IAPR - Sharpe Ratio Comparison

The current IAUG Sharpe Ratio is 1.70, which is comparable to the IAPR Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of IAUG and IAPR, 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

IAUG vs. IAPR - Drawdown Comparison

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

Drawdown Indicators

	IAUG	IAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.03%	-17.73%	+9.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-2.56%	-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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.62%	-3.84%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.66%	+0.79%

Volatility

IAUG vs. IAPR - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF (IAUG) is 1.52%, while Innovator International Developed Power Buffer ETF - April (IAPR) has a volatility of 2.47%. This indicates that IAUG experiences smaller price fluctuations and is considered to be less risky than IAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAUG	IAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	2.47%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	5.16%	5.75%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	6.91%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.99%	8.90%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.99%	8.78%	+0.21%

IAUG vs. IAPR - Expense Ratio Comparison

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

Dividends

IAUG vs. IAPR - Dividend Comparison

Neither IAUG nor IAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAUG and IAPR in my portfolio?

IAUG and IAPR 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, IAUG or IAPR?

IAPR has higher volatility (2.47%) compared to IAUG (1.52%). In terms of maximum drawdown, IAUG dropped -8.03% vs IAPR's -17.73%.

Which ETF is better, IAUG or IAPR?

On 1-year performance, IAPR leads with 16.19% vs 13.04% for IAUG. Both ETFs have the same 0.85% expense ratio. On volatility, IAUG has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUG or IAPR?

Over the 1-year period, IAPR has performed better with a 16.19% return vs 13.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUG or IAPR?

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

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

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

Which has better risk-adjusted returns?

IAPR currently has the higher Sharpe Ratio (2.36 vs 1.70), 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.