IAUG vs. UAUG

Last updated Jun 4, 2026

IAUG (Innovator International Developed Power Buffer ETF) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both Defined Outcome funds from Innovator. IAUG is actively managed, while UAUG is passively managed. Over the past year, IAUG returned 10.69% vs 15.19% for UAUG. A 0.65 correlation means they provide meaningful diversification when combined. IAUG charges 0.85%/yr vs 0.79%/yr for UAUG.

Performance

IAUG vs. UAUG - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with IAUG having a 5.02% return and UAUG slightly lower at 4.84%.

IAUG

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

IAUG vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAUG Innovator International Developed Power Buffer ETF	5.02%	17.50%	-1.12%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.84%	12.42%	5.34%

Correlation

The correlation between IAUG and UAUG is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	0.65

The correlation between IAUG and UAUG has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

IAUG vs. UAUG - Sectors Allocation Comparison

Sectors	IAUG	UAUG
Financial Services	24.7%	11.9%
Industrials	19.8%	8.1%
Healthcare	10.6%	8.4%
Technology	10.3%	36.2%
Consumer Cyclical	7.7%	10.1%
Consumer Defensive	6.7%	4.9%
Basic Materials	5.9%	1.8%
Communication Services	4.5%	10.9%
Energy	4.0%	3.5%
Utilities	4.0%	2.3%
Real Estate	1.9%	1.9%

Return for Risk

IAUG vs. UAUG — Risk / Return Rank

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

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

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.

IAUG vs. UAUG - Risk-Adjusted Trends Comparison

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

	IAUG	UAUG	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.78	-1.41
Sortino ratio: Return per unit of downside risk	1.97	4.11	-2.13
Omega ratio: Gain probability vs. loss probability	1.26	1.57	-0.31
Calmar ratio: Return relative to maximum drawdown	2.26	3.85	-1.59
Martin ratio: Return relative to average drawdown	7.28	20.38	-13.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAUG vs. UAUG - Sharpe Ratio Comparison

The current IAUG Sharpe Ratio is 1.37, which is lower than the UAUG Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of IAUG 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

	IAUG	UAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.78	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.91	+0.37

Drawdowns

IAUG vs. UAUG - Drawdown Comparison

The maximum IAUG drawdown since its inception was -8.03%, smaller than the maximum UAUG drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for IAUG and UAUG.

Drawdown Indicators

	IAUG	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-8.03%	-13.91%	+5.88%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-3.96%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.91%	—
Current Drawdown Current decline from peak	-0.03%	-0.10%	+0.07%
Average Drawdown Average peak-to-trough decline	-1.63%	-2.36%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	0.75%	+0.72%

Volatility

IAUG vs. UAUG - Volatility Comparison

Innovator International Developed Power Buffer ETF (IAUG) has a higher volatility of 1.40% compared to Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) at 0.60%. This indicates that IAUG'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

	IAUG	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	0.60%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	5.12%	4.13%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	7.88%	5.51%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.01%	7.89%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.01%	8.72%	+0.29%

IAUG vs. UAUG - Expense Ratio Comparison

IAUG has a 0.85% expense ratio, which is higher than UAUG's 0.79% expense ratio.

Dividends

IAUG vs. UAUG - Dividend Comparison

Neither IAUG nor UAUG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IAUG Innovator International Developed Power Buffer 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 IAUG and UAUG in my portfolio?

IAUG and UAUG have a correlation of 0.73, 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 UAUG?

IAUG has higher volatility (1.40%) compared to UAUG (0.60%). In terms of maximum drawdown, IAUG dropped -8.03% vs UAUG's -13.91%.

Which ETF is better, IAUG or UAUG?

On 1-year performance, UAUG leads with 15.19% vs 10.69% for IAUG. 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, IAUG or UAUG?

Over the 1-year period, UAUG has performed better with a 15.19% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUG or UAUG?

UAUG is cheaper with a 0.79% expense ratio, compared with 0.85% for IAUG.

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

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

What is the main difference between IAUG and UAUG?

Their fees differ too: 0.85% for IAUG and 0.79% for UAUG.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.78 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.