IAUG vs. XBAP

Last updated Jun 25, 2026

IAUG (Innovator International Developed Power Buffer ETF) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, IAUG returned 10.45% vs 13.79% for XBAP. A 0.59 correlation means they provide meaningful diversification when combined. IAUG charges 0.85%/yr vs 0.79%/yr for XBAP.

Performance

IAUG vs. XBAP - 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 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, IAUG achieves a 5.32% return, which is significantly lower than XBAP's 7.53% return.

IAUG

• 1D: -0.24%
• 1M: 0.73%
• YTD: 5.32%
• 6M: 5.02%
• 1Y: 10.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XBAP

• 1D: -0.05%
• 1M: -0.12%
• YTD: 7.53%
• 6M: 7.66%
• 1Y: 13.79%
• 3Y*: 13.20%
• 5Y*: 9.44%
• 10Y*: —

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

IAUG vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAUG Innovator International Developed Power Buffer ETF	5.32%	17.50%	-2.26%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.53%	13.38%	4.86%

Correlation

The correlation between IAUG and XBAP is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.59

The correlation between IAUG and XBAP has been stable across timeframes, ranging from 0.59 to 0.59 - a consistent structural relationship.

IAUG vs. XBAP - Sectors Allocation Comparison

Sectors	IAUG	XBAP
Financial Services	24.5%	10.9%
Industrials	19.4%	7.8%
Technology	11.4%	39.1%
Healthcare	10.4%	8.3%
Consumer Cyclical	7.7%	9.9%
Consumer Defensive	6.6%	4.5%
Basic Materials	6.1%	1.7%
Communication Services	4.8%	10.7%
Utilities	3.7%	2.1%
Energy	3.7%	3.1%
Real Estate	1.8%	1.8%

Return for Risk

IAUG vs. XBAP — Risk / Return Rank

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

IAUG

IAUG Risk / Return Rank: 47
IAUG Sharpe Ratio Rank: 44
IAUG Sortino Ratio Rank: 45
IAUG Omega Ratio Rank: 46
IAUG Calmar Ratio Rank: 51
IAUG Martin Ratio Rank: 49

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
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.

IAUG vs. XBAP - 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 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.

	IAUG	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	1.38	3.89	-2.52
Sortino ratio: Return per unit of downside risk	2.01	6.94	-4.93
Omega ratio: Gain probability vs. loss probability	1.26	1.98	-0.72
Calmar ratio: Return relative to maximum drawdown	2.21	10.69	-8.48
Martin ratio: Return relative to average drawdown	7.24	59.68	-52.44

IAUG vs. XBAP - Sharpe Ratio Comparison

The current IAUG Sharpe Ratio is 1.38, which is lower than the XBAP Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of IAUG 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

IAUG vs. XBAP - Drawdown Comparison

The maximum IAUG drawdown since its inception was -8.03%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for IAUG and XBAP.

Drawdown Indicators

	IAUG	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.03%	-14.57%	+6.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-1.30%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.57%	—
Current Drawdown Current decline from peak	-0.61%	-0.74%	+0.13%
Average Drawdown Average peak-to-trough decline	-1.61%	-1.73%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.23%	+1.22%

Volatility

IAUG vs. XBAP - Volatility Comparison

Innovator International Developed Power Buffer ETF (IAUG) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) have volatilities of 1.60% and 1.56%, 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

	IAUG	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	1.56%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	2.94%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	3.61%	+4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.98%	9.98%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.98%	9.83%	-0.85%

IAUG vs. XBAP - Expense Ratio Comparison

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

Dividends

IAUG vs. XBAP - Dividend Comparison

Neither IAUG nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAUG and XBAP in my portfolio?

IAUG and XBAP have a correlation of 0.59, 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 XBAP?

IAUG has higher volatility (1.60%) compared to XBAP (1.56%). In terms of maximum drawdown, IAUG dropped -8.03% vs XBAP's -14.57%.

Which ETF is better, IAUG or XBAP?

On 1-year performance, XBAP leads with 13.79% vs 10.45% for IAUG. On fees, XBAP 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, IAUG or XBAP?

Over the 1-year period, XBAP has performed better with a 13.79% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUG or XBAP?

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

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

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

What is the main difference between IAUG and XBAP?

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

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (3.89 vs 1.38), 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.