IMAR vs. UAUG

Last updated Aug 2, 2026

IMAR (Innovator International Developed Power Buffer ETF - March) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both exchange-traded funds - IMAR is a Options Trading fund actively managed by Innovator, while UAUG is a Defined Outcome fund tracking the S&P 500. IMAR is actively managed, while UAUG is passively managed. Over the past year, IMAR returned 10.28% vs 11.67% for UAUG. Their 0.62 correlation means they have sometimes moved together and sometimes differently. IMAR charges 0.85%/yr vs 0.79%/yr for UAUG.

Performance

IMAR vs. UAUG - Performance Comparison

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

Returns By Period

In the year-to-date period, IMAR achieves a 3.05% return, which is significantly lower than UAUG's 6.34% return.

IMAR

• 1D: -0.36%
• 1M: 0.67%
• 6M: 1.84%
• YTD: 3.05%
• 1Y: 10.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.51%

UAUG

• 1D: 0.21%
• 1M: 0.84%
• 6M: 5.54%
• YTD: 6.34%
• 1Y: 11.67%
• 3Y*: 12.57%
• 5Y*: 8.19%
• 10Y*: —
• ALL TIME*: 7.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IMAR Innovator International Developed Power Buffer ETF - March	$556.22K	$433.12K	$4.08M
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	$1.28M	$713.51K	$430.25K

IMAR vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IMAR Innovator International Developed Power Buffer ETF - March	3.05%	18.88%	-0.57%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	6.34%	12.42%	10.69%

Correlation

The correlation between IMAR and UAUG is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.62

The correlation between IMAR and UAUG has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

IMAR vs. UAUG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMAR

IMAR Risk / Return Rank: 49
IMAR Sharpe Ratio Rank: 49
IMAR Sortino Ratio Rank: 49
IMAR Omega Ratio Rank: 58
IMAR Calmar Ratio Rank: 42
IMAR Martin Ratio Rank: 49

UAUG

UAUG Risk / Return Rank: 88
UAUG Sharpe Ratio Rank: 89
UAUG Sortino Ratio Rank: 90
UAUG Omega Ratio Rank: 91
UAUG Calmar Ratio Rank: 78
UAUG Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IMAR vs. UAUG - Risk-Adjusted Trends Comparison

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

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.

	IMAR	UAUG	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.16	-0.94
Sortino ratio: Return per unit of downside risk	1.77	3.16	-1.39
Omega ratio: Gain probability vs. loss probability	1.25	1.44	-0.19
Calmar ratio: Return relative to maximum drawdown	1.48	2.78	-1.30
Martin ratio: Return relative to average drawdown	5.74	14.78	-9.04

IMAR vs. UAUG - Sharpe Ratio Comparison

The current IMAR Sharpe Ratio is 1.22, which is lower than the UAUG Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IMAR 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.

Drawdowns

IMAR vs. UAUG - Drawdown Comparison

The maximum IMAR drawdown since its inception was -9.05%, smaller than the maximum UAUG drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for IMAR and UAUG.

Drawdown Indicators

	IMAR	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-9.05%	-13.91%	+4.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.91%	-3.96%	-2.95%
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	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-1.81%	-2.31%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.75%	+1.04%

Volatility

IMAR vs. UAUG - Volatility Comparison

Innovator International Developed Power Buffer ETF - March (IMAR) has a higher volatility of 2.52% compared to Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) at 0.41%. This indicates that IMAR'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

	IMAR	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	0.41%	+2.11%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	3.99%	+3.73%
Volatility (1Y) Calculated over the trailing 1-year period	8.47%	5.11%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.33%	7.91%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	8.62%	+0.71%

IMAR vs. UAUG - Expense Ratio Comparison

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

Dividends

IMAR vs. UAUG - Dividend Comparison

Neither IMAR nor UAUG has paid dividends to shareholders.

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

IMAR and UAUG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMAR or UAUG?

IMAR has higher volatility (2.52%) compared to UAUG (0.41%). In terms of maximum drawdown, IMAR dropped -9.05% vs UAUG's -13.91%.

Which ETF is better, IMAR or UAUG?

On 1-year performance, UAUG leads with 11.67% vs 10.28% for IMAR. On fees, UAUG is cheaper at 0.79% per year. On volatility, UAUG has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMAR or UAUG?

Over the 1-year period, UAUG has performed better with a 11.67% return vs 10.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMAR or UAUG?

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

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

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

What is the main difference between IMAR and UAUG?

IMAR is categorized as Options Trading, while UAUG is Defined Outcome. Their fees differ too: 0.85% for IMAR and 0.79% for UAUG.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.16 vs 1.22), 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.