LOUP vs. IRBO

Last updated Aug 2, 2026

LOUP (Innovator Deepwater Frontier Tech ETF) and IRBO (iShares Future AI & Tech ETF) are both exchange-traded funds - LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index, while IRBO is a Artificial Intelligence fund tracking the Morningstar Global Artificial Intelligence Select Index. Both are passively managed. Over the past 5 years, LOUP returned 10.70%/yr vs 9.92%/yr for IRBO. Their correlation of 0.90 means they have usually moved in the same direction. LOUP charges 0.70%/yr vs 0.47%/yr for IRBO.

Performance

LOUP vs. IRBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Deepwater Frontier Tech ETF (LOUP) and iShares Future AI & Tech ETF (IRBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOUP achieves a 11.39% return, which is significantly lower than IRBO's 38.42% return.

LOUP

• 1D: -1.29%
• 1M: -11.40%
• 6M: 9.89%
• YTD: 11.39%
• 1Y: 37.12%
• 3Y*: 27.47%
• 5Y*: 10.70%
• 10Y*: —
• ALL TIME*: 16.49%

IRBO

• 1D: 0.60%
• 1M: -6.25%
• 6M: 29.47%
• YTD: 38.42%
• 1Y: 57.81%
• 3Y*: 25.12%
• 5Y*: 9.92%
• 10Y*: —
• ALL TIME*: 14.64%

*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)
IRBO iShares Future AI & Tech ETF	$36.04M	$40.00M	$59.74M
LOUP Innovator Deepwater Frontier Tech ETF	$926.73K	$920.97K	$1.38M

LOUP vs. IRBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LOUP Innovator Deepwater Frontier Tech ETF	11.39%	43.24%	21.80%	51.31%	-46.00%	7.54%	86.25%	31.76%	-18.86%
IRBO iShares Future AI & Tech ETF	38.42%	29.97%	8.02%	36.37%	-37.89%	6.32%	48.85%	34.47%	-16.83%

Correlation

The correlation between LOUP and IRBO is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.90

The correlation between LOUP and IRBO has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

LOUP vs. IRBO - Sectors Allocation Comparison

Sectors	LOUP	IRBO
Technology	57.5%	83.8%
Industrials	16.0%	4.7%
Consumer Cyclical	10.2%	2.9%
Utilities	3.6%	3.2%
Financial Services	3.6%	-
Energy	3.2%	-
Communication Services	3.0%	5.5%
Healthcare	2.8%	0.0%
Basic Materials	-	-
Consumer Defensive	-	0.0%
Real Estate	-	1.2%

Return for Risk

LOUP vs. IRBO — Risk / Return Rank

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

LOUP

LOUP Risk / Return Rank: 42
LOUP Sharpe Ratio Rank: 42
LOUP Sortino Ratio Rank: 41
LOUP Omega Ratio Rank: 38
LOUP Calmar Ratio Rank: 44
LOUP Martin Ratio Rank: 42

IRBO

IRBO Risk / Return Rank: 60
IRBO Sharpe Ratio Rank: 62
IRBO Sortino Ratio Rank: 56
IRBO Omega Ratio Rank: 57
IRBO Calmar Ratio Rank: 65
IRBO Martin Ratio Rank: 61

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.

LOUP vs. IRBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) and iShares Future AI & Tech ETF (IRBO). 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.

	LOUP	IRBO	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.44	-0.39
Sortino ratio: Return per unit of downside risk	1.54	1.93	-0.39
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.55	2.24	-0.69
Martin ratio: Return relative to average drawdown	4.59	7.25	-2.65

LOUP vs. IRBO - Sharpe Ratio Comparison

The current LOUP Sharpe Ratio is 1.05, which is comparable to the IRBO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of LOUP and IRBO, 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

LOUP vs. IRBO - Drawdown Comparison

The maximum LOUP drawdown since its inception was -58.68%, which is greater than IRBO's maximum drawdown of -54.50%. Use the drawdown chart below to compare losses from any high point for LOUP and IRBO.

Drawdown Indicators

	LOUP	IRBO	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-54.50%	-4.18%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-24.00%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-35.23%	-32.44%	-2.79%
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	-50.53%	-5.10%
Current Drawdown Current decline from peak	-14.75%	-17.41%	+2.66%
Average Drawdown Average peak-to-trough decline	-19.79%	-19.68%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.09%	7.42%	-0.33%

Volatility

LOUP vs. IRBO - Volatility Comparison

The current volatility for Innovator Deepwater Frontier Tech ETF (LOUP) is 9.47%, while iShares Future AI & Tech ETF (IRBO) has a volatility of 14.17%. This indicates that LOUP experiences smaller price fluctuations and is considered to be less risky than IRBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOUP	IRBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	14.17%	-4.70%
Volatility (6M) Calculated over the trailing 6-month period	25.04%	33.16%	-8.12%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	37.34%	-6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.84%	30.29%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.07%	28.64%	+3.43%

LOUP vs. IRBO - Expense Ratio Comparison

LOUP has a 0.70% expense ratio, which is higher than IRBO's 0.47% expense ratio.

Dividends

LOUP vs. IRBO - Dividend Comparison

LOUP has not paid dividends to shareholders, while IRBO's dividend yield for the trailing twelve months is around 0.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IRBO iShares Future AI & Tech ETF	0.07%	0.00%	0.50%	0.88%	0.75%	2.41%	0.53%	0.69%	0.34%
LOUP Innovator Deepwater Frontier Tech ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LOUP and IRBO in my portfolio?

LOUP and IRBO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOUP or IRBO?

IRBO has higher volatility (14.17%) compared to LOUP (9.47%). In terms of maximum drawdown, LOUP dropped -58.68% vs IRBO's -54.50%.

Which ETF is better, LOUP or IRBO?

On 5-year performance, LOUP leads with 10.70% vs 9.92% for IRBO. On fees, IRBO is cheaper at 0.47% per year. On volatility, LOUP has been the lower-risk option at 9.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOUP or IRBO?

Over the 5-year period, LOUP has performed better with a 10.70% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOUP or IRBO?

IRBO is cheaper with a 0.47% expense ratio, compared with 0.70% for LOUP.

Which ETF pays a higher dividend yield, LOUP or IRBO?

IRBO has the higher dividend yield at 0.07%, compared with 0.00% for LOUP.

What is the main difference between LOUP and IRBO?

LOUP is categorized as Technology Equities, while IRBO is Artificial Intelligence. LOUP tracks Deepwater Frontier Tech Index, while IRBO tracks Morningstar Global Artificial Intelligence Select Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.70% for LOUP and 0.47% for IRBO.

Which has better risk-adjusted returns?

IRBO currently has the higher Sharpe Ratio (1.44 vs 1.05), 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.