NAUG vs. UAPR

Last updated Jun 26, 2026

NAUG (Innovator Growth-100 Power Buffer ETF) and UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) are both Defined Outcome funds from Innovator. NAUG is actively managed, while UAPR is passively managed. Over the past year, NAUG returned 15.53% vs 12.18% for UAPR. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NAUG vs. UAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF (NAUG) and Innovator U.S. Equity Ultra Buffer ETF - April (UAPR). 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 NAUG having a 6.54% return and UAPR slightly lower at 6.43%.

NAUG

• 1D: 0.24%
• 1M: 0.19%
• YTD: 6.54%
• 6M: 6.18%
• 1Y: 15.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UAPR

• 1D: 0.19%
• 1M: -0.33%
• YTD: 6.43%
• 6M: 6.39%
• 1Y: 12.18%
• 3Y*: 10.70%
• 5Y*: 6.31%
• 10Y*: —

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

NAUG vs. UAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NAUG Innovator Growth-100 Power Buffer ETF	6.54%	14.81%	5.68%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.43%	6.27%	5.43%

Correlation

The correlation between NAUG and UAPR is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.86

The correlation between NAUG and UAPR has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

NAUG vs. UAPR — Risk / Return Rank

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

NAUG

NAUG Risk / Return Rank: 78
NAUG Sharpe Ratio Rank: 78
NAUG Sortino Ratio Rank: 78
NAUG Omega Ratio Rank: 82
NAUG Calmar Ratio Rank: 70
NAUG Martin Ratio Rank: 83

UAPR

UAPR Risk / Return Rank: 97
UAPR Sharpe Ratio Rank: 96
UAPR Sortino Ratio Rank: 97
UAPR Omega Ratio Rank: 97
UAPR Calmar Ratio Rank: 98
UAPR 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.

NAUG vs. UAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF (NAUG) and Innovator U.S. Equity Ultra Buffer ETF - April (UAPR). 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.

	NAUG	UAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.16	3.75	-1.59
Sortino ratio: Return per unit of downside risk	3.04	6.17	-3.13
Omega ratio: Gain probability vs. loss probability	1.43	1.86	-0.43
Calmar ratio: Return relative to maximum drawdown	3.06	11.00	-7.94
Martin ratio: Return relative to average drawdown	14.90	52.40	-37.50

NAUG vs. UAPR - Sharpe Ratio Comparison

The current NAUG Sharpe Ratio is 2.16, which is lower than the UAPR Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of NAUG and UAPR, 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

NAUG vs. UAPR - Drawdown Comparison

The maximum NAUG drawdown since its inception was -12.88%, smaller than the maximum UAPR drawdown of -14.61%. Use the drawdown chart below to compare losses from any high point for NAUG and UAPR.

Drawdown Indicators

	NAUG	UAPR	Difference
Max Drawdown Largest peak-to-trough decline	-12.88%	-14.61%	+1.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.10%	-1.11%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.84%	—
Current Drawdown Current decline from peak	-0.29%	-0.62%	+0.33%
Average Drawdown Average peak-to-trough decline	-1.20%	-3.29%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.23%	+0.81%

Volatility

NAUG vs. UAPR - Volatility Comparison

Innovator Growth-100 Power Buffer ETF (NAUG) and Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) have volatilities of 1.32% and 1.32%, 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

	NAUG	UAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.32%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	2.57%	+2.89%
Volatility (1Y) Calculated over the trailing 1-year period	7.22%	3.26%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	6.90%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	8.40%	+2.72%

NAUG vs. UAPR - Expense Ratio Comparison

Both NAUG and UAPR have an expense ratio of 0.79%.

Dividends

NAUG vs. UAPR - Dividend Comparison

Neither NAUG nor UAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NAUG Innovator Growth-100 Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%

Frequently Asked Questions

Can I hold both NAUG and UAPR in my portfolio?

NAUG and UAPR have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAUG or UAPR?

UAPR has higher volatility (1.32%) compared to NAUG (1.32%). In terms of maximum drawdown, NAUG dropped -12.88% vs UAPR's -14.61%.

Which ETF is better, NAUG or UAPR?

On 1-year performance, NAUG leads with 15.53% vs 12.18% for UAPR. Both ETFs have the same 0.79% expense ratio. 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, NAUG or UAPR?

Over the 1-year period, NAUG has performed better with a 15.53% return vs 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NAUG or UAPR?

NAUG and UAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, NAUG or UAPR?

NAUG and UAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (3.75 vs 2.16), 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.