PAUG vs. AGG
PAUG (Innovator U.S. Equity Power Buffer ETF - August) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - PAUG is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect August Series Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 5 years, PAUG returned 9.17%/yr vs 0.10%/yr for AGG. At a 0.13 correlation, their price movements are largely independent. PAUG charges 0.79%/yr vs 0.03%/yr for AGG.
Performance
PAUG vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, PAUG achieves a 4.92% return, which is significantly higher than AGG's 0.25% return.
PAUG
- 1D
- -0.04%
- 1M
- 1.57%
- YTD
- 4.92%
- 6M
- 5.53%
- 1Y
- 14.97%
- 3Y*
- 14.49%
- 5Y*
- 9.17%
- 10Y*
- —
AGG
- 1D
- -0.21%
- 1M
- 0.24%
- YTD
- 0.25%
- 6M
- 0.09%
- 1Y
- 5.14%
- 3Y*
- 3.95%
- 5Y*
- 0.10%
- 10Y*
- 1.57%
PAUG vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAUG Innovator U.S. Equity Power Buffer ETF - August | 4.92% | 12.34% | 15.37% | 17.71% | -6.85% | 7.58% | 9.82% | 4.30% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.25% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 1.49% |
Correlation
The correlation between PAUG and AGG is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019 | 0.13 |
The correlation between PAUG and AGG shifts across timeframes, from 0.13 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PAUG vs. AGG — Risk / Return Rank
PAUG
AGG
PAUG vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - August (PAUG) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| PAUG | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.24 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 1.87 | +1.93 |
| Martin ratioReturn relative to average drawdown | 20.75 | 5.73 | +15.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAUG | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 1.34 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | 0.02 | +1.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.29 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.59 | +0.29 |
Drawdowns
PAUG vs. AGG - Drawdown Comparison
The maximum PAUG drawdown since its inception was -17.88%, roughly equal to the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for PAUG and AGG.
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Drawdown Indicators
| PAUG | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.88% | -18.43% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -2.76% | -1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -10.45% | -6.11% | -4.34% |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | -17.82% | +6.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.43% | — |
Current DrawdownCurrent decline from peak | -0.06% | -2.14% | +2.08% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -2.71% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 0.90% | -0.18% |
Volatility
PAUG vs. AGG - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - August (PAUG) is 0.58%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.30%. This indicates that PAUG experiences smaller price fluctuations and is considered to be less risky than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAUG | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 1.30% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 2.74% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 3.85% | +1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.71% | 6.09% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 5.40% | +5.20% |
PAUG vs. AGG - Expense Ratio Comparison
PAUG has a 0.79% expense ratio, which is higher than AGG's 0.03% expense ratio.
Dividends
PAUG vs. AGG - Dividend Comparison
PAUG has not paid dividends to shareholders, while AGG's dividend yield for the trailing twelve months is around 3.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.99% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
PAUG Innovator U.S. Equity Power Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAUG and AGG have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGG has higher volatility (1.30%) compared to PAUG (0.58%). In terms of maximum drawdown, PAUG dropped -17.88% vs AGG's -18.43%.
On 5-year performance, PAUG leads with 9.17% vs 0.10% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, PAUG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PAUG has performed better with a 9.17% return vs 0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.79% for PAUG.
AGG has the higher dividend yield at 3.99%, compared with 0.00% for PAUG.
PAUG is categorized as Defined Outcome, while AGG is Total Bond Market. PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PAUG and 0.03% for AGG.
PAUG currently has the higher Sharpe Ratio (2.69 vs 1.34), 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.
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