PAUG vs. AIOO
PAUG (Innovator U.S. Equity Power Buffer ETF - August) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. PAUG is passively managed, while AIOO is actively managed. A 0.75 correlation means they provide meaningful diversification when combined. PAUG charges 0.79%/yr vs 0.64%/yr for AIOO.
Performance
PAUG vs. AIOO - Performance Comparison
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Returns By Period
In the year-to-date period, PAUG achieves a 4.86% return, which is significantly higher than AIOO's 2.13% return.
PAUG
- 1D
- -0.31%
- 1M
- 0.33%
- YTD
- 4.86%
- 6M
- 4.63%
- 1Y
- 14.12%
- 3Y*
- 14.12%
- 5Y*
- 9.10%
- 10Y*
- —
AIOO
- 1D
- -0.13%
- 1M
- 0.05%
- YTD
- 2.13%
- 6M
- 1.92%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAUG vs. AIOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAUG Innovator U.S. Equity Power Buffer ETF - August | 4.86% | 6.90% |
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF | 2.13% | 2.65% |
Correlation
The correlation between PAUG and AIOO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.75 |
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Return for Risk
PAUG vs. AIOO — Risk / Return Rank
PAUG
AIOO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAUG vs. AIOO - 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 AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.
| PAUG | AIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.56 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | — | — |
| Martin ratioReturn relative to average drawdown | 19.61 | — | — |
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Drawdowns
PAUG vs. AIOO - Drawdown Comparison
The maximum PAUG drawdown since its inception was -17.88%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for PAUG and AIOO.
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Drawdown Indicators
| PAUG | AIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.88% | -0.74% | -17.14% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -10.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.34% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -0.18% | -1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | — | — |
Volatility
PAUG vs. AIOO - Volatility Comparison
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Volatility by Period
| PAUG | AIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.44% | 2.06% | +3.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.72% | 2.06% | +6.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.56% | 2.06% | +8.50% |
PAUG vs. AIOO - Expense Ratio Comparison
PAUG has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.
Dividends
PAUG vs. AIOO - Dividend Comparison
Neither PAUG nor AIOO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
PAUG and AIOO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for PAUG.
PAUG and AIOO have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for PAUG and 0.64% for AIOO.
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