PAUG vs. BSEP

Last updated Jun 10, 2026

PAUG (Innovator U.S. Equity Power Buffer ETF - August) and BSEP (Innovator U.S. Equity Buffer ETF - September) are both Defined Outcome funds from Innovator - PAUG tracks the Cboe S&P 500 15% Buffer Protect August Series Index while BSEP tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, PAUG returned 9.08%/yr vs 10.62%/yr for BSEP. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PAUG vs. BSEP - Performance Comparison

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

Returns By Period

In the year-to-date period, PAUG achieves a 4.55% return, which is significantly lower than BSEP's 6.02% return.

PAUG

• 1D: -0.09%
• 1M: 0.53%
• YTD: 4.55%
• 6M: 5.16%
• 1Y: 14.25%
• 3Y*: 14.25%
• 5Y*: 9.08%
• 10Y*: —

BSEP

• 1D: 0.15%
• 1M: 0.68%
• YTD: 6.02%
• 6M: 6.59%
• 1Y: 18.71%
• 3Y*: 16.14%
• 5Y*: 10.62%
• 10Y*: —

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

PAUG vs. BSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PAUG Innovator U.S. Equity Power Buffer ETF - August	4.55%	12.34%	15.37%	17.71%	-6.85%	7.58%	9.82%	4.78%
BSEP Innovator U.S. Equity Buffer ETF - September	6.02%	14.80%	16.96%	20.94%	-9.20%	14.64%	12.44%	6.84%

Correlation

The correlation between PAUG and BSEP is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019	0.90

The correlation between PAUG and BSEP has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

PAUG vs. BSEP - Sectors Allocation Comparison

Sectors	PAUG	BSEP
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PAUG vs. BSEP — Risk / Return Rank

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

PAUG

PAUG Risk / Return Rank: 88
PAUG Sharpe Ratio Rank: 88
PAUG Sortino Ratio Rank: 91
PAUG Omega Ratio Rank: 92
PAUG Calmar Ratio Rank: 80
PAUG Martin Ratio Rank: 91

BSEP

BSEP Risk / Return Rank: 82
BSEP Sharpe Ratio Rank: 83
BSEP Sortino Ratio Rank: 85
BSEP Omega Ratio Rank: 85
BSEP Calmar Ratio Rank: 72
BSEP Martin Ratio Rank: 86

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.

PAUG vs. BSEP - 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 Innovator U.S. Equity Buffer ETF - September (BSEP). 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	BSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.41	+0.15
Sortino ratio: Return per unit of downside risk	3.79	3.44	+0.35
Omega ratio: Gain probability vs. loss probability	1.55	1.47	+0.08
Calmar ratio: Return relative to maximum drawdown	3.62	3.30	+0.32
Martin ratio: Return relative to average drawdown	19.71	16.41	+3.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAUG vs. BSEP - Sharpe Ratio Comparison

The current PAUG Sharpe Ratio is 2.56, which is comparable to the BSEP Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PAUG and BSEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAUG	BSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.41	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.92	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.88	-0.02

Drawdowns

PAUG vs. BSEP - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, smaller than the maximum BSEP drawdown of -23.98%. Use the drawdown chart below to compare losses from any high point for PAUG and BSEP.

Drawdown Indicators

	PAUG	BSEP	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-23.98%	+6.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-5.70%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.45%	-13.36%	+2.91%
Max Drawdown (5Y) Largest decline over 5 years	-11.76%	-15.02%	+3.26%
Current Drawdown Current decline from peak	-0.44%	-0.80%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.82%	-2.74%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	1.14%	-0.42%

Volatility

PAUG vs. BSEP - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - August (PAUG) is 0.67%, while Innovator U.S. Equity Buffer ETF - September (BSEP) has a volatility of 1.26%. This indicates that PAUG experiences smaller price fluctuations and is considered to be less risky than BSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAUG	BSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.26%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	5.89%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	7.81%	-2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.71%	11.62%	-2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	13.76%	-3.17%

PAUG vs. BSEP - Expense Ratio Comparison

Both PAUG and BSEP have an expense ratio of 0.79%.

Dividends

PAUG vs. BSEP - Dividend Comparison

Neither PAUG nor BSEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
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

Can I hold both PAUG and BSEP in my portfolio?

With a correlation of 0.95, PAUG and BSEP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PAUG or BSEP?

BSEP has higher volatility (1.26%) compared to PAUG (0.67%). In terms of maximum drawdown, PAUG dropped -17.88% vs BSEP's -23.98%.

Which ETF is better, PAUG or BSEP?

On 5-year performance, BSEP leads with 10.62% vs 9.08% for PAUG. Both ETFs have the same 0.79% expense ratio. On volatility, PAUG has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAUG or BSEP?

Over the 5-year period, BSEP has performed better with a 10.62% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAUG or BSEP?

PAUG and BSEP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PAUG or BSEP?

PAUG and BSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between PAUG and BSEP?

PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while BSEP tracks S&P 500 Index.

Which has better risk-adjusted returns?

PAUG currently has the higher Sharpe Ratio (2.56 vs 2.41), 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.