PAUG vs. FMAR

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - August (PAUG) and FT Vest U.S. Equity Buffer ETF - March (FMAR).

PAUG and FMAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAUG is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect August Series Index. It was launched on Aug 1, 2019. FMAR is an actively managed fund by FT Vest. It was launched on Mar 19, 2021.

Performance

PAUG vs. FMAR - 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 FT Vest U.S. Equity Buffer ETF - March (FMAR). The values are adjusted to include any dividend payments, if applicable.

PAUG vs. FMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAUG Innovator U.S. Equity Power Buffer ETF - August	-1.23%	12.34%	15.37%	17.71%	-6.85%	5.49%
FMAR FT Vest U.S. Equity Buffer ETF - March	2.16%	9.69%	14.61%	20.39%	-5.51%	11.38%

Returns By Period

In the year-to-date period, PAUG achieves a -1.23% return, which is significantly lower than FMAR's 2.16% return.

PAUG

• 1D: 1.71%
• 1M: -1.97%
• YTD: -1.23%
• 6M: 0.59%
• 1Y: 13.08%
• 3Y*: 13.14%
• 5Y*: 8.07%
• 10Y*: —

FMAR

• 1D: 1.89%
• 1M: 0.92%
• YTD: 2.16%
• 6M: 4.53%
• 1Y: 14.91%
• 3Y*: 12.98%
• 5Y*: 9.89%
• 10Y*: —

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

PAUG vs. FMAR - Expense Ratio Comparison

PAUG has a 0.79% expense ratio, which is lower than FMAR's 0.85% expense ratio.

FMAR

FT Vest U.S. Equity Buffer ETF - March

PAUG

Innovator U.S. Equity Power Buffer ETF - August

Return for Risk

PAUG vs. FMAR — Risk / Return Rank

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

PAUG

PAUG Risk / Return Rank: 79
PAUG Sharpe Ratio Rank: 73
PAUG Sortino Ratio Rank: 77
PAUG Omega Ratio Rank: 84
PAUG Calmar Ratio Rank: 73
PAUG Martin Ratio Rank: 88

FMAR

FMAR Risk / Return Rank: 81
FMAR Sharpe Ratio Rank: 74
FMAR Sortino Ratio Rank: 77
FMAR Omega Ratio Rank: 93
FMAR Calmar Ratio Rank: 71
FMAR Martin Ratio Rank: 90

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. FMAR - 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 FT Vest U.S. Equity Buffer ETF - March (FMAR). 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	FMAR	Difference
Sharpe ratio Return per unit of total volatility	1.30	1.36	-0.06
Sortino ratio Return per unit of downside risk	1.94	1.99	-0.05
Omega ratio Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio Return relative to maximum drawdown	1.88	1.84	+0.05
Martin ratio Return relative to average drawdown	10.86	11.70	-0.84
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. FMAR - Sharpe Ratio Comparison

The current PAUG Sharpe Ratio is 1.30, which is comparable to the FMAR Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PAUG and FMAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAUG	FMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.36	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.95	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.98	-0.17

Correlation

The correlation between PAUG and FMAR is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PAUG vs. FMAR - Dividend Comparison

Neither PAUG nor FMAR has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
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%
FMAR FT Vest U.S. Equity Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PAUG vs. FMAR - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, which is greater than FMAR's maximum drawdown of -14.36%. Use the drawdown chart below to compare losses from any high point for PAUG and FMAR.

Drawdown Indicators

	PAUG	FMAR	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-14.36%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-8.31%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-11.76%	-14.36%	+2.60%
Current Drawdown Current decline from peak	-2.31%	-0.49%	-1.82%
Average Drawdown Average peak-to-trough decline	-1.85%	-2.21%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	1.30%	-0.06%

Volatility

PAUG vs. FMAR - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - August (PAUG) and FT Vest U.S. Equity Buffer ETF - March (FMAR) have volatilities of 2.92% and 2.90%, 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

	PAUG	FMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.90%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	3.75%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	11.04%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.67%	10.49%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.71%	10.47%	+0.24%