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PAUG vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PAUG vs. IJR

Last updated Jun 16, 2026

PAUG (Innovator U.S. Equity Power Buffer ETF - August) and IJR (iShares Core S&P Small-Cap 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 IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 5 years, PAUG returned 9.23%/yr vs 6.35%/yr for IJR. A 0.73 correlation means they provide meaningful diversification when combined. PAUG charges 0.79%/yr vs 0.06%/yr for IJR.

Performance

PAUG vs. IJR - 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 iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PAUG achieves a 5.25% return, which is significantly lower than IJR's 19.86% return.

PAUG

1D
0.40%
1M
1.02%
YTD
5.25%
6M
5.77%
1Y
15.45%
3Y*
13.76%
5Y*
9.23%
10Y*
—

IJR

1D
0.11%
1M
7.39%
YTD
19.86%
6M
16.97%
1Y
37.16%
3Y*
15.09%
5Y*
6.35%
10Y*
11.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PAUG vs. IJR - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
PAUG
Innovator U.S. Equity Power Buffer ETF - August		5.25%12.34%15.37%17.71%-6.85%7.58%9.82%3.60%
IJR
iShares Core S&P Small-Cap ETF		19.86%5.89%8.63%16.06%-16.20%26.58%11.28%6.77%

Correlation

The correlation between PAUG and IJR is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Aug 1, 2019

0.73

The correlation between PAUG and IJR has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

PAUG vs. IJR - Sectors Allocation Comparison

Sectors
PAUG
IJR

Technology

38.4%
15.9%

Financial Services

11.0%
16.0%

Communication Services

10.8%
3.2%

Consumer Cyclical

10.0%
12.5%

Healthcare

8.4%
11.0%

Industrials

7.9%
16.0%

Consumer Defensive

4.6%
3.2%

Energy

3.2%
6.8%

Utilities

2.1%
1.9%

Real Estate

1.8%
7.5%

Basic Materials

1.7%
4.7%

Technology

PAUG
38.4%
IJR
15.9%

Financial Services

PAUG
11.0%
IJR
16.0%

Communication Services

PAUG
10.8%
IJR
3.2%

Consumer Cyclical

PAUG
10.0%
IJR
12.5%

Healthcare

PAUG
8.4%
IJR
11.0%

Industrials

PAUG
7.9%
IJR
16.0%

Consumer Defensive

PAUG
4.6%
IJR
3.2%

Energy

PAUG
3.2%
IJR
6.8%

Utilities

PAUG
2.1%
IJR
1.9%

Real Estate

PAUG
1.8%
IJR
7.5%

Basic Materials

PAUG
1.7%
IJR
4.7%

Compare stocks, funds, or ETFs

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Innovator U.S. Equity Power Buffer ETF - August

iShares Core S&P Small-Cap ETF

Often compared with PAUG:
PAUG vs. BAUGPAUG vs. UAUGPAUG vs. SPYPAUG vs. FNDBPAUG vs. SCHVPAUG vs. SCHKPAUG vs. SCHB
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

PAUG vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAUG
PAUG Risk / Return Rank: 9090
Overall Rank
PAUG Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
PAUG Sortino Ratio Rank: 9393
Sortino Ratio Rank
PAUG Omega Ratio Rank: 9393
Omega Ratio Rank
PAUG Calmar Ratio Rank: 8080
Calmar Ratio Rank
PAUG Martin Ratio Rank: 9292
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 7777
Overall Rank
IJR Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 7676
Sortino Ratio Rank
IJR Omega Ratio Rank: 6868
Omega Ratio Rank
IJR Calmar Ratio Rank: 8686
Calmar Ratio Rank
IJR Martin Ratio Rank: 8282
Martin Ratio Rank
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. IJR - 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 S&P Small-Cap ETF (IJR). 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.

PAUGIJRDifference
Sharpe ratioReturn per unit of total volatility
2.80
2.12

+0.68

Sortino ratioReturn per unit of downside risk
4.19
3.03

+1.16

Omega ratioGain probability vs. loss probability

1.60

1.36

+0.24

Calmar ratioReturn relative to maximum drawdown

3.92

4.30

-0.38

Martin ratioReturn relative to average drawdown

21.35

14.44

+6.91

PAUG vs. IJR - Sharpe Ratio Comparison

The current PAUG Sharpe Ratio is 2.80, which is higher than the IJR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PAUG and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PAUG vs. IJR - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for PAUG and IJR.

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Drawdown Indicators

PAUGIJRDifference

Max Drawdown

Largest peak-to-trough decline

-17.88%

-58.15%

+40.27%

Max Drawdown (1Y)

Largest decline over 1 year

-3.96%

-8.68%

+4.72%

Max Drawdown (3Y)

Largest decline over 3 years

-10.45%

-28.02%

+17.57%

Max Drawdown (5Y)

Largest decline over 5 years

-11.76%

-28.02%

+16.26%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.36%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-1.81%

-9.27%

+7.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.72%

2.58%

-1.86%

Volatility

PAUG vs. IJR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - August (PAUG) is 1.01%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 5.17%. This indicates that PAUG experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PAUGIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.01%

5.17%

-4.16%

Volatility (6M)

Calculated over the trailing 6-month period

4.26%

11.93%

-7.67%

Volatility (1Y)

Calculated over the trailing 1-year period

5.55%

17.67%

-12.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.72%

21.44%

-12.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.58%

22.93%

-12.35%

PAUG vs. IJR - Expense Ratio Comparison

PAUG has a 0.79% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

PAUG vs. IJR - Dividend Comparison

PAUG has not paid dividends to shareholders, while IJR's dividend yield for the trailing twelve months is around 1.42%.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.42%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
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 IJR have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IJR has higher volatility (5.17%) compared to PAUG (1.01%). In terms of maximum drawdown, PAUG dropped -17.88% vs IJR's -58.15%.

On 5-year performance, PAUG leads with 9.23% vs 6.35% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, PAUG has been the lower-risk option at 1.01%. 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 9.23% return vs 6.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.79% for PAUG.

IJR has the higher dividend yield at 1.42%, compared with 0.00% for PAUG.

PAUG is categorized as Defined Outcome, while IJR is Small Cap Blend Equities. PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PAUG and 0.06% for IJR.

PAUG currently has the higher Sharpe Ratio (2.80 vs 2.12), 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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