PAUG vs. JSMD

Last updated Jun 16, 2026

PAUG (Innovator U.S. Equity Power Buffer ETF - August) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha 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 JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 5 years, PAUG returned 9.23%/yr vs 8.38%/yr for JSMD. A 0.77 correlation means they provide meaningful diversification when combined. PAUG charges 0.79%/yr vs 0.30%/yr for JSMD.

Performance

PAUG vs. JSMD - 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 Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAUG achieves a 5.25% return, which is significantly lower than JSMD's 19.55% return.

PAUG

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

JSMD

• 1D: 1.27%
• 1M: 6.04%
• YTD: 19.55%
• 6M: 17.80%
• 1Y: 31.95%
• 3Y*: 17.83%
• 5Y*: 8.38%
• 10Y*: 13.87%

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

PAUG vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.55%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	5.03%

Correlation

The correlation between PAUG and JSMD is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.77

The correlation between PAUG and JSMD has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

PAUG vs. JSMD - Sectors Allocation Comparison

Sectors	PAUG	JSMD
Technology	38.4%	28.1%
Financial Services	11.0%	8.9%
Communication Services	10.8%	2.9%
Consumer Cyclical	10.0%	8.7%
Healthcare	8.4%	18.7%
Industrials	7.9%	23.3%
Consumer Defensive	4.6%	2.5%
Energy	3.2%	1.1%
Utilities	2.1%	-
Real Estate	1.8%	2.8%
Basic Materials	1.7%	3.0%

Return for Risk

PAUG vs. JSMD — Risk / Return Rank

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

PAUG

PAUG Risk / Return Rank: 90
PAUG Sharpe Ratio Rank: 90
PAUG Sortino Ratio Rank: 93
PAUG Omega Ratio Rank: 93
PAUG Calmar Ratio Rank: 80
PAUG Martin Ratio Rank: 92

JSMD

JSMD Risk / Return Rank: 45
JSMD Sharpe Ratio Rank: 46
JSMD Sortino Ratio Rank: 44
JSMD Omega Ratio Rank: 43
JSMD Calmar Ratio Rank: 46
JSMD Martin Ratio Rank: 47

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. JSMD - 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 Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.80	1.48	+1.32
Sortino ratio: Return per unit of downside risk	4.19	2.08	+2.11
Omega ratio: Gain probability vs. loss probability	1.60	1.26	+0.34
Calmar ratio: Return relative to maximum drawdown	3.92	2.16	+1.76
Martin ratio: Return relative to average drawdown	21.35	7.31	+14.05

PAUG vs. JSMD - Sharpe Ratio Comparison

The current PAUG Sharpe Ratio is 2.80, which is higher than the JSMD Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of PAUG and JSMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAUG vs. JSMD - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for PAUG and JSMD.

Drawdown Indicators

	PAUG	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-38.98%	+21.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-14.86%	+10.90%
Max Drawdown (3Y) Largest decline over 3 years	-10.45%	-24.01%	+13.56%
Max Drawdown (5Y) Largest decline over 5 years	-11.76%	-32.18%	+20.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.98%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.81%	-7.46%	+5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	4.38%	-3.66%

Volatility

PAUG vs. JSMD - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - August (PAUG) is 1.01%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 8.24%. This indicates that PAUG experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAUG	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	8.24%	-7.23%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	17.21%	-12.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	21.80%	-16.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.72%	22.99%	-14.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.58%	22.83%	-12.25%

PAUG vs. JSMD - Expense Ratio Comparison

PAUG has a 0.79% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

PAUG vs. JSMD - Dividend Comparison

PAUG has not paid dividends to shareholders, while JSMD's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.46%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%
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%

Frequently Asked Questions

Can I hold both PAUG and JSMD in my portfolio?

PAUG and JSMD have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAUG or JSMD?

JSMD has higher volatility (8.24%) compared to PAUG (1.01%). In terms of maximum drawdown, PAUG dropped -17.88% vs JSMD's -38.98%.

Which ETF is better, PAUG or JSMD?

On 5-year performance, PAUG leads with 9.23% vs 8.38% for JSMD. On fees, JSMD is cheaper at 0.30% 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.

Which ETF has performed better, PAUG or JSMD?

Over the 5-year period, PAUG has performed better with a 9.23% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAUG or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.79% for PAUG.

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

JSMD has the higher dividend yield at 0.46%, compared with 0.00% for PAUG.

What is the main difference between PAUG and JSMD?

PAUG is categorized as Defined Outcome, while JSMD is Mid Cap Growth Equities. PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Innovator and Janus Henderson. Their fees differ too: 0.79% for PAUG and 0.30% for JSMD.

Which has better risk-adjusted returns?

PAUG currently has the higher Sharpe Ratio (2.80 vs 1.48), 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.