PAUG vs. NVDO

Last updated Aug 2, 2026

PAUG (Innovator U.S. Equity Power Buffer ETF - August) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. PAUG is passively managed, while NVDO is actively managed. Their 0.55 correlation means they have sometimes moved together and sometimes differently. PAUG charges 0.79%/yr vs 0.77%/yr for NVDO.

Performance

PAUG vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAUG achieves a 6.31% return, which is significantly lower than NVDO's 16.35% return.

PAUG

• 1D: 0.04%
• 1M: 0.68%
• 6M: 5.51%
• YTD: 6.31%
• 1Y: 12.31%
• 3Y*: 12.66%
• 5Y*: 9.36%
• 10Y*: —
• ALL TIME*: 9.18%

NVDO

• 1D: 0.00%
• 1M: 0.00%
• 6M: 10.90%
• YTD: 16.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	$0.00	$0.00	$23.88K
PAUG Innovator U.S. Equity Power Buffer ETF - August	$6.19M	$3.99M	$2.40M

PAUG vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
PAUG Innovator U.S. Equity Power Buffer ETF - August	6.31%	3.79%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	16.35%	10.05%

Correlation

The correlation between PAUG and NVDO is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.55

Return for Risk

PAUG vs. NVDO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PAUG

PAUG Risk / Return Rank: 89
PAUG Sharpe Ratio Rank: 88
PAUG Sortino Ratio Rank: 91
PAUG Omega Ratio Rank: 92
PAUG Calmar Ratio Rank: 80
PAUG Martin Ratio Rank: 92

NVDO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAUG vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	—	—
Sortino ratio: Return per unit of downside risk	3.21	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	2.90	—	—
Martin ratio: Return relative to average drawdown	15.87	—	—

Drawdowns

PAUG vs. NVDO - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, which is greater than NVDO's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for PAUG and NVDO.

Drawdown Indicators

	PAUG	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-16.25%	-1.63%
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 Drawdown Current decline from peak	0.00%	-4.73%	+4.73%
Average Drawdown Average peak-to-trough decline	-1.78%	-4.95%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	—	—

Volatility

Volatility by Period

	PAUG	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.32%	30.29%	-24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.72%	30.29%	-21.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.49%	30.29%	-19.80%

PAUG vs. NVDO - Expense Ratio Comparison

PAUG has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

PAUG vs. NVDO - Dividend Comparison

PAUG has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.32%	16.66%	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

Can I hold both PAUG and NVDO in my portfolio?

PAUG and NVDO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAUG or NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAUG or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for PAUG.

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

NVDO has the higher dividend yield at 14.32%, compared with 0.00% for PAUG.

What is the main difference between PAUG and NVDO?

They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for PAUG and 0.77% for NVDO.