PAUG vs. TLT
PAUG (Innovator U.S. Equity Power Buffer ETF - August) and TLT (iShares 20+ Year Treasury Bond 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, PAUG returned 9.23%/yr vs -6.36%/yr for TLT. At a correlation of -0.03, they often move in opposite directions. PAUG charges 0.79%/yr vs 0.15%/yr for TLT.
Performance
PAUG vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PAUG achieves a 5.25% return, which is significantly higher than TLT's 0.21% return.
PAUG
- 1D
- 0.40%
- 1M
- 1.02%
- YTD
- 5.25%
- 6M
- 5.77%
- 1Y
- 15.45%
- 3Y*
- 13.76%
- 5Y*
- 9.23%
- 10Y*
- —
TLT
- 1D
- -0.06%
- 1M
- 2.87%
- YTD
- 0.21%
- 6M
- 0.32%
- 1Y
- 3.82%
- 3Y*
- -1.84%
- 5Y*
- -6.36%
- 10Y*
- -1.78%
PAUG vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.21% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 3.03% |
Correlation
The correlation between PAUG and TLT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019 | -0.03 |
The correlation between PAUG and TLT shifts across timeframes, from -0.03 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PAUG vs. TLT — Risk / Return Rank
PAUG
TLT
PAUG vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.40 | ||
| Sortino ratioReturn per unit of downside risk | +3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.07 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 0.51 | +3.41 |
| Martin ratioReturn relative to average drawdown | 21.35 | 1.22 | +20.13 |
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Drawdowns
PAUG vs. TLT - Drawdown Comparison
The maximum PAUG drawdown since its inception was -17.88%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PAUG and TLT.
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Drawdown Indicators
| PAUG | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.88% | -48.35% | +30.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -7.58% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -10.45% | -19.18% | +8.73% |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | -43.70% | +31.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -40.15% | +40.15% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -13.85% | +12.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 3.14% | -2.42% |
Volatility
PAUG vs. TLT - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - August (PAUG) is 1.01%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.84%. This indicates that PAUG experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAUG | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 2.84% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 6.64% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.55% | 9.57% | -4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.72% | 15.86% | -7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 14.91% | -4.33% |
PAUG vs. TLT - Expense Ratio Comparison
PAUG has a 0.79% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
PAUG vs. TLT - Dividend Comparison
PAUG has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.57% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
PAUG and TLT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.84%) compared to PAUG (1.01%). In terms of maximum drawdown, PAUG dropped -17.88% vs TLT's -48.35%.
On 5-year performance, PAUG leads with 9.23% vs -6.36% for TLT. On fees, TLT is cheaper at 0.15% 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 -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.79% for PAUG.
TLT has the higher dividend yield at 4.57%, compared with 0.00% for PAUG.
PAUG is categorized as Defined Outcome, while TLT is Government Bonds. PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PAUG and 0.15% for TLT.
PAUG currently has the higher Sharpe Ratio (2.80 vs 0.40), 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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