PAUG vs. TMAR

Last updated Jun 4, 2026

PAUG (Innovator U.S. Equity Power Buffer ETF - August) and TMAR (FT Vest Emerging Markets Buffer ETF - March) are both Defined Outcome funds - PAUG tracks the Cboe S&P 500 15% Buffer Protect August Series Index while TMAR tracks the iShares MSCI Emerging Markets ETF (EEM) Price Return. Both are passively managed. Over the past year, PAUG returned 14.97% vs 28.83% for TMAR. A 0.55 correlation means they provide meaningful diversification when combined. PAUG charges 0.79%/yr vs 0.95%/yr for TMAR.

Performance

PAUG vs. TMAR - 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 Emerging Markets Buffer ETF - March (TMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAUG achieves a 4.92% return, which is significantly lower than TMAR's 14.45% return.

PAUG

• 1D: -0.04%
• 1M: 1.57%
• YTD: 4.92%
• 6M: 5.53%
• 1Y: 14.97%
• 3Y*: 14.49%
• 5Y*: 9.17%
• 10Y*: —

TMAR

• 1D: -0.72%
• 1M: 2.73%
• YTD: 14.45%
• 6M: 15.92%
• 1Y: 28.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAUG vs. TMAR - Yearly Performance Comparison

	2026 (YTD)	2025
PAUG Innovator U.S. Equity Power Buffer ETF - August	4.92%	12.66%
TMAR FT Vest Emerging Markets Buffer ETF - March	14.45%	14.71%

Correlation

The correlation between PAUG and TMAR is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.55

The correlation between PAUG and TMAR has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

PAUG vs. TMAR — Risk / Return Rank

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

PAUG

PAUG Risk / Return Rank: 85
PAUG Sharpe Ratio Rank: 82
PAUG Sortino Ratio Rank: 87
PAUG Omega Ratio Rank: 89
PAUG Calmar Ratio Rank: 76
PAUG Martin Ratio Rank: 90

TMAR

TMAR Risk / Return Rank: 94
TMAR Sharpe Ratio Rank: 90
TMAR Sortino Ratio Rank: 93
TMAR Omega Ratio Rank: 96
TMAR Calmar Ratio Rank: 95
TMAR Martin Ratio Rank: 96

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. TMAR - 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 Emerging Markets Buffer ETF - March (TMAR). 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	TMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.69	3.06	-0.37
Sortino ratio: Return per unit of downside risk	3.99	4.63	-0.64
Omega ratio: Gain probability vs. loss probability	1.58	1.77	-0.19
Calmar ratio: Return relative to maximum drawdown	3.80	7.95	-4.15
Martin ratio: Return relative to average drawdown	20.75	38.42	-17.68
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. TMAR - Sharpe Ratio Comparison

The current PAUG Sharpe Ratio is 2.69, which is comparable to the TMAR Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of PAUG and TMAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAUG	TMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	3.06	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	2.25	-1.37

Drawdowns

PAUG vs. TMAR - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, which is greater than TMAR's maximum drawdown of -9.93%. Use the drawdown chart below to compare losses from any high point for PAUG and TMAR.

Drawdown Indicators

	PAUG	TMAR	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-9.93%	-7.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-3.64%	-0.32%
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	-0.06%	-0.72%	+0.66%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.66%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.75%	-0.03%

Volatility

PAUG vs. TMAR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - August (PAUG) is 0.58%, while FT Vest Emerging Markets Buffer ETF - March (TMAR) has a volatility of 4.53%. This indicates that PAUG experiences smaller price fluctuations and is considered to be less risky than TMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAUG	TMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	4.53%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	8.17%	-3.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.60%	9.47%	-3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.71%	11.42%	-2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	11.42%	-0.82%

PAUG vs. TMAR - Expense Ratio Comparison

PAUG has a 0.79% expense ratio, which is lower than TMAR's 0.95% expense ratio.

Dividends

PAUG vs. TMAR - Dividend Comparison

Neither PAUG nor TMAR has paid dividends to shareholders.

Position	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%
TMAR FT Vest Emerging Markets Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAUG and TMAR in my portfolio?

PAUG and TMAR have a correlation of 0.60, 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 TMAR?

TMAR has higher volatility (4.53%) compared to PAUG (0.58%). In terms of maximum drawdown, PAUG dropped -17.88% vs TMAR's -9.93%.

Which ETF is better, PAUG or TMAR?

On 1-year performance, TMAR leads with 28.83% vs 14.97% for PAUG. On fees, PAUG is cheaper at 0.79% per year. On volatility, PAUG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAUG or TMAR?

Over the 1-year period, TMAR has performed better with a 28.83% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAUG or TMAR?

PAUG is cheaper with a 0.79% expense ratio, compared with 0.95% for TMAR.

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

PAUG and TMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between PAUG and TMAR?

PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while TMAR tracks iShares MSCI Emerging Markets ETF (EEM) Price Return. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for PAUG and 0.95% for TMAR.

Which has better risk-adjusted returns?

TMAR currently has the higher Sharpe Ratio (3.06 vs 2.69), 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.