PAUG vs. UAUG

Last updated Jun 24, 2026

PAUG (Innovator U.S. Equity Power Buffer ETF - August) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both Defined Outcome funds from Innovator - PAUG tracks the Cboe S&P 500 15% Buffer Protect August Series Index while UAUG tracks the S&P 500. Both are passively managed. Over the past 5 years, PAUG returned 9.10%/yr vs 7.95%/yr for UAUG. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PAUG vs. UAUG - 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 Innovator U.S. Equity Ultra Buffer ETF - August (UAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with PAUG at 4.86% and UAUG at 4.86%.

PAUG

• 1D: -0.31%
• 1M: 0.33%
• YTD: 4.86%
• 6M: 4.63%
• 1Y: 14.12%
• 3Y*: 14.12%
• 5Y*: 9.10%
• 10Y*: —

UAUG

• 1D: -0.25%
• 1M: 0.40%
• YTD: 4.86%
• 6M: 4.70%
• 1Y: 14.14%
• 3Y*: 14.14%
• 5Y*: 7.95%
• 10Y*: —

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

PAUG vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PAUG Innovator U.S. Equity Power Buffer ETF - August	4.86%	12.34%	15.37%	17.71%	-6.85%	7.58%	9.82%	3.60%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.86%	12.42%	15.51%	17.71%	-10.81%	4.94%	7.95%	4.26%

Correlation

The correlation between PAUG and UAUG is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.90

The correlation between PAUG and UAUG has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

PAUG vs. UAUG - Sectors Allocation Comparison

Sectors	PAUG	UAUG
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

PAUG vs. UAUG — Risk / Return Rank

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

PAUG

PAUG Risk / Return Rank: 87
PAUG Sharpe Ratio Rank: 87
PAUG Sortino Ratio Rank: 90
PAUG Omega Ratio Rank: 91
PAUG Calmar Ratio Rank: 75
PAUG Martin Ratio Rank: 91

UAUG

UAUG Risk / Return Rank: 87
UAUG Sharpe Ratio Rank: 88
UAUG Sortino Ratio Rank: 91
UAUG Omega Ratio Rank: 91
UAUG Calmar Ratio Rank: 75
UAUG Martin Ratio Rank: 89

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. UAUG - 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 Innovator U.S. Equity Ultra Buffer ETF - August (UAUG). 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	UAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.69	-0.07
Sortino ratio: Return per unit of downside risk	3.92	3.96	-0.05
Omega ratio: Gain probability vs. loss probability	1.56	1.55	+0.01
Calmar ratio: Return relative to maximum drawdown	3.58	3.58	0.00
Martin ratio: Return relative to average drawdown	19.61	19.01	+0.60

PAUG vs. UAUG - Sharpe Ratio Comparison

The current PAUG Sharpe Ratio is 2.62, which is comparable to the UAUG Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of PAUG and UAUG, 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. UAUG - Drawdown Comparison

The maximum PAUG drawdown since its inception was -17.88%, which is greater than UAUG's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for PAUG and UAUG.

Drawdown Indicators

	PAUG	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-13.91%	-3.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-3.96%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-10.45%	-10.35%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-11.76%	-13.91%	+2.15%
Current Drawdown Current decline from peak	-0.37%	-0.28%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.81%	-2.34%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.75%	-0.03%

Volatility

PAUG vs. UAUG - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - August (PAUG) and Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) have volatilities of 1.05% and 1.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAUG	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	4.19%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	5.44%	5.33%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.72%	7.91%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.56%	8.69%	+1.87%

PAUG vs. UAUG - Expense Ratio Comparison

Both PAUG and UAUG have an expense ratio of 0.79%.

Dividends

PAUG vs. UAUG - Dividend Comparison

Neither PAUG nor UAUG 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%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%

Frequently Asked Questions

Can I hold both PAUG and UAUG in my portfolio?

With a correlation of 0.93, PAUG and UAUG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PAUG or UAUG?

UAUG has higher volatility (1.05%) compared to PAUG (1.05%). In terms of maximum drawdown, PAUG dropped -17.88% vs UAUG's -13.91%.

Which ETF is better, PAUG or UAUG?

On 5-year performance, PAUG leads with 9.10% vs 7.95% for UAUG. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAUG or UAUG?

Over the 5-year period, PAUG has performed better with a 9.10% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAUG or UAUG?

PAUG and UAUG have the same expense ratio: 0.79% per year.

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

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

What is the main difference between PAUG and UAUG?

PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index, while UAUG tracks S&P 500.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.69 vs 2.62), 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.