PMAR vs. BAUG

Last updated Jun 9, 2026

PMAR (Innovator U.S. Equity Power Buffer ETF - March) and BAUG (Innovator U.S. Equity Buffer ETF - August) are both Defined Outcome funds from Innovator - PMAR tracks the Cboe S&P 500 15% Buffer Protect March Series Index while BAUG tracks the Cboe S&P 500 Buffer Protect Index August. Both are passively managed. Over the past 5 years, PMAR returned 9.35%/yr vs 11.05%/yr for BAUG. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PMAR vs. BAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - March (PMAR) and Innovator U.S. Equity Buffer ETF - August (BAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAR achieves a 5.57% return, which is significantly lower than BAUG's 5.92% return.

PMAR

• 1D: 0.18%
• 1M: 0.41%
• YTD: 5.57%
• 6M: 6.40%
• 1Y: 14.22%
• 3Y*: 12.65%
• 5Y*: 9.35%
• 10Y*: —

BAUG

• 1D: 0.08%
• 1M: 0.68%
• YTD: 5.92%
• 6M: 6.49%
• 1Y: 18.63%
• 3Y*: 17.61%
• 5Y*: 11.05%
• 10Y*: —

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

PMAR vs. BAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMAR Innovator U.S. Equity Power Buffer ETF - March	5.57%	11.82%	12.83%	15.95%	-2.65%	10.96%	8.01%
BAUG Innovator U.S. Equity Buffer ETF - August	5.92%	14.81%	21.15%	20.11%	-10.30%	12.06%	19.09%

Correlation

The correlation between PMAR and BAUG is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020	0.88

The correlation between PMAR and BAUG has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

PMAR vs. BAUG - Sectors Allocation Comparison

Sectors	PMAR	BAUG
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PMAR vs. BAUG — Risk / Return Rank

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

PMAR

PMAR Risk / Return Rank: 88
PMAR Sharpe Ratio Rank: 89
PMAR Sortino Ratio Rank: 91
PMAR Omega Ratio Rank: 93
PMAR Calmar Ratio Rank: 76
PMAR Martin Ratio Rank: 91

BAUG

BAUG Risk / Return Rank: 83
BAUG Sharpe Ratio Rank: 83
BAUG Sortino Ratio Rank: 86
BAUG Omega Ratio Rank: 86
BAUG Calmar Ratio Rank: 73
BAUG Martin Ratio Rank: 87

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.

PMAR vs. BAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - March (PMAR) and Innovator U.S. Equity Buffer ETF - August (BAUG). 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.

	PMAR	BAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.42	+0.26
Sortino ratio: Return per unit of downside risk	3.95	3.48	+0.47
Omega ratio: Gain probability vs. loss probability	1.60	1.47	+0.12
Calmar ratio: Return relative to maximum drawdown	3.47	3.31	+0.16
Martin ratio: Return relative to average drawdown	20.44	16.75	+3.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAR vs. BAUG - Sharpe Ratio Comparison

The current PMAR Sharpe Ratio is 2.67, which is comparable to the BAUG Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PMAR and BAUG, 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

	PMAR	BAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.42	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	0.95	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.84	+0.07

Drawdowns

PMAR vs. BAUG - Drawdown Comparison

The maximum PMAR drawdown since its inception was -17.18%, smaller than the maximum BAUG drawdown of -24.19%. Use the drawdown chart below to compare losses from any high point for PMAR and BAUG.

Drawdown Indicators

	PMAR	BAUG	Difference
Max Drawdown Largest peak-to-trough decline	-17.18%	-24.19%	+7.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-5.66%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-9.32%	-13.78%	+4.46%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-15.59%	+4.75%
Current Drawdown Current decline from peak	-0.74%	-0.67%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.56%	-2.84%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.11%	-0.41%

Volatility

PMAR vs. BAUG - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - March (PMAR) and Innovator U.S. Equity Buffer ETF - August (BAUG) have volatilities of 1.16% and 1.15%, 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

	PMAR	BAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.15%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	5.88%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	7.75%	-2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	11.71%	-3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.72%	13.94%	-3.22%

PMAR vs. BAUG - Expense Ratio Comparison

Both PMAR and BAUG have an expense ratio of 0.79%.

Dividends

PMAR vs. BAUG - Dividend Comparison

Neither PMAR nor BAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAR and BAUG in my portfolio?

With a correlation of 0.92, PMAR and BAUG 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, PMAR or BAUG?

PMAR has higher volatility (1.16%) compared to BAUG (1.15%). In terms of maximum drawdown, PMAR dropped -17.18% vs BAUG's -24.19%.

Which ETF is better, PMAR or BAUG?

On 5-year performance, BAUG leads with 11.05% vs 9.35% for PMAR. 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, PMAR or BAUG?

Over the 5-year period, BAUG has performed better with a 11.05% return vs 9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAR or BAUG?

PMAR and BAUG have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PMAR or BAUG?

PMAR and BAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between PMAR and BAUG?

PMAR tracks Cboe S&P 500 15% Buffer Protect March Series Index, while BAUG tracks Cboe S&P 500 Buffer Protect Index August.

Which has better risk-adjusted returns?

PMAR currently has the higher Sharpe Ratio (2.67 vs 2.42), 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.