PSCW vs. ZAUG

Last updated Jun 4, 2026

PSCW (Pacer Swan SOS Conservative (April) ETF) and ZAUG (Innovator Equity Defined Protection ETF - 1 Yr August) are both Defined Outcome funds. Both are actively managed. Over the past year, PSCW returned 14.98% vs 8.08% for ZAUG. A 0.78 correlation means they provide meaningful diversification when combined. PSCW charges 0.61%/yr vs 0.79%/yr for ZAUG.

Performance

PSCW vs. ZAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Conservative (April) ETF (PSCW) and Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSCW achieves a 7.49% return, which is significantly higher than ZAUG's 2.70% return.

PSCW

• 1D: -0.07%
• 1M: 1.58%
• YTD: 7.49%
• 6M: 8.21%
• 1Y: 14.98%
• 3Y*: 11.73%
• 5Y*: 7.19%
• 10Y*: —

ZAUG

• 1D: -0.09%
• 1M: 0.72%
• YTD: 2.70%
• 6M: 3.10%
• 1Y: 8.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSCW vs. ZAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSCW Pacer Swan SOS Conservative (April) ETF	7.49%	6.56%	6.51%
ZAUG Innovator Equity Defined Protection ETF - 1 Yr August	2.70%	7.38%	3.62%

Correlation

The correlation between PSCW and ZAUG is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	0.78

The correlation between PSCW and ZAUG has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

PSCW vs. ZAUG — Risk / Return Rank

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

PSCW

PSCW Risk / Return Rank: 97
PSCW Sharpe Ratio Rank: 95
PSCW Sortino Ratio Rank: 97
PSCW Omega Ratio Rank: 97
PSCW Calmar Ratio Rank: 96
PSCW Martin Ratio Rank: 97

ZAUG

ZAUG Risk / Return Rank: 92
ZAUG Sharpe Ratio Rank: 92
ZAUG Sortino Ratio Rank: 95
ZAUG Omega Ratio Rank: 95
ZAUG Calmar Ratio Rank: 85
ZAUG Martin Ratio Rank: 94

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.

PSCW vs. ZAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Conservative (April) ETF (PSCW) and Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG). 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.

	PSCW	ZAUG	Difference
Sharpe ratio Return per unit of total volatility	3.84	3.31	+0.53
Sortino ratio Return per unit of downside risk	6.45	5.30	+1.15
Omega ratio Gain probability vs. loss probability	1.90	1.73	+0.17
Calmar ratio Return relative to maximum drawdown	10.05	4.71	+5.34
Martin ratio Return relative to average drawdown	51.44	27.32	+24.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSCW vs. ZAUG - Sharpe Ratio Comparison

The current PSCW Sharpe Ratio is 3.84, which is comparable to the ZAUG Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of PSCW and ZAUG, 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

	PSCW	ZAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	3.31	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.66	-0.68

Drawdowns

PSCW vs. ZAUG - Drawdown Comparison

The maximum PSCW drawdown since its inception was -11.89%, which is greater than ZAUG's maximum drawdown of -4.83%. Use the drawdown chart below to compare losses from any high point for PSCW and ZAUG.

Drawdown Indicators

	PSCW	ZAUG	Difference
Max Drawdown Largest peak-to-trough decline	-11.89%	-4.83%	-7.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-1.72%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.89%	—	—
Current Drawdown Current decline from peak	-0.07%	-0.09%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.18%	-0.41%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.30%	-0.01%

Volatility

PSCW vs. ZAUG - Volatility Comparison

Pacer Swan SOS Conservative (April) ETF (PSCW) has a higher volatility of 0.56% compared to Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) at 0.29%. This indicates that PSCW's price experiences larger fluctuations and is considered to be riskier than ZAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCW	ZAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.29%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	1.81%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	2.47%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	4.58%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	4.58%	+3.01%

PSCW vs. ZAUG - Expense Ratio Comparison

PSCW has a 0.61% expense ratio, which is lower than ZAUG's 0.79% expense ratio.

Dividends

PSCW vs. ZAUG - Dividend Comparison

Neither PSCW nor ZAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSCW and ZAUG in my portfolio?

PSCW and ZAUG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSCW or ZAUG?

PSCW has higher volatility (0.56%) compared to ZAUG (0.29%). In terms of maximum drawdown, PSCW dropped -11.89% vs ZAUG's -4.83%.

Which ETF is better, PSCW or ZAUG?

On 1-year performance, PSCW leads with 14.98% vs 8.08% for ZAUG. On fees, PSCW is cheaper at 0.61% per year. On volatility, ZAUG has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCW or ZAUG?

Over the 1-year period, PSCW has performed better with a 14.98% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCW or ZAUG?

PSCW is cheaper with a 0.61% expense ratio, compared with 0.79% for ZAUG.

Which ETF pays a higher dividend yield, PSCW or ZAUG?

PSCW and ZAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between PSCW and ZAUG?

They also come from different issuers: Pacer and Innovator. Their fees differ too: 0.61% for PSCW and 0.79% for ZAUG.

Which has better risk-adjusted returns?

PSCW currently has the higher Sharpe Ratio (3.84 vs 3.31), 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.