UAUG vs. BAPR

Last updated Aug 4, 2026

UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator - UAUG tracks the S&P 500 while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, UAUG returned 8.29%/yr vs 10.95%/yr for BAPR. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

UAUG vs. BAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, UAUG achieves a 6.86% return, which is significantly lower than BAPR's 12.27% return.

UAUG

• 1D: 0.49%
• 1M: 1.34%
• 6M: 5.69%
• YTD: 6.86%
• 1Y: 12.22%
• 3Y*: 13.22%
• 5Y*: 8.29%
• 10Y*: —
• ALL TIME*: 8.05%

BAPR

• 1D: 0.32%
• 1M: 1.22%
• 6M: 11.30%
• YTD: 12.27%
• 1Y: 18.49%
• 3Y*: 14.40%
• 5Y*: 10.95%
• 10Y*: —
• ALL TIME*: 10.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BAPR Innovator U.S. Equity Buffer ETF - April	$301.62K	$564.24K	$486.34K
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	$1.89M	$1.02M	$539.80K

UAUG vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	6.86%	12.42%	15.51%	17.71%	-10.81%	4.94%	7.95%	4.26%
BAPR Innovator U.S. Equity Buffer ETF - April	12.27%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	6.60%

Correlation

The correlation between UAUG and BAPR is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.88

The correlation between UAUG and BAPR has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

UAUG vs. BAPR - Sectors Allocation Comparison

Sectors	UAUG	BAPR
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

UAUG vs. BAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UAUG

UAUG Risk / Return Rank: 90
UAUG Sharpe Ratio Rank: 91
UAUG Sortino Ratio Rank: 92
UAUG Omega Ratio Rank: 93
UAUG Calmar Ratio Rank: 81
UAUG Martin Ratio Rank: 92

BAPR

BAPR Risk / Return Rank: 97
BAPR Sharpe Ratio Rank: 96
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 98
BAPR Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UAUG vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	UAUG	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.41	3.16	-0.74
Sortino ratio: Return per unit of downside risk	3.55	5.18	-1.62
Omega ratio: Gain probability vs. loss probability	1.50	1.73	-0.23
Calmar ratio: Return relative to maximum drawdown	3.10	9.61	-6.52
Martin ratio: Return relative to average drawdown	16.45	44.13	-27.68

UAUG vs. BAPR - Sharpe Ratio Comparison

The current UAUG Sharpe Ratio is 2.41, which is comparable to the BAPR Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of UAUG and BAPR, 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

UAUG vs. BAPR - Drawdown Comparison

The maximum UAUG drawdown since its inception was -13.91%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for UAUG and BAPR.

Drawdown Indicators

	UAUG	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-23.91%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-1.93%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-15.58%	+5.23%
Max Drawdown (5Y) Largest decline over 5 years	-13.91%	-15.58%	+1.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.30%	-2.55%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.42%	+0.32%

Volatility

UAUG vs. BAPR - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 0.61%, while Innovator U.S. Equity Buffer ETF - April (BAPR) has a volatility of 1.73%. This indicates that UAUG experiences smaller price fluctuations and is considered to be less risky than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAUG	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	1.73%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	5.16%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	5.10%	5.90%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.91%	11.51%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	13.01%	-4.39%

UAUG vs. BAPR - Expense Ratio Comparison

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

Dividends

UAUG vs. BAPR - Dividend Comparison

Neither UAUG nor BAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 UAUG and BAPR in my portfolio?

UAUG and BAPR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAUG or BAPR?

BAPR has higher volatility (1.73%) compared to UAUG (0.61%). In terms of maximum drawdown, UAUG dropped -13.91% vs BAPR's -23.91%.

Which ETF is better, UAUG or BAPR?

On 5-year performance, BAPR leads with 10.95% vs 8.29% for UAUG. Both ETFs have the same 0.79% expense ratio. On volatility, UAUG has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAUG or BAPR?

Over the 5-year period, BAPR has performed better with a 10.95% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAUG or BAPR?

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

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

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

What is the main difference between UAUG and BAPR?

UAUG tracks S&P 500, while BAPR tracks Cboe S&P 500 Buffer Protect Index April.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.16 vs 2.41), 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.