UAUG vs. BSTP

Last updated Jun 24, 2026

UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and BSTP (Innovator Buffer Step-Up Strategy ETF) are both exchange-traded funds - UAUG is a Defined Outcome fund tracking the S&P 500, while BSTP is a Options Trading fund tracking the S&P 500. Both are passively managed. Over the past 3 years, UAUG returned 14.14%/yr vs 13.39%/yr for BSTP. Their correlation of 0.94 suggests significant overlap in exposure. UAUG charges 0.79%/yr vs 0.89%/yr for BSTP.

Performance

UAUG vs. BSTP - 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 Buffer Step-Up Strategy ETF (BSTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UAUG having a 4.86% return and BSTP slightly lower at 4.83%.

UAUG

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

BSTP

• 1D: -0.74%
• 1M: -0.49%
• YTD: 4.83%
• 6M: 4.35%
• 1Y: 14.54%
• 3Y*: 13.39%
• 5Y*: —
• 10Y*: —

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

UAUG vs. BSTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.86%	12.42%	15.51%	17.71%	-7.28%
BSTP Innovator Buffer Step-Up Strategy ETF	4.83%	11.80%	16.70%	18.14%	-5.05%

Correlation

The correlation between UAUG and BSTP is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 8, 2022	0.94

The correlation between UAUG and BSTP has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

UAUG vs. BSTP — Risk / Return Rank

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

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

BSTP

BSTP Risk / Return Rank: 58
BSTP Sharpe Ratio Rank: 56
BSTP Sortino Ratio Rank: 56
BSTP Omega Ratio Rank: 60
BSTP Calmar Ratio Rank: 51
BSTP Martin Ratio Rank: 66

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.

UAUG vs. BSTP - 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 Buffer Step-Up Strategy ETF (BSTP). 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	BSTP	Difference
Sharpe ratio: Return per unit of total volatility	2.69	1.76	+0.93
Sortino ratio: Return per unit of downside risk	3.96	2.48	+1.48
Omega ratio: Gain probability vs. loss probability	1.55	1.34	+0.21
Calmar ratio: Return relative to maximum drawdown	3.58	2.34	+1.24
Martin ratio: Return relative to average drawdown	19.01	11.17	+7.84

UAUG vs. BSTP - Sharpe Ratio Comparison

The current UAUG Sharpe Ratio is 2.69, which is higher than the BSTP Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of UAUG and BSTP, 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. BSTP - Drawdown Comparison

The maximum UAUG drawdown since its inception was -13.91%, smaller than the maximum BSTP drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for UAUG and BSTP.

Drawdown Indicators

	UAUG	BSTP	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-16.69%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-6.23%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-13.69%	+3.34%
Max Drawdown (5Y) Largest decline over 5 years	-13.91%	—	—
Current Drawdown Current decline from peak	-0.28%	-1.48%	+1.20%
Average Drawdown Average peak-to-trough decline	-2.34%	-3.49%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.31%	-0.56%

Volatility

UAUG vs. BSTP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 1.05%, while Innovator Buffer Step-Up Strategy ETF (BSTP) has a volatility of 2.92%. This indicates that UAUG experiences smaller price fluctuations and is considered to be less risky than BSTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAUG	BSTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	2.92%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	4.19%	6.61%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.33%	8.30%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.91%	12.10%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	12.10%	-3.41%

UAUG vs. BSTP - Expense Ratio Comparison

UAUG has a 0.79% expense ratio, which is lower than BSTP's 0.89% expense ratio.

Dividends

UAUG vs. BSTP - Dividend Comparison

Neither UAUG nor BSTP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSTP Innovator Buffer Step-Up Strategy ETF	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 BSTP in my portfolio?

With a correlation of 0.94, UAUG and BSTP 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, UAUG or BSTP?

BSTP has higher volatility (2.92%) compared to UAUG (1.05%). In terms of maximum drawdown, UAUG dropped -13.91% vs BSTP's -16.69%.

Which ETF is better, UAUG or BSTP?

On 3-year performance, UAUG leads with 14.14% vs 13.39% for BSTP. On fees, UAUG is cheaper at 0.79% per year. On volatility, UAUG has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAUG or BSTP?

Over the 3-year period, UAUG has performed better with a 14.14% return vs 13.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAUG or BSTP?

UAUG is cheaper with a 0.79% expense ratio, compared with 0.89% for BSTP.

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

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

What is the main difference between UAUG and BSTP?

UAUG is categorized as Defined Outcome, while BSTP is Options Trading. Both ETFs track S&P 500. Their fees differ too: 0.79% for UAUG and 0.89% for BSTP.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.69 vs 1.76), 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.