UAUG vs. QQQ

Last updated Jun 24, 2026

UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UAUG is a Defined Outcome fund tracking the S&P 500, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, UAUG returned 7.95%/yr vs 16.01%/yr for QQQ. Their correlation of 0.84 suggests significant overlap in exposure. UAUG charges 0.79%/yr vs 0.18%/yr for QQQ.

Performance

UAUG vs. QQQ - 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 Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAUG achieves a 4.86% return, which is significantly lower than QQQ's 16.45% return.

UAUG

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

QQQ

• 1D: -3.29%
• 1M: -0.43%
• YTD: 16.45%
• 6M: 14.99%
• 1Y: 34.88%
• 3Y*: 26.05%
• 5Y*: 16.01%
• 10Y*: 22.07%

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

UAUG vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
QQQ Invesco QQQ ETF	16.45%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	11.72%

Correlation

The correlation between UAUG and QQQ is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.84

The correlation between UAUG and QQQ has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

UAUG vs. QQQ - Sectors Allocation Comparison

Sectors	UAUG	QQQ
Technology	38.4%	58.7%
Financial Services	11.0%	0.2%
Communication Services	10.8%	14.3%
Consumer Cyclical	10.0%	11.4%
Healthcare	8.4%	3.7%
Industrials	7.9%	2.6%
Consumer Defensive	4.6%	6.4%
Energy	3.2%	0.5%
Utilities	2.1%	1.2%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.0%

Return for Risk

UAUG vs. QQQ — 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

QQQ

QQQ Risk / Return Rank: 59
QQQ Sharpe Ratio Rank: 61
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 58
QQQ Calmar Ratio Rank: 61
QQQ Martin Ratio Rank: 62

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. QQQ - 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 Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.69	1.95	+0.74
Sortino ratio: Return per unit of downside risk	3.96	2.57	+1.40
Omega ratio: Gain probability vs. loss probability	1.55	1.35	+0.21
Calmar ratio: Return relative to maximum drawdown	3.58	2.93	+0.65
Martin ratio: Return relative to average drawdown	19.01	10.86	+8.15

UAUG vs. QQQ - Sharpe Ratio Comparison

The current UAUG Sharpe Ratio is 2.69, which is higher than the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of UAUG and QQQ, 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. QQQ - Drawdown Comparison

The maximum UAUG drawdown since its inception was -13.91%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UAUG and QQQ.

Drawdown Indicators

	UAUG	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-82.97%	+69.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-11.96%	+8.00%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-22.77%	+12.42%
Max Drawdown (5Y) Largest decline over 5 years	-13.91%	-35.12%	+21.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-0.28%	-4.25%	+3.97%
Average Drawdown Average peak-to-trough decline	-2.34%	-32.73%	+30.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	3.22%	-2.47%

Volatility

UAUG vs. QQQ - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 1.05%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that UAUG experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAUG	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	9.17%	-8.12%
Volatility (6M) Calculated over the trailing 6-month period	4.19%	14.57%	-10.38%
Volatility (1Y) Calculated over the trailing 1-year period	5.33%	17.96%	-12.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.91%	22.69%	-14.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	22.42%	-13.73%

UAUG vs. QQQ - Expense Ratio Comparison

UAUG has a 0.79% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

UAUG vs. QQQ - Dividend Comparison

UAUG has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UAUG and QQQ in my portfolio?

UAUG and QQQ have a correlation of 0.86, 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 QQQ?

QQQ has higher volatility (9.17%) compared to UAUG (1.05%). In terms of maximum drawdown, UAUG dropped -13.91% vs QQQ's -82.97%.

Which ETF is better, UAUG or QQQ?

On 5-year performance, QQQ leads with 16.01% vs 7.95% for UAUG. On fees, QQQ is cheaper at 0.18% 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 QQQ?

Over the 5-year period, QQQ has performed better with a 16.01% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAUG or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.79% for UAUG.

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

QQQ has the higher dividend yield at 0.43%, compared with 0.00% for UAUG.

What is the main difference between UAUG and QQQ?

UAUG is categorized as Defined Outcome, while QQQ is Nasdaq-100. UAUG tracks S&P 500, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for UAUG and 0.18% for QQQ.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.69 vs 1.95), 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.