UAUG vs. VOO

Last updated Jun 4, 2026

UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UAUG is a Defined Outcome fund tracking the S&P 500, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, UAUG returned 7.97%/yr vs 13.90%/yr for VOO. Their correlation of 0.90 suggests significant overlap in exposure. UAUG charges 0.79%/yr vs 0.03%/yr for VOO.

Performance

UAUG vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAUG achieves a 4.84% return, which is significantly lower than VOO's 10.91% return.

UAUG

• 1D: -0.10%
• 1M: 1.60%
• YTD: 4.84%
• 6M: 5.32%
• 1Y: 15.19%
• 3Y*: 14.57%
• 5Y*: 7.97%
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

UAUG vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.84%	12.42%	15.51%	17.71%	-10.81%	4.94%	7.95%	4.07%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	10.29%

Correlation

The correlation between UAUG and VOO is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.90

The correlation between UAUG and VOO has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

UAUG vs. VOO - Sectors Allocation Comparison

Sectors	UAUG	VOO
Technology	36.2%	35.7%
Financial Services	11.9%	11.6%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

UAUG vs. VOO — Risk / Return Rank

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

UAUG

UAUG Risk / Return Rank: 86
UAUG Sharpe Ratio Rank: 84
UAUG Sortino Ratio Rank: 89
UAUG Omega Ratio Rank: 89
UAUG Calmar Ratio Rank: 76
UAUG Martin Ratio Rank: 89

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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.

	UAUG	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.39	+0.39
Sortino ratio: Return per unit of downside risk	4.11	3.25	+0.85
Omega ratio: Gain probability vs. loss probability	1.57	1.43	+0.14
Calmar ratio: Return relative to maximum drawdown	3.85	3.16	+0.68
Martin ratio: Return relative to average drawdown	20.38	14.73	+5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UAUG vs. VOO - Sharpe Ratio Comparison

The current UAUG Sharpe Ratio is 2.78, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of UAUG and VOO, 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

	UAUG	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.39	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.83	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.89	+0.03

Drawdowns

UAUG vs. VOO - Drawdown Comparison

The maximum UAUG drawdown since its inception was -13.91%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UAUG and VOO.

Drawdown Indicators

	UAUG	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-33.99%	+20.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-8.90%	+4.94%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-18.69%	+8.34%
Max Drawdown (5Y) Largest decline over 5 years	-13.91%	-24.52%	+10.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.10%	-0.70%	+0.60%
Average Drawdown Average peak-to-trough decline	-2.36%	-3.69%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.91%	-1.16%

Volatility

UAUG vs. VOO - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 0.60%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.84%. This indicates that UAUG experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAUG	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	2.84%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	8.90%	-4.77%
Volatility (1Y) Calculated over the trailing 1-year period	5.51%	11.80%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.89%	16.81%	-8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.72%	18.01%	-9.29%

UAUG vs. VOO - Expense Ratio Comparison

UAUG has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

UAUG vs. VOO - Dividend Comparison

UAUG has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both UAUG and VOO in my portfolio?

With a correlation of 0.93, UAUG and VOO 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 VOO?

VOO has higher volatility (2.84%) compared to UAUG (0.60%). In terms of maximum drawdown, UAUG dropped -13.91% vs VOO's -33.99%.

Which ETF is better, UAUG or VOO?

On 5-year performance, VOO leads with 13.90% vs 7.97% for UAUG. On fees, VOO is cheaper at 0.03% per year. On volatility, UAUG has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAUG or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 7.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAUG or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.79% for UAUG.

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

VOO has the higher dividend yield at 1.03%, compared with 0.00% for UAUG.

What is the main difference between UAUG and VOO?

UAUG is categorized as Defined Outcome, while VOO is S&P 500. UAUG tracks S&P 500, while VOO tracks S&P 500 Index. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for UAUG and 0.03% for VOO.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.78 vs 2.39), 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.