UMAY vs. UAUG

Last updated Jun 4, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, UMAY returned 6.49%/yr vs 7.97%/yr for UAUG. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UMAY vs. UAUG - Performance Comparison

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

Returns By Period

In the year-to-date period, UMAY achieves a 3.93% return, which is significantly lower than UAUG's 4.84% return.

UMAY

• 1D: -0.27%
• 1M: 1.86%
• YTD: 3.93%
• 6M: 4.74%
• 1Y: 10.48%
• 3Y*: 11.51%
• 5Y*: 6.49%
• 10Y*: —

UAUG

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

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

UMAY vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	3.93%	8.79%	14.32%	12.53%	-9.21%	5.25%	7.38%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.84%	12.42%	15.51%	17.71%	-10.81%	4.94%	13.33%

Correlation

The correlation between UMAY and UAUG is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.86

The correlation between UMAY and UAUG has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

UMAY vs. UAUG - Sectors Allocation Comparison

Sectors	UMAY	UAUG
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

UMAY vs. UAUG — Risk / Return Rank

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

UMAY

UMAY Risk / Return Rank: 93
UMAY Sharpe Ratio Rank: 89
UMAY Sortino Ratio Rank: 93
UMAY Omega Ratio Rank: 94
UMAY Calmar Ratio Rank: 95
UMAY Martin Ratio Rank: 96

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

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.

UMAY vs. UAUG - Risk-Adjusted Trends Comparison

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

	UMAY	UAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.78	+0.20
Sortino ratio: Return per unit of downside risk	4.63	4.11	+0.53
Omega ratio: Gain probability vs. loss probability	1.67	1.57	+0.09
Calmar ratio: Return relative to maximum drawdown	7.71	3.85	+3.86
Martin ratio: Return relative to average drawdown	39.51	20.38	+19.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMAY vs. UAUG - Sharpe Ratio Comparison

The current UMAY Sharpe Ratio is 2.99, which is comparable to the UAUG Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of UMAY and UAUG, 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

	UMAY	UAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.78	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.01	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.91	-0.05

Drawdowns

UMAY vs. UAUG - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, smaller than the maximum UAUG drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for UMAY and UAUG.

Drawdown Indicators

	UMAY	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-13.91%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-3.96%	+2.60%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-10.35%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-13.91%	+1.79%
Current Drawdown Current decline from peak	-0.27%	-0.10%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.14%	-2.36%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.75%	-0.48%

Volatility

UMAY vs. UAUG - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) has a higher volatility of 1.20% compared to Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) at 0.60%. This indicates that UMAY's price experiences larger fluctuations and is considered to be riskier than UAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAY	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.60%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	4.13%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	5.51%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.46%	7.89%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.93%	8.72%	-0.79%

UMAY vs. UAUG - Expense Ratio Comparison

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

Dividends

UMAY vs. UAUG - Dividend Comparison

Neither UMAY nor UAUG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UMAY and UAUG in my portfolio?

UMAY and UAUG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAY or UAUG?

UMAY has higher volatility (1.20%) compared to UAUG (0.60%). In terms of maximum drawdown, UMAY dropped -12.12% vs UAUG's -13.91%.

Which ETF is better, UMAY or UAUG?

On 5-year performance, UAUG leads with 7.97% vs 6.49% for UMAY. Both ETFs have the same 0.79% expense ratio. 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, UMAY or UAUG?

Over the 5-year period, UAUG has performed better with a 7.97% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or UAUG?

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

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

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

What is the main difference between UMAY and UAUG?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

UMAY currently has the higher Sharpe Ratio (2.99 vs 2.78), 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.