USEP vs. ACIO
USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and ACIO (Aptus Collared Income Opportunity ETF) are both exchange-traded funds - USEP is a Defined Outcome fund tracking the S&P 500 Index, while ACIO is a Diversified Portfolio fund actively managed by Aptus. USEP is passively managed, while ACIO is actively managed. Over the past 5 years, USEP returned 8.16%/yr vs 9.08%/yr for ACIO. Their correlation of 0.85 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.
Performance
USEP vs. ACIO - Performance Comparison
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Returns By Period
In the year-to-date period, USEP achieves a 6.07% return, which is significantly higher than ACIO's 5.38% return.
USEP
- 1D
- 0.26%
- 1M
- 0.88%
- 6M
- 5.46%
- YTD
- 6.07%
- 1Y
- 12.28%
- 3Y*
- 11.86%
- 5Y*
- 8.16%
- 10Y*
- —
- ALL TIME*
- 8.05%
ACIO
- 1D
- 0.64%
- 1M
- -0.48%
- 6M
- 4.80%
- YTD
- 5.38%
- 1Y
- 11.77%
- 3Y*
- 13.58%
- 5Y*
- 9.08%
- 10Y*
- —
- ALL TIME*
- 9.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.61M | $6.60M | $6.14M | |
| $489.58K | $385.07K | $322.37K |
USEP vs. ACIO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 6.07% | 11.75% | 12.39% | 18.62% | -7.98% | 5.73% | 7.13% | 3.68% |
ACIO Aptus Collared Income Opportunity ETF | 5.38% | 9.03% | 21.92% | 15.90% | -10.31% | 18.03% | 9.85% | 6.04% |
Correlation
The correlation between USEP and ACIO is 0.91, 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. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019 | 0.85 |
The correlation between USEP and ACIO has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.
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Return for Risk
USEP vs. ACIO — Risk / Return Rank
USEP
ACIO
USEP vs. ACIO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Aptus Collared Income Opportunity ETF (ACIO). 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.
| USEP | ACIO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.21 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 1.46 | +1.37 |
| Martin ratioReturn relative to average drawdown | 14.55 | 5.28 | +9.28 |
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Drawdowns
USEP vs. ACIO - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, smaller than the maximum ACIO drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for USEP and ACIO.
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Drawdown Indicators
| USEP | ACIO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -14.19% | +0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -7.22% | +3.19% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | -12.12% | +2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | -14.00% | +2.16% |
Current DrawdownCurrent decline from peak | 0.00% | -2.34% | +2.34% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -3.16% | +1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.00% | -1.22% |
Volatility
USEP vs. ACIO - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 1.01%, while Aptus Collared Income Opportunity ETF (ACIO) has a volatility of 2.97%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than ACIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USEP | ACIO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 2.97% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 4.06% | 7.15% | -3.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 9.17% | -3.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 11.14% | -3.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.99% | 11.64% | -3.65% |
USEP vs. ACIO - Expense Ratio Comparison
Both USEP and ACIO have an expense ratio of 0.79%.
Dividends
USEP vs. ACIO - Dividend Comparison
USEP has not paid dividends to shareholders, while ACIO's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ACIO Aptus Collared Income Opportunity ETF | 0.38% | 0.37% | 0.44% | 0.72% | 1.51% | 0.61% | 1.02% | 1.32% |
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
With a correlation of 0.91, USEP and ACIO 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.
ACIO has higher volatility (2.97%) compared to USEP (1.01%). In terms of maximum drawdown, USEP dropped -13.37% vs ACIO's -14.19%.
On 5-year performance, ACIO leads with 9.08% vs 8.16% for USEP. Both ETFs have the same 0.79% expense ratio. On volatility, USEP has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ACIO has performed better with a 9.08% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USEP and ACIO have the same expense ratio: 0.79% per year.
ACIO has the higher dividend yield at 0.38%, compared with 0.00% for USEP.
USEP is categorized as Defined Outcome, while ACIO is Diversified Portfolio. They also come from different issuers: Innovator and Aptus.
USEP currently has the higher Sharpe Ratio (2.16 vs 1.15), 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.
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