USEP vs. ACIO

Last updated Jun 3, 2026

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 Capital Advisors. USEP is passively managed, while ACIO is actively managed. Over the past 5 years, USEP returned 8.06%/yr vs 10.45%/yr for ACIO. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

USEP vs. ACIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Aptus Collared Income Opportunity ETF (ACIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USEP achieves a 4.81% return, which is significantly lower than ACIO's 7.81% return.

USEP

• 1D: 0.03%
• 1M: 1.57%
• YTD: 4.81%
• 6M: 5.48%
• 1Y: 15.31%
• 3Y*: 13.14%
• 5Y*: 8.06%
• 10Y*: —

ACIO

• 1D: -0.08%
• 1M: 3.75%
• YTD: 7.81%
• 6M: 7.09%
• 1Y: 16.87%
• 3Y*: 16.18%
• 5Y*: 10.45%
• 10Y*: —

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

USEP vs. ACIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USEP Innovator U.S. Equity Ultra Buffer ETF - September	4.81%	11.75%	12.39%	18.62%	-7.98%	5.73%	7.13%	3.60%
ACIO Aptus Collared Income Opportunity ETF	7.81%	9.03%	21.92%	15.90%	-10.31%	18.03%	9.85%	6.53%

Correlation

The correlation between USEP and ACIO is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019	0.85

The correlation between USEP and ACIO has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

USEP vs. ACIO - Sectors Allocation Comparison

Sectors	USEP	ACIO
Technology	36.2%	35.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	2.1%
Basic Materials	1.8%	1.7%

Return for Risk

USEP vs. ACIO — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 85
USEP Sharpe Ratio Rank: 84
USEP Sortino Ratio Rank: 89
USEP Omega Ratio Rank: 89
USEP Calmar Ratio Rank: 75
USEP Martin Ratio Rank: 88

ACIO

ACIO Risk / Return Rank: 57
ACIO Sharpe Ratio Rank: 61
ACIO Sortino Ratio Rank: 62
ACIO Omega Ratio Rank: 60
ACIO Calmar Ratio Rank: 48
ACIO Martin Ratio Rank: 56

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.

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.

	USEP	ACIO	Difference
Sharpe ratio Return per unit of total volatility	2.81	2.06	+0.75
Sortino ratio Return per unit of downside risk	4.15	2.91	+1.24
Omega ratio Gain probability vs. loss probability	1.57	1.38	+0.20
Calmar ratio Return relative to maximum drawdown	3.85	2.43	+1.42
Martin ratio Return relative to average drawdown	19.87	9.74	+10.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USEP vs. ACIO - Sharpe Ratio Comparison

The current USEP Sharpe Ratio is 2.81, which is higher than the ACIO Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of USEP and ACIO, 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

	USEP	ACIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	2.06	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	0.95	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.91	+0.10

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.

Drawdown Indicators

	USEP	ACIO	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-1.90%	-3.19%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.80%	-1.02%

Volatility

USEP vs. ACIO - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 0.64%, while Aptus Collared Income Opportunity ETF (ACIO) has a volatility of 2.11%. 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.

Volatility by Period

	USEP	ACIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	2.11%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	6.10%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	5.47%	8.25%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	11.05%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	11.65%	-3.59%

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

Can I hold both USEP and ACIO in my portfolio?

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.

Which is riskier, USEP or ACIO?

ACIO has higher volatility (2.11%) compared to USEP (0.64%). In terms of maximum drawdown, USEP dropped -13.37% vs ACIO's -14.19%.

Which ETF is better, USEP or ACIO?

On 5-year performance, ACIO leads with 10.45% vs 8.06% for USEP. Both ETFs have the same 0.79% expense ratio. On volatility, USEP has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USEP or ACIO?

Over the 5-year period, ACIO has performed better with a 10.45% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USEP or ACIO?

USEP and ACIO have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, USEP or ACIO?

ACIO has the higher dividend yield at 0.38%, compared with 0.00% for USEP.

What is the main difference between USEP and ACIO?

USEP is categorized as Defined Outcome, while ACIO is Diversified Portfolio. They also come from different issuers: Innovator and Aptus Capital Advisors.

Which has better risk-adjusted returns?

USEP currently has the higher Sharpe Ratio (2.81 vs 2.06), 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.