USEP vs. AIOO

Last updated Jul 14, 2026

USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. USEP is passively managed, while AIOO is actively managed. Over the past year, USEP returned 11.93% vs 5.09% for AIOO. A 0.73 correlation means they provide meaningful diversification when combined. USEP charges 0.79%/yr vs 0.64%/yr for AIOO.

Performance

USEP vs. AIOO - 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 AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USEP achieves a 5.51% return, which is significantly higher than AIOO's 2.42% return.

USEP

• 1D: -0.18%
• 1M: 0.98%
• 6M: 4.61%
• YTD: 5.51%
• 1Y: 11.93%
• 3Y*: 12.01%
• 5Y*: 8.07%
• 10Y*: —

AIOO

• 1D: -0.06%
• 1M: 0.32%
• 6M: 2.23%
• YTD: 2.42%
• 1Y: 5.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USEP vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
USEP Innovator U.S. Equity Ultra Buffer ETF - September	5.51%	6.72%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.42%	2.65%

Correlation

The correlation between USEP and AIOO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.73

The correlation between USEP and AIOO has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

USEP vs. AIOO — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 86
USEP Sharpe Ratio Rank: 88
USEP Sortino Ratio Rank: 90
USEP Omega Ratio Rank: 90
USEP Calmar Ratio Rank: 73
USEP Martin Ratio Rank: 89

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 91
AIOO Sortino Ratio Rank: 94
AIOO Omega Ratio Rank: 91
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

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. AIOO - 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 AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.48	-0.19
Sortino ratio: Return per unit of downside risk	3.35	3.84	-0.49
Omega ratio: Gain probability vs. loss probability	1.46	1.48	-0.02
Calmar ratio: Return relative to maximum drawdown	2.97	6.90	-3.92
Martin ratio: Return relative to average drawdown	15.25	19.91	-4.65

USEP vs. AIOO - Sharpe Ratio Comparison

The current USEP Sharpe Ratio is 2.28, which is comparable to the AIOO Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of USEP and AIOO, 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

USEP vs. AIOO - Drawdown Comparison

The maximum USEP drawdown since its inception was -13.37%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for USEP and AIOO.

Drawdown Indicators

	USEP	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-0.74%	-12.63%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-0.74%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.84%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.06%	-0.12%
Average Drawdown Average peak-to-trough decline	-1.87%	-0.18%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.26%	+0.52%

Volatility

USEP vs. AIOO - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - September (USEP) has a higher volatility of 1.23% compared to AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) at 0.70%. This indicates that USEP's price experiences larger fluctuations and is considered to be riskier than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USEP	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.70%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	4.11%	1.42%	+2.69%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	2.06%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.44%	2.05%	+5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.01%	2.05%	+5.96%

USEP vs. AIOO - Expense Ratio Comparison

USEP has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

USEP vs. AIOO - Dividend Comparison

Neither USEP nor AIOO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 AIOO in my portfolio?

USEP and AIOO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USEP or AIOO?

USEP has higher volatility (1.23%) compared to AIOO (0.70%). In terms of maximum drawdown, USEP dropped -13.37% vs AIOO's -0.74%.

Which ETF is better, USEP or AIOO?

On 1-year performance, USEP leads with 11.93% vs 5.09% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, AIOO has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USEP or AIOO?

Over the 1-year period, USEP has performed better with a 11.93% return vs 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USEP or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for USEP.

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

USEP and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between USEP and AIOO?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for USEP and 0.64% for AIOO.

Which has better risk-adjusted returns?

AIOO currently has the higher Sharpe Ratio (2.48 vs 2.28), 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.