USEP vs. BOUT

Last updated Aug 1, 2026

USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and BOUT (Innovator IBD Breakout Opportunities ETF) are both exchange-traded funds - USEP is a Defined Outcome fund tracking the S&P 500 Index, while BOUT is a Mid Cap Growth Equities fund tracking the IBD Breakout Stocks Total Return Index. Both are passively managed. Over the past 5 years, USEP returned 8.16%/yr vs 7.04%/yr for BOUT. Their 0.67 correlation means they have sometimes moved together and sometimes differently. USEP charges 0.79%/yr vs 0.80%/yr for BOUT.

Performance

USEP vs. BOUT - 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 Innovator IBD Breakout Opportunities ETF (BOUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USEP achieves a 6.07% return, which is significantly lower than BOUT's 27.36% 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%

BOUT

• 1D: 0.00%
• 1M: -1.72%
• 6M: 19.69%
• YTD: 27.36%
• 1Y: 26.50%
• 3Y*: 12.18%
• 5Y*: 7.04%
• 10Y*: —
• ALL TIME*: 8.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOUT Innovator IBD Breakout Opportunities ETF	$64.60K	$107.52K	$108.59K
USEP Innovator U.S. Equity Ultra Buffer ETF - September	$489.58K	$385.07K	$322.37K

USEP vs. BOUT - 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%
BOUT Innovator IBD Breakout Opportunities ETF	27.36%	-6.77%	18.82%	13.27%	-22.60%	22.69%	50.56%	-2.28%

Correlation

The correlation between USEP and BOUT is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019	0.67

The correlation between USEP and BOUT has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

USEP vs. BOUT - Sectors Allocation Comparison

Sectors	USEP	BOUT
Technology	37.9%	26.9%
Financial Services	11.7%	37.6%
Communication Services	10.0%	3.3%
Consumer Cyclical	9.6%	8.7%
Healthcare	9.1%	7.8%
Industrials	8.4%	5.4%
Consumer Defensive	4.6%	0.9%
Energy	3.0%	0.4%
Utilities	2.3%	7.0%
Real Estate	1.9%	4.3%
Basic Materials	1.7%	8.1%

Return for Risk

USEP vs. BOUT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USEP

USEP Risk / Return Rank: 87
USEP Sharpe Ratio Rank: 88
USEP Sortino Ratio Rank: 90
USEP Omega Ratio Rank: 90
USEP Calmar Ratio Rank: 79
USEP Martin Ratio Rank: 90

BOUT

BOUT Risk / Return Rank: 46
BOUT Sharpe Ratio Rank: 43
BOUT Sortino Ratio Rank: 42
BOUT Omega Ratio Rank: 40
BOUT Calmar Ratio Rank: 58
BOUT Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USEP vs. BOUT - 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 Innovator IBD Breakout Opportunities ETF (BOUT). 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	BOUT	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.06	+1.09
Sortino ratio: Return per unit of downside risk	3.16	1.55	+1.61
Omega ratio: Gain probability vs. loss probability	1.43	1.19	+0.24
Calmar ratio: Return relative to maximum drawdown	2.83	2.05	+0.78
Martin ratio: Return relative to average drawdown	14.55	5.74	+8.81

USEP vs. BOUT - Sharpe Ratio Comparison

The current USEP Sharpe Ratio is 2.16, which is higher than the BOUT Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of USEP and BOUT, 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. BOUT - Drawdown Comparison

The maximum USEP drawdown since its inception was -13.37%, smaller than the maximum BOUT drawdown of -36.98%. Use the drawdown chart below to compare losses from any high point for USEP and BOUT.

Drawdown Indicators

	USEP	BOUT	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-36.98%	+23.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-11.76%	+7.73%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	-25.31%	+15.59%
Max Drawdown (5Y) Largest decline over 5 years	-11.84%	-28.28%	+16.44%
Current Drawdown Current decline from peak	0.00%	-5.50%	+5.50%
Average Drawdown Average peak-to-trough decline	-1.86%	-12.18%	+10.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	4.19%	-3.41%

Volatility

USEP vs. BOUT - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 1.01%, while Innovator IBD Breakout Opportunities ETF (BOUT) has a volatility of 5.34%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than BOUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USEP	BOUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	5.34%	-4.33%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	17.67%	-13.61%
Volatility (1Y) Calculated over the trailing 1-year period	5.29%	22.61%	-17.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.45%	19.79%	-12.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.99%	22.97%	-14.98%

USEP vs. BOUT - Expense Ratio Comparison

USEP has a 0.79% expense ratio, which is lower than BOUT's 0.80% expense ratio.

Dividends

USEP vs. BOUT - Dividend Comparison

USEP has not paid dividends to shareholders, while BOUT's dividend yield for the trailing twelve months is around 0.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BOUT Innovator IBD Breakout Opportunities ETF	0.27%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%
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%	0.00%

Frequently Asked Questions

Can I hold both USEP and BOUT in my portfolio?

USEP and BOUT have a correlation of 0.72, 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 BOUT?

BOUT has higher volatility (5.34%) compared to USEP (1.01%). In terms of maximum drawdown, USEP dropped -13.37% vs BOUT's -36.98%.

Which ETF is better, USEP or BOUT?

On 5-year performance, USEP leads with 8.16% vs 7.04% for BOUT. On fees, USEP is cheaper at 0.79% per year. 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.

Which ETF has performed better, USEP or BOUT?

Over the 5-year period, USEP has performed better with a 8.16% return vs 7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USEP or BOUT?

USEP is cheaper with a 0.79% expense ratio, compared with 0.80% for BOUT.

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

BOUT has the higher dividend yield at 0.27%, compared with 0.00% for USEP.

What is the main difference between USEP and BOUT?

USEP is categorized as Defined Outcome, while BOUT is Mid Cap Growth Equities. USEP tracks S&P 500 Index, while BOUT tracks IBD Breakout Stocks Total Return Index. Their fees differ too: 0.79% for USEP and 0.80% for BOUT.

Which has better risk-adjusted returns?

USEP currently has the higher Sharpe Ratio (2.16 vs 1.06), 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.