USEP vs. LOUP
Compare and contrast key facts about Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Deepwater Frontier Tech ETF (LOUP).
USEP and LOUP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USEP is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Aug 30, 2019. LOUP is a passively managed fund by Innovator that tracks the performance of the Deepwater Frontier Tech Index. It was launched on Jul 24, 2018. Both USEP and LOUP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
USEP vs. LOUP - Performance Comparison
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USEP vs. LOUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | -1.68% | 11.75% | 12.39% | 18.62% | -7.98% | 5.73% | 7.13% | 3.60% |
LOUP Innovator Deepwater Frontier Tech ETF | -9.90% | 43.24% | 21.80% | 51.31% | -46.00% | 7.54% | 86.25% | 21.75% |
Returns By Period
In the year-to-date period, USEP achieves a -1.68% return, which is significantly higher than LOUP's -9.90% return.
USEP
- 1D
- 1.47%
- 1M
- -2.27%
- YTD
- -1.68%
- 6M
- -0.00%
- 1Y
- 12.37%
- 3Y*
- 12.04%
- 5Y*
- 6.93%
- 10Y*
- —
LOUP
- 1D
- 5.39%
- 1M
- -8.01%
- YTD
- -9.90%
- 6M
- -6.82%
- 1Y
- 51.60%
- 3Y*
- 24.76%
- 5Y*
- 4.49%
- 10Y*
- —
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USEP vs. LOUP - Expense Ratio Comparison
USEP has a 0.79% expense ratio, which is higher than LOUP's 0.70% expense ratio.
Return for Risk
USEP vs. LOUP — Risk / Return Rank
USEP
LOUP
USEP vs. LOUP - 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 Deepwater Frontier Tech ETF (LOUP). 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 | LOUP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.40 | 1.48 | -0.08 |
Sortino ratioReturn per unit of downside risk | 2.07 | 2.08 | -0.02 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.34 | -0.24 |
Martin ratioReturn relative to average drawdown | 10.59 | 8.09 | +2.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USEP | LOUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.48 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.94 | 0.14 | +0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.44 | +0.46 |
Correlation
The correlation between USEP and LOUP is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
USEP vs. LOUP - Dividend Comparison
Neither USEP nor LOUP has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% |
LOUP Innovator Deepwater Frontier Tech ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
USEP vs. LOUP - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, smaller than the maximum LOUP drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for USEP and LOUP.
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Drawdown Indicators
| USEP | LOUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -58.68% | +45.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -21.00% | +14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | -55.63% | +43.79% |
Current DrawdownCurrent decline from peak | -2.62% | -16.74% | +14.12% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -20.42% | +18.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 6.07% | -4.87% |
Volatility
USEP vs. LOUP - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 2.70%, while Innovator Deepwater Frontier Tech ETF (LOUP) has a volatility of 10.91%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USEP | LOUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 10.91% | -8.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 21.85% | -17.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.90% | 35.07% | -26.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.38% | 32.19% | -24.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.13% | 31.98% | -23.85% |