Are BAUG and SPY in the same category?

BAUG is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, BAUG or SPY?

In the year to Oct 28, 2026, with distributions reinvested, BAUG returned +12.1% and SPY +13.6%.

Which is cheaper, BAUG or SPY?

SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

BAUG vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, BAUG returned +12.1% to SPY's +13.6%, and SPY charges 0.09% to BAUG's 0.79%.

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Net assets: $271m on Oct 28, 2026 for Innovator U.S. Equity Buffer ETF - Aug, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.

BAUG on its own →SPY on its own →

At a glance

+12.1%

BAUG total return, 1 year

+13.6%

SPY total return, 1 year

0.79%

BAUG expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.70 points a year less; their one-year returns differ by 1.5 points; SPY is far larger, $814.8bn against $270m.

BAUG vs SPY: Differences, Returns & Fees
Measure	BAUG	SPY
Return
Measure	BAUG	SPY
Total return, 1 year	+12.1%	+13.6%
Drawdown
Measure	BAUG	SPY
Index fall to the buffer	3.2%
Fund price fall to the buffer	2.9%
Benchmark
Measure	BAUG	SPY
What it tracks	SPY	S&P 500 Index
The outcome period
Measure	BAUG	SPY
Room to the cap	14.4%
Buffer left, in index points	9.0% of 9.0%
Days left in the period	276
Period ends	Jul 31, 2027
Cost and size
Measure	BAUG	SPY
Expense ratio	0.79%	0.09%
Net assets, as of Oct 27, 2026	$270m	$814.8bn
Holdings
Measure	BAUG	SPY
Holdings in common	not published
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		38.1%

Method

Risk and return

Aug 9, 2019 to Oct 23, 2026 · 376 weekly returns

BAUG SPY

Return

Total return edge SPY +123.1% +189.5%

Annualized edge SPY +11.7% +15.8%

Price return edge SPY +123.1% +160.6%

Risk

Volatility edge BAUG 12.6% 18.4%

Max drawdown edge BAUG −23.3% −31.8%

Downside capture 73.5% 100.0%

Beta 0.67 1.00

Risk-adjusted

Sharpe edge SPY (slight) 0.72 0.74

Sortino edge SPY (slight) 1.04 1.07

Treynor 0.134 0.133

Calmar edge Tie 0.50 0.50

Against the benchmark

Alpha −0.1% a year −0.1% a year

Alpha t-stat −0.09 −0.51

Information ratio −0.70 −0.15

Tracking error 6.5% 0.4%

Each against its own benchmark: BAUG against SPY, Aug 9, 2019 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +189.5% to +123.1%. BAUG swung less: 12.6% to 18.4%. BAUG fell less at its worst: −23.3% to −31.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: BAUG vs SPY: Differences, Returns & Fees
Measure	BAUG	SPY	Edge	How it is measured
Return
Total return	+123.1%	+189.5%	SPY	Price change plus distributions, reinvested.
Annualized	+11.7%	+15.8%	SPY	Total return as a yearly rate.
Price return	+123.1%	+160.6%	SPY	Price change alone, distributions left out.
Risk
Volatility	12.6%	18.4%	BAUG	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.7%	12.6%	BAUG	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−23.3%	−31.8%	BAUG	Deepest fall from a high to the low after it.
Upside capture	55.6%	99.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	73.5%	100.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.67	1.00	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.96	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.72	0.74	SPY (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.04	1.07	SPY (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.134	0.133		Return above Treasury bills per unit of beta.
Calmar	0.50	0.50	Tie	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	VOO		The ETF each fund is measured against.
Alpha	−0.1% a year	−0.1% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.09	−0.51	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.9% to +1.7%	−0.3% to +0.1%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.70	−0.15		Return against its benchmark per unit of tracking error.
Tracking error	6.5%	0.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 376 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

BAUG Innovator U.S. Equity Buffer ETF - Aug SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer Innovator State Street

What it is Defined outcome, 9% on SPY Tracks the S&P 500

Total return, 1 year +12.1% +13.6%

Its benchmark over the same days +12.4% (SPY) +13.7% (VOO)

Gap to its benchmark −0.3 pts vs SPY −0.1 pts vs VOO

Expense ratio 0.79% 0.09%

Holdings not read by ETFIQ 504

Net assets, BAUG as of Oct 28, 2026 and SPY as of Oct 27, 2026 $271m $814.8bn

BAUG and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-F19F3DD453

BAUG and SPY do different jobs. What does each one do in a portfolio?

What each follows. BAUG follows SPY and SPY follows S&P 500 Index.
Cost. BAUG charges 0.79% of assets a year and SPY 0.09%, a gap of 0.70 points.
Size. BAUG has $270m in net assets and SPY $814.8bn (net assets, as of Oct 27, 2026); SPY is 3017.8 times larger.

Data as of Oct 28, 2026.

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About each fund

BAUG

From its price on Oct 28, 2026, the fund can gain about 14.4% more before it reaches its cap. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.2% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 276 days remained on Oct 28, 2026. On Jul 31, 2027 the period ends and a new cap is set.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are BAUG and SPY in the same category?: BAUG is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, BAUG or SPY?: In the year to Oct 28, 2026, with distributions reinvested, BAUG returned +12.1% and SPY +13.6%.
Which is cheaper, BAUG or SPY?: SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

BAUG vs IVV BAUG vs VOO BAUG vs SPYM SPY vs UOCT SPY vs ZSEP JULW vs SPY SPY vs UJAN SPY vs UAUG

Where to next

BAUG on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

BAUG filings on SEC EDGAR ↗

Innovator page for BAUG ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, BAUG against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/baug-vs-spy

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