Innovator S&P 500 Ultra Buffer ETF - September (USEP) Performance
USEP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.6% since Dec 31, 2025
- 1 year
- +8.0% total return
- 5 years
- +8.2% a year
- Since first price
- +7.9% a year since 2019
USEP trailing returns vs SPY, QQQ, AGG
| Period | USEP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.5% | −0.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.2% | +1.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.1% | +4.1% | +7.8% | +8.4% | −1.5% |
| YTD | +6.6% | +6.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.0% | +8.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +44.3%+13.0%/yr | +44.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +48.0%+8.2%/yr | +48.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionSep 3, 2019 | +71.5%+7.9%/yr | +70.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: USEP vs SPY
From Sep 3, 2019: USEP grew to $17,153, SPY to $29,023.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
USEP returns by calendar year
5 of 6 full years positive. Best 2023 (+18.6%), worst 2022 (−8.0%). 2026 is year to date.
USEP annual returns table
| Year | USEP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.6% | −4.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +11.7% | −9.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +12.4% | −2.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.6% | −4.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.0% | −11.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +5.7% | −2.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.1% | −13.4% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
USEP largest drawdowns
Now 1.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 12, 2020 | −13.4% | Mar 23, 2020 | Jul 14, 2020 | 40 days | 5 months |
| Jan 4, 2022 | −11.8% | Oct 14, 2022 | Jun 13, 2023 | 9 months | 1.4 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
USEP risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +12.8% | +8.6% | +7.9% |
| Volatility (annualized) | 6.1% | 7.1% | 7.0% |
| Sharpe ratio | 1.31 | 0.71 | 0.75 |
| Sortino ratio | 2.65 | 1.14 | 1.20 |
| Best month | +5.3% | +5.3% | +5.3% |
| Worst month | −3.2% | −4.3% | −5.0% |
| Best 12 months | +19.5% | +20.8% | +20.8% |
| Worst 12 months | +4.4% | −8.6% | −8.6% |
| Positive months | 75% | 67% | 69% |
| Beta vs S&P 500 | 0.47 | 0.43 | — |
| Correlation with S&P 500 | 0.96 | 0.94 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
USEP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 74 | −8.6% | +10.2% | +20.8% | 84% |
| 3-year (a year) | 50 | +1.0% | +6.7% | +15.0% | 100% |
| 5-year (a year) | 26 | +6.8% | +7.8% | +8.6% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
USEP performance overview
Innovator S&P 500 Ultra Buffer ETF - September (USEP) returned +8.0% over the past year and +8.2% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +7.9% a year, turning $10,000 into about $17,153. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −13.4%, from Feb 12, 2020 to Mar 23, 2020, and it took 4 months to get back to the old high. USEP finished 5 of its 6 full calendar years with a gain; the best year was 2023 (+18.6%) and the worst 2022 (−8.0%). Volatility has been 7.0% a year.
Related: USEP chart. See the USEP overview for the latest quote and fund facts.
USEP performance FAQ
What is the USEP return over the past year?
USEP returned +8.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 8.0%.
What is the average annual return of USEP?
USEP has returned +8.2% a year over 5 years, +7.9% a year since September 3, 2019 (total return, distributions reinvested).
How much would $10,000 invested in USEP be worth?
$10,000 invested in USEP at its first recorded close on September 3, 2019 would be worth about $17,153 on October 23, 2026 with distributions reinvested.
What was the worst year for USEP?
The worst calendar year was 2022, with a total return of −8.0%. The best was 2023 at +18.6%.
What is the biggest drawdown of USEP?
The largest peak-to-trough decline was −13.4% between February 12, 2020 and March 23, 2020. It recovered to the old high on July 14, 2020, 4 months after the bottom.
How volatile is USEP?
Over the past 3 years USEP had an annualized volatility of 6.1% and a Sharpe ratio of 1.31 (excess return over 1–3 month T-bills per unit of risk).