USEP vs HEQ

Comparison between Innovator U.S. Equity Ultra Buffer ETF - September (USEP, ETF) and John Hancock Hedged equity & Income Fund (HEQ, ETF).

5-Year PerformanceUSEP has outperformed HEQ, delivering a return of +7.9% compared to +7.7%

USEP vs HEQ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	USEP(ETF)	HEQ(ETF)
Net Assets	$152M	$152M
Expense Ratio	0.79%	N/A
Max Drawdown	13.37%	59.66%
Sharpe Ratio	1.78	1.57
5Y Beta	0.44	0.53
5Y Dividends CAGR	N/A	0.06%

Net Assets

Winner

USEP

$152M

HEQ

$152M

Expense Ratio

USEP

0.79%

HEQ

N/A

Max Drawdown

Winner

USEP

13.37%

HEQ

59.66%

Sharpe Ratio

Winner

USEP

1.78

HEQ

1.57

5Y Beta

Winner

USEP

0.44

HEQ

0.53

5Y Dividends CAGR

USEP

N/A

HEQ

0.06%

USEP vs HEQ - Historical Returns

Returns include dividend reinvestment.

Period	USEP	HEQ
1 month	+0.87%	+1.91%
3 months	+3.93%	+6.28%
6 months	+4.62%	+10.72%
1 year	+14.69%	+22.29%
5 years(CAGR)	+7.90%	+7.69%
10 years(CAGR)	N/A	+7.47%
Max(CAGR)	+7.95%	+5.95%

USEP

+0.87%

Winner

HEQ

+1.91%

USEP

+3.93%

Winner

HEQ

+6.28%

USEP

+4.62%

Winner

HEQ

+10.72%

USEP

+14.69%

Winner

HEQ

+22.29%

5Y(CAGR)

Winner

USEP

+7.90%

HEQ

+7.69%

10Y(CAGR)

USEP

N/A

HEQ

+7.47%

Max(CAGR)

Winner

USEP

+7.95%

HEQ

+5.95%

USEP vs HEQ - Annual Returns (2011 - 2026)

Returns include dividend reinvestment.

Year	USEP	HEQ
2026	+4.18%	+11.41%
2025	+11.84%	+14.87%
2024	+12.74%	+11.63%
2023	+19.03%	-4.59%
2022	-8.14%	-2.97%
2021	+6.46%	+26.11%
2020	+6.87%	-13.94%
2019	+3.60%	+25.50%
2018	N/A	-18.15%
2017	N/A	+21.02%
2016	N/A	+21.17%
2015	N/A	-2.20%
2014	N/A	+5.02%
2013	N/A	+17.83%
2012	N/A	+10.48%
2011	N/A	-23.41%

USEP vs HEQ Drawdown Comparison

The maximum drawdown for USEP was -13.37%, occurring on Mar 23, 2020. Recovery took 105 trading sessions.

The maximum drawdown for HEQ was -44.30%, occurring on Mar 23, 2020. Recovery took 365 trading sessions.

The current USEP drawdown is -0.62%. The current HEQ drawdown is -1.59%.

Rank	USEP	HEQ
#1	-13.37% Feb 12, 2020 - Jul 14, 2020	-44.30% Jan 15, 2020 - Jun 28, 2021
#2	-11.84% Jan 4, 2022 - Jun 13, 2023	-32.38% Jul 8, 2011 - Sep 18, 2013
#3	-9.72% Feb 19, 2025 - Jun 9, 2025	-26.16% May 11, 2018 - Dec 16, 2019
#4	-4.64% Sep 1, 2023 - Nov 14, 2023	-25.35% May 25, 2022 - Jun 11, 2025
#5	-4.03% Feb 25, 2026 - Apr 13, 2026	-21.69% Jul 24, 2014 - Aug 11, 2016
#6	-3.12% Sep 2, 2020 - Nov 5, 2020	-7.91% Jan 2, 2018 - May 1, 2018
#7	-2.43% Jul 31, 2023 - Aug 29, 2023	-7.73% Jul 14, 2021 - Jan 7, 2022
#8	-2.21% Jul 31, 2024 - Aug 13, 2024	-7.33% Oct 3, 2016 - Dec 22, 2016
#9	-2.17% Mar 28, 2024 - May 6, 2024	-7.12% Apr 18, 2022 - May 20, 2022
#10	-2.05% Sep 2, 2021 - Oct 21, 2021	-7.00% Jan 14, 2022 - Mar 29, 2022
#11	-2.02% Oct 27, 2025 - Dec 4, 2025	-6.91% Feb 25, 2026 - Apr 14, 2026
#12	-1.85% Aug 28, 2024 - Sep 13, 2024	-6.04% Oct 20, 2017 - Dec 19, 2017
#13	-1.54% Dec 11, 2024 - Jan 21, 2025	-5.98% Jul 31, 2017 - Sep 22, 2017
#14	-1.39% Nov 8, 2021 - Dec 23, 2021	-4.53% Sep 7, 2016 - Oct 3, 2016
#15	-1.34% Oct 8, 2025 - Oct 23, 2025	-4.51% Jan 22, 2014 - Feb 28, 2014

Correlation

Correlation between USEP and HEQ is 0.86 which considered as a strong positive correlation - the stocks tend to move together.

0.86

-101

Dividend Comparison (2011 - 2026)

USEP vs HEQ dividend yield comparison.

Year	USEP	HEQ
2026	0.00%	2.13%
2025	0.00%	9.30%
2024	0.00%	9.79%
2023	0.00%	10.75%
2022	0.00%	10.09%
2021	0.00%	8.92%
2020	0.00%	11.64%
2019	0.64%	10.09%
2018	0.00%	11.50%
2017	0.00%	10.44%
2016	0.00%	9.57%
2015	0.00%	10.40%
2014	0.00%	9.22%
2013	0.00%	7.88%
2012	0.00%	8.54%
2011	0.00%	4.57%