- ISIN
- US45782C8709
- CUSIP
- 45782C870
- Issuer
- Innovator
- Inception Date
- Apr 1, 2019
- Region
- North America (U.S.)
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- Cboe S&P 500 15% Buffer Protect April Series Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Assets Under Management
- $952M
Share Price Chart
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Performance
PAPR Performance Chart
Innovator U.S. Equity Power Buffer ETF - April (PAPR) is up 7.6% since the beginning of the year. PAPR is currently trading at $42 per share. Investors who bought $1,000 worth of PAPR shares 5 years ago would now be looking at an investment worth $1,483.
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Returns By Period
Innovator U.S. Equity Power Buffer ETF - April (PAPR) has returned 7.62% so far this year and 14.71% over the past 12 months.
Innovator U.S. Equity Power Buffer ETF - April
- 1D
- -0.21%
- 1M
- 0.21%
- YTD
- 7.62%
- 6M
- 7.71%
- 1Y
- 14.71%
- 3Y*
- 11.25%
- 5Y*
- 8.20%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PAPR Monthly Returns History
Based on dividend-adjusted daily data since Apr 1, 2019, PAPR's average daily return is +0.03%, while the average monthly return is +0.65%. At this rate, an investment would double in approximately 8.9 years.
Historically, 70% of months were positive and 30% were negative. The best month was Nov 2023 with a return of +5.8%, while the worst month was Apr 2022 at -5.0%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 3 months.
On a daily basis, PAPR closed higher 55% of trading days. The best single day was Mar 13, 2020 with a return of +5.4%, while the worst single day was Mar 12, 2020 at -6.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.77% | 0.36% | 0.61% | 4.47% | 1.56% | -0.31% | 7.62% | ||||||
| 2025 | 1.57% | 0.07% | -4.41% | -0.59% | 2.96% | 2.16% | 0.91% | 0.98% | 0.95% | 0.52% | 0.58% | 0.86% | 6.58% |
| 2024 | 1.07% | 1.18% | 0.48% | -2.02% | 2.98% | 2.27% | 0.58% | 1.88% | 1.20% | -0.28% | 3.01% | -0.59% | 12.28% |
| 2023 | 3.07% | 0.23% | 1.38% | 1.12% | 0.34% | 3.59% | 1.39% | -0.13% | -2.17% | -1.31% | 5.76% | 2.32% | 16.45% |
| 2022 | -0.51% | -0.40% | 2.05% | -5.02% | 0.64% | -4.75% | 5.28% | -2.08% | -4.58% | 4.57% | 2.64% | -1.55% | -4.29% |
| 2021 | 0.00% | 0.52% | 0.47% | 1.81% | 0.51% | 0.95% | 0.49% | 0.87% | -0.96% | 1.79% | -0.43% | 1.28% | 7.51% |
Benchmark Metrics
Innovator U.S. Equity Power Buffer ETF - April has an annualized alpha of 1.27%, beta of 0.44, and R2 of 0.84 versus S&P 500 Index. Calculated based on daily prices since April 01, 2019.
- This ETF participated in 39.75% of S&P 500 Index downside but only 37.87% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.44 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 1.27%
- Beta
- 0.44
- R²
- 0.84
- Upside Capture
- 37.87%
- Downside Capture
- 39.75%
Expense Ratio
PAPR has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PAPR ranks 98 for risk / return — in the top 98% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) and compare them to S&P 500 Index.
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.
| PAPR | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +4.86 | ||
| Omega ratioGain probability vs. loss probability | 2.05 | 1.37 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 12.74 | 2.78 | +9.95 |
| Martin ratioReturn relative to average drawdown | 66.73 | 12.44 | +54.29 |
Dividends
Dividend History
Innovator U.S. Equity Power Buffer ETF - April provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.80 |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.07% |
Monthly Dividends
The table displays the monthly dividend distributions for Innovator U.S. Equity Power Buffer ETF - April. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Innovator U.S. Equity Power Buffer ETF - April. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Innovator U.S. Equity Power Buffer ETF - April was 15.31%, occurring on Mar 23, 2020. Recovery took 93 trading sessions.
The current Innovator U.S. Equity Power Buffer ETF - April drawdown is 0.31%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -15.31%Mar 2020 | 1mo 2d | 4mo 14d | 5mo 16dFeb 2020 - Aug 2020 |
2025 selloff2025 | -11.87%Apr 2025 | 1mo 17d | 3mo 21d | 5mo 8dFeb 2025 - Jul 2025 |
Bear market2022 | -10.95%Jun 2022 | 2mo 12d | 11mo 5d | 1y 1moApr 2022 - May 2023 |
2024 pullback2024 | -4.68%Aug 2024 | 19d | 14d | 1mo 3dJul 2024 - Aug 2024 |
2023 pullback2023 | -4.55%Oct 2023 | 2mo 28d | 18d | 3mo 16dJul 2023 - Nov 2023 |
Drawdown Indicators
| PAPR | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -56.78% | +41.47% |
Max Drawdown (1Y)Largest decline over 1 year | -1.16% | -9.10% | +7.94% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -18.90% | +7.03% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | -25.43% | +13.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.31% | -1.80% | +1.49% |
Average DrawdownAverage peak-to-trough decline | -1.56% | -10.71% | +9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 2.03% | -1.81% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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