Innovator U.S. Equity Power Buffer ETF - April (PAPR) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PAPR. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PAPR
PAPR charges 0.79% annually. There are 94 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | PAPR vs JANB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | PAPR vs APRB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | PAPR vs JULB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | PAPR vs OCTB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | PAPR vs FBUF |
Best Risk-Adjusted Alternatives to PAPR
PAPR has a PortfoliosLab risk / return rank of 98. There are 5 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | PAPR vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | PAPR vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | PAPR vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | PAPR vs ZAPR | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 132.07M | Mar 2021 | PAPR vs XBAP |
Top Performing PAPR Alternatives (YTD)
PAPR is at 8.95% YTD. There are 41 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | PAPR vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 14.64% | 2.87M | Jun 2025 | PAPR vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 14.50% | — | Jan 2025 | PAPR vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.86% | 214.27M | Mar 2020 | PAPR vs KAPR | |
| Innovator U.S. Small Cap Power Buffer ETF - March | 12.74% | — | Feb 2025 | PAPR vs KMAR |
Lowest Volatility Alternatives to PAPR
PAPR has 3.53% 1-year volatility. There are 67 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.18% | — | Mar 2025 | PAPR vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.34% | — | Apr 2025 | PAPR vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | PAPR vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | PAPR vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | PAPR vs MMAX |
Lowest Drawdown Alternatives to PAPR
PAPR has a 1-year max drawdown of -1.16%. There are 21 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | PAPR vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | PAPR vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | PAPR vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | PAPR vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | PAPR vs CPSM |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, BUFF, SFLR and span 5 categories. AUM among these funds goes as high as $3B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 96 | 3.07% | 2.72B | Jun 2021 | PAPR vs BALT | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 91 | 6.78% | 923.55M | Oct 2016 | PAPR vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 60 | 5.24% | 2.11B | Nov 2022 | PAPR vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 51 | 15.52% | 200.31M | Jul 2018 | PAPR vs LOUP | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 12.91% | 22.69M | Apr 2021 | PAPR vs XTAP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 88 | 6.55% | 1.44B | Jan 2019 | PAPR vs PJAN | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 12.27% | 403.09M | Mar 2019 | PAPR vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 85 | 6.88% | 963.46M | Sep 2018 | PAPR vs POCT | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 90 | 6.18% | 1.25B | Aug 2018 | PAPR vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 48 | 3.44% | 524.31M | Jan 2024 | PAPR vs QFLR |
Often Compared With PAPR
Investors most often compare PAPR with SPY, GAPR, VOO. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare PAPR with Any Fund or Stock
Compare PAPR with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PAPR with funds that move differently
Innovator U.S. Equity Power Buffer ETF - April alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PAPR.
Explore PAPR Diversifiers