BNOV vs. PAPR

Last updated Jun 23, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds from Innovator - BNOV tracks the S&P 500 Price Return Index while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past 5 years, BNOV returned 8.55%/yr vs 8.20%/yr for PAPR. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BNOV vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - November (BNOV) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BNOV having a 7.27% return and PAPR slightly higher at 7.62%.

BNOV

• 1D: -0.22%
• 1M: 0.52%
• YTD: 7.27%
• 6M: 7.06%
• 1Y: 19.03%
• 3Y*: 12.80%
• 5Y*: 8.55%
• 10Y*: —

PAPR

• 1D: -0.21%
• 1M: 0.21%
• YTD: 7.62%
• 6M: 7.71%
• 1Y: 14.71%
• 3Y*: 11.25%
• 5Y*: 8.20%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BNOV vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BNOV Innovator U.S. Equity Buffer ETF - November	7.27%	13.23%	12.49%	17.24%	-9.63%	10.61%	11.82%	4.07%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.62%	6.58%	12.28%	16.45%	-4.29%	7.51%	4.62%	2.30%

Correlation

The correlation between BNOV and PAPR is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.84

The correlation between BNOV and PAPR has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

BNOV vs. PAPR - Sectors Allocation Comparison

Sectors	BNOV	PAPR
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

BNOV vs. PAPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNOV

BNOV Risk / Return Rank: 71
BNOV Sharpe Ratio Rank: 71
BNOV Sortino Ratio Rank: 72
BNOV Omega Ratio Rank: 77
BNOV Calmar Ratio Rank: 60
BNOV Martin Ratio Rank: 74

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 98
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNOV vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - November (BNOV) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	BNOV	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.22	4.33	-2.11
Sortino ratio: Return per unit of downside risk	3.13	7.62	-4.48
Omega ratio: Gain probability vs. loss probability	1.44	2.05	-0.62
Calmar ratio: Return relative to maximum drawdown	2.91	12.74	-9.83
Martin ratio: Return relative to average drawdown	13.45	66.73	-53.27

BNOV vs. PAPR - Sharpe Ratio Comparison

The current BNOV Sharpe Ratio is 2.22, which is lower than the PAPR Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of BNOV and PAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNOV vs. PAPR - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for BNOV and PAPR.

Drawdown Indicators

	BNOV	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-15.31%	-9.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-1.16%	-5.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-11.87%	-1.83%
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	-11.87%	-4.40%
Current Drawdown Current decline from peak	-0.73%	-0.31%	-0.42%
Average Drawdown Average peak-to-trough decline	-2.91%	-1.56%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	0.22%	+1.20%

Volatility

BNOV vs. PAPR - Volatility Comparison

Innovator U.S. Equity Buffer ETF - November (BNOV) has a higher volatility of 2.93% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.40%. This indicates that BNOV's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNOV	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	1.40%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	7.02%	2.75%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	8.64%	3.42%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	8.22%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.03%	9.42%	+4.61%

BNOV vs. PAPR - Expense Ratio Comparison

Both BNOV and PAPR have an expense ratio of 0.79%.

Dividends

BNOV vs. PAPR - Dividend Comparison

Neither BNOV nor PAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BNOV Innovator U.S. Equity Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both BNOV and PAPR in my portfolio?

BNOV and PAPR have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNOV or PAPR?

BNOV has higher volatility (2.93%) compared to PAPR (1.40%). In terms of maximum drawdown, BNOV dropped -24.66% vs PAPR's -15.31%.

Which ETF is better, BNOV or PAPR?

On 5-year performance, BNOV leads with 8.55% vs 8.20% for PAPR. Both ETFs have the same 0.79% expense ratio. On volatility, PAPR has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNOV or PAPR?

Over the 5-year period, BNOV has performed better with a 8.55% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNOV or PAPR?

BNOV and PAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BNOV or PAPR?

BNOV and PAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between BNOV and PAPR?

BNOV tracks S&P 500 Price Return Index, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.33 vs 2.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.