BUFF vs. PAPR

Last updated Jun 10, 2026

BUFF (Innovator Laddered Allocation Power Buffer ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds from Innovator - BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past 5 years, BUFF returned 8.53%/yr vs 8.23%/yr for PAPR. Their correlation of 0.80 suggests significant overlap in exposure. BUFF charges 0.89%/yr vs 0.79%/yr for PAPR.

Performance

BUFF vs. PAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFF achieves a 4.55% return, which is significantly lower than PAPR's 7.18% return.

BUFF

• 1D: -0.31%
• 1M: 0.01%
• YTD: 4.55%
• 6M: 5.14%
• 1Y: 13.15%
• 3Y*: 12.08%
• 5Y*: 8.53%
• 10Y*: —

PAPR

• 1D: 0.00%
• 1M: 0.31%
• YTD: 7.18%
• 6M: 7.87%
• 1Y: 14.10%
• 3Y*: 11.34%
• 5Y*: 8.23%
• 10Y*: —

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

BUFF vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BUFF Innovator Laddered Allocation Power Buffer ETF	4.55%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	16.44%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.18%	6.58%	12.28%	16.45%	-4.29%	7.51%	4.62%	6.73%

Correlation

The correlation between BUFF and PAPR is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 1, 2019	0.80

The correlation between BUFF and PAPR shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

BUFF vs. PAPR - Sectors Allocation Comparison

Sectors	BUFF	PAPR
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BUFF vs. PAPR — Risk / Return Rank

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

BUFF

BUFF Risk / Return Rank: 88
BUFF Sharpe Ratio Rank: 88
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 90
BUFF Calmar Ratio Rank: 80
BUFF Martin Ratio Rank: 91

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: 99
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.

BUFF vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Power Buffer ETF (BUFF) 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.

	BUFF	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.55	4.24	-1.69
Sortino ratio: Return per unit of downside risk	3.79	7.46	-3.67
Omega ratio: Gain probability vs. loss probability	1.52	2.03	-0.51
Calmar ratio: Return relative to maximum drawdown	3.69	17.02	-13.33
Martin ratio: Return relative to average drawdown	19.47	73.26	-53.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFF vs. PAPR - Sharpe Ratio Comparison

The current BUFF Sharpe Ratio is 2.55, which is lower than the PAPR Sharpe Ratio of 4.24. The chart below compares the historical Sharpe Ratios of BUFF 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.

Sharpe Ratios by Period

	BUFF	PAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	4.24	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.01	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.83	-0.34

Drawdowns

BUFF vs. PAPR - Drawdown Comparison

The maximum BUFF drawdown since its inception was -46.23%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for BUFF and PAPR.

Drawdown Indicators

	BUFF	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-15.31%	-30.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-0.83%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-11.87%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	-11.87%	+1.63%
Current Drawdown Current decline from peak	-1.08%	-0.71%	-0.37%
Average Drawdown Average peak-to-trough decline	-6.17%	-1.57%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.19%	+0.49%

Volatility

BUFF vs. PAPR - Volatility Comparison

Innovator Laddered Allocation Power Buffer ETF (BUFF) has a higher volatility of 1.22% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.05%. This indicates that BUFF'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

	BUFF	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.05%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.93%	2.55%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	5.19%	3.34%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.42%	8.21%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	9.44%	+8.22%

BUFF vs. PAPR - Expense Ratio Comparison

BUFF has a 0.89% expense ratio, which is higher than PAPR's 0.79% expense ratio.

Dividends

BUFF vs. PAPR - Dividend Comparison

Neither BUFF nor PAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUFF and PAPR in my portfolio?

BUFF and PAPR have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFF or PAPR?

BUFF has higher volatility (1.22%) compared to PAPR (1.05%). In terms of maximum drawdown, BUFF dropped -46.23% vs PAPR's -15.31%.

Which ETF is better, BUFF or PAPR?

On 5-year performance, BUFF leads with 8.53% vs 8.23% for PAPR. On fees, PAPR is cheaper at 0.79% per year. On volatility, PAPR has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFF or PAPR?

Over the 5-year period, BUFF has performed better with a 8.53% return vs 8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFF or PAPR?

PAPR is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

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

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

What is the main difference between BUFF and PAPR?

BUFF tracks Refinitiv Laddered Power Buffer Strategy Index, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index. Their fees differ too: 0.89% for BUFF and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.24 vs 2.55), 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.