DLNV vs. PAPR

Last updated Jun 23, 2026

DLNV (FT Vest U.S. Equity Dual Directional Buffer ETF - November) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - DLNV tracks the SPDR S&P 500 ETF Trust (SPY) while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. DLNV charges 0.85%/yr vs 0.79%/yr for PAPR.

Performance

DLNV vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - November (DLNV) 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, DLNV achieves a 5.29% return, which is significantly lower than PAPR's 7.62% return.

DLNV

• 1D: -0.11%
• 1M: 0.41%
• YTD: 5.29%
• 6M: 5.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

DLNV vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025
DLNV FT Vest U.S. Equity Dual Directional Buffer ETF - November	5.29%	1.88%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.62%	1.86%

Correlation

The correlation between DLNV and PAPR is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.81

Return for Risk

DLNV vs. PAPR — Risk / Return Rank

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

DLNV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DLNV vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - November (DLNV) 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.

	DLNV	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	—	4.33	—
Sortino ratio: Return per unit of downside risk	—	7.62	—
Omega ratio: Gain probability vs. loss probability	—	2.05	—
Calmar ratio: Return relative to maximum drawdown	—	12.74	—
Martin ratio: Return relative to average drawdown	—	66.73	—

Drawdowns

DLNV vs. PAPR - Drawdown Comparison

The maximum DLNV drawdown since its inception was -4.83%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for DLNV and PAPR.

Drawdown Indicators

	DLNV	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-15.31%	+10.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	-0.23%	-0.31%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.64%	-1.56%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.22%	—

Volatility

Volatility by Period

	DLNV	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.18%	3.42%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	8.22%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.18%	9.42%	-2.24%

DLNV vs. PAPR - Expense Ratio Comparison

DLNV has a 0.85% expense ratio, which is higher than PAPR's 0.79% expense ratio.

Dividends

DLNV vs. PAPR - Dividend Comparison

Neither DLNV nor PAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DLNV FT Vest U.S. Equity Dual Directional 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 DLNV and PAPR in my portfolio?

DLNV and PAPR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DLNV or PAPR?

On fees, PAPR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLNV or PAPR?

PAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for DLNV.

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

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

What is the main difference between DLNV and PAPR?

DLNV tracks SPDR S&P 500 ETF Trust (SPY), while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for DLNV and 0.79% for PAPR.