EAPR vs. EBUF

Last updated Aug 2, 2026

EAPR (Innovator Emerging Markets Power Buffer ETF - April) and EBUF (Innovator Emerging Markets 10 Buffer ETF - Quarterly) are both Defined Outcome funds from Innovator. EAPR is passively managed, while EBUF is actively managed. Over the past year, EAPR returned 15.75% vs 13.66% for EBUF. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.89% expense ratio.

Performance

EAPR vs. EBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF - April (EAPR) and Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAPR achieves a 9.17% return, which is significantly higher than EBUF's 8.57% return.

EAPR

• 1D: 0.61%
• 1M: 0.32%
• 6M: 8.21%
• YTD: 9.17%
• 1Y: 15.75%
• 3Y*: 8.62%
• 5Y*: 5.46%
• 10Y*: —
• ALL TIME*: 4.84%

EBUF

• 1D: 0.34%
• 1M: 0.10%
• 6M: 6.97%
• YTD: 8.57%
• 1Y: 13.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EAPR Innovator Emerging Markets Power Buffer ETF - April	$354.30K	$262.28K	$462.78K
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	$283.54K	$347.20K	$419.57K

EAPR vs. EBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EAPR Innovator Emerging Markets Power Buffer ETF - April	9.17%	14.80%	0.06%
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	8.57%	11.55%	2.75%

Correlation

The correlation between EAPR and EBUF is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.83

The correlation between EAPR and EBUF has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

EAPR vs. EBUF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EAPR

EAPR Risk / Return Rank: 79
EAPR Sharpe Ratio Rank: 70
EAPR Sortino Ratio Rank: 72
EAPR Omega Ratio Rank: 87
EAPR Calmar Ratio Rank: 80
EAPR Martin Ratio Rank: 86

EBUF

EBUF Risk / Return Rank: 85
EBUF Sharpe Ratio Rank: 78
EBUF Sortino Ratio Rank: 83
EBUF Omega Ratio Rank: 89
EBUF Calmar Ratio Rank: 80
EBUF Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EAPR vs. EBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF - April (EAPR) and Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF). 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.

	EAPR	EBUF	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.80	-0.21
Sortino ratio: Return per unit of downside risk	2.34	2.73	-0.40
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	2.90	2.90	0.00
Martin ratio: Return relative to average drawdown	12.34	16.04	-3.70

EAPR vs. EBUF - Sharpe Ratio Comparison

The current EAPR Sharpe Ratio is 1.59, which is comparable to the EBUF Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EAPR and EBUF, 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

EAPR vs. EBUF - Drawdown Comparison

The maximum EAPR drawdown since its inception was -17.65%, which is greater than EBUF's maximum drawdown of -6.49%. Use the drawdown chart below to compare losses from any high point for EAPR and EBUF.

Drawdown Indicators

	EAPR	EBUF	Difference
Max Drawdown Largest peak-to-trough decline	-17.65%	-6.49%	-11.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-4.67%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	—	—
Current Drawdown Current decline from peak	-2.78%	-2.11%	-0.67%
Average Drawdown Average peak-to-trough decline	-4.02%	-0.56%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.84%	+0.40%

Volatility

EAPR vs. EBUF - Volatility Comparison

The current volatility for Innovator Emerging Markets Power Buffer ETF - April (EAPR) is 4.40%, while Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) has a volatility of 4.76%. This indicates that EAPR experiences smaller price fluctuations and is considered to be less risky than EBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAPR	EBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.76%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	6.81%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	7.52%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.41%	7.32%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.30%	7.32%	+2.98%

EAPR vs. EBUF - Expense Ratio Comparison

Both EAPR and EBUF have an expense ratio of 0.89%.

Dividends

EAPR vs. EBUF - Dividend Comparison

Neither EAPR nor EBUF has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EAPR and EBUF in my portfolio?

EAPR and EBUF 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, EAPR or EBUF?

EBUF has higher volatility (4.76%) compared to EAPR (4.40%). In terms of maximum drawdown, EAPR dropped -17.65% vs EBUF's -6.49%.

Which ETF is better, EAPR or EBUF?

On 1-year performance, EAPR leads with 15.75% vs 13.66% for EBUF. Both ETFs have the same 0.89% expense ratio. On volatility, EAPR has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EAPR or EBUF?

Over the 1-year period, EAPR has performed better with a 15.75% return vs 13.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EAPR or EBUF?

EAPR and EBUF have the same expense ratio: 0.89% per year.

Which ETF pays a higher dividend yield, EAPR or EBUF?

EAPR and EBUF have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

EBUF currently has the higher Sharpe Ratio (1.80 vs 1.59), 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.