EAPR vs. EBUF

Last updated Apr 15, 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 23.36% vs 18.07% for EBUF. Their correlation of 0.81 suggests significant overlap in exposure. 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 7.65% return, which is significantly higher than EBUF's 7.18% return.

EAPR

• 1D: 0.93%
• 1M: 6.46%
• YTD: 7.65%
• 6M: 10.17%
• 1Y: 23.36%
• 3Y*: 9.37%
• 5Y*: 4.84%
• 10Y*: —

EBUF

• 1D: 0.59%
• 1M: 5.86%
• YTD: 7.18%
• 6M: 10.07%
• 1Y: 18.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EAPR vs. EBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EAPR Innovator Emerging Markets Power Buffer ETF - April	7.65%	14.80%	-0.03%
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	7.18%	11.55%	2.86%

Correlation

The correlation between EAPR and EBUF is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.81

The correlation between EAPR and EBUF has been stable across timeframes, ranging from 0.73 to 0.81 — a consistent structural relationship.

Return for Risk

EAPR vs. EBUF — Risk / Return Rank

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

EAPR

EAPR Risk / Return Rank: 98
EAPR Sharpe Ratio Rank: 95
EAPR Sortino Ratio Rank: 98
EAPR Omega Ratio Rank: 98
EAPR Calmar Ratio Rank: 99
EAPR Martin Ratio Rank: 98

EBUF

EBUF Risk / Return Rank: 96
EBUF Sharpe Ratio Rank: 91
EBUF Sortino Ratio Rank: 96
EBUF Omega Ratio Rank: 97
EBUF Calmar Ratio Rank: 98
EBUF Martin Ratio Rank: 97

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.

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.

	EAPR	EBUF	Difference
Sharpe ratio Return per unit of total volatility	3.81	3.36	+0.45
Sortino ratio Return per unit of downside risk	7.59	5.77	+1.82
Omega ratio Gain probability vs. loss probability	2.14	1.88	+0.26
Calmar ratio Return relative to maximum drawdown	18.56	11.31	+7.25
Martin ratio Return relative to average drawdown	75.39	47.42	+27.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EAPR vs. EBUF - Sharpe Ratio Comparison

The current EAPR Sharpe Ratio is 3.81, which is comparable to the EBUF Sharpe Ratio of 3.36. 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.

Sharpe Ratios by Period

	EAPR	EBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.81	3.36	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.84	-1.35

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	-1.42%	-1.82%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.16%	-0.52%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.43%	-0.08%

Volatility

EAPR vs. EBUF - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a higher volatility of 4.08% compared to Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) at 3.54%. This indicates that EAPR's price experiences larger fluctuations and is considered to be riskier 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	4.08%	3.54%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	4.74%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.22%	5.45%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	6.73%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	6.73%	+3.22%

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