EBUF vs. EAPR

Last updated Jun 23, 2026

EBUF (Innovator Emerging Markets 10 Buffer ETF - Quarterly) and EAPR (Innovator Emerging Markets Power Buffer ETF - April) are both Defined Outcome funds from Innovator. EBUF is actively managed, while EAPR is passively managed. Over the past year, EBUF returned 16.34% vs 21.69% for EAPR. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.89% expense ratio.

Performance

EBUF vs. EAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, EBUF achieves a 10.75% return, which is significantly lower than EAPR's 12.29% return.

EBUF

• 1D: 0.26%
• 1M: 1.58%
• YTD: 10.75%
• 6M: 11.89%
• 1Y: 16.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EAPR

• 1D: 0.36%
• 1M: 2.62%
• YTD: 12.29%
• 6M: 12.37%
• 1Y: 21.69%
• 3Y*: 10.87%
• 5Y*: 5.49%
• 10Y*: —

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

EBUF vs. EAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	10.75%	11.55%	2.75%
EAPR Innovator Emerging Markets Power Buffer ETF - April	12.29%	14.80%	0.06%

Correlation

The correlation between EBUF and EAPR 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 1, 2024	0.81

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

Return for Risk

EBUF vs. EAPR — Risk / Return Rank

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

EBUF

EBUF Risk / Return Rank: 94
EBUF Sharpe Ratio Rank: 89
EBUF Sortino Ratio Rank: 94
EBUF Omega Ratio Rank: 95
EBUF Calmar Ratio Rank: 96
EBUF Martin Ratio Rank: 96

EAPR

EAPR Risk / Return Rank: 92
EAPR Sharpe Ratio Rank: 85
EAPR Sortino Ratio Rank: 92
EAPR Omega Ratio Rank: 96
EAPR Calmar Ratio Rank: 91
EAPR Martin Ratio Rank: 96

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.

EBUF vs. EAPR - Risk-Adjusted Trends Comparison

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

	EBUF	EAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.64	+0.22
Sortino ratio: Return per unit of downside risk	4.72	4.18	+0.55
Omega ratio: Gain probability vs. loss probability	1.70	1.73	-0.03
Calmar ratio: Return relative to maximum drawdown	9.01	5.58	+3.43
Martin ratio: Return relative to average drawdown	35.61	31.01	+4.61

EBUF vs. EAPR - Sharpe Ratio Comparison

The current EBUF Sharpe Ratio is 2.87, which is comparable to the EAPR Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of EBUF and EAPR, 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

EBUF vs. EAPR - Drawdown Comparison

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

Drawdown Indicators

	EBUF	EAPR	Difference
Max Drawdown Largest peak-to-trough decline	-6.49%	-17.65%	+11.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-3.90%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.24%	—
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	-0.49%	-4.04%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.70%	-0.24%

Volatility

EBUF vs. EAPR - Volatility Comparison

The current volatility for Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) is 1.95%, while Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a volatility of 4.70%. This indicates that EBUF experiences smaller price fluctuations and is considered to be less risky than EAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBUF	EAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	4.70%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	7.58%	-2.74%
Volatility (1Y) Calculated over the trailing 1-year period	5.74%	8.25%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	10.26%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	10.15%	-3.49%

EBUF vs. EAPR - Expense Ratio Comparison

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

Dividends

EBUF vs. EAPR - Dividend Comparison

Neither EBUF nor EAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EBUF and EAPR in my portfolio?

EBUF and EAPR have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EBUF or EAPR?

EAPR has higher volatility (4.70%) compared to EBUF (1.95%). In terms of maximum drawdown, EBUF dropped -6.49% vs EAPR's -17.65%.

Which ETF is better, EBUF or EAPR?

On 1-year performance, EAPR leads with 21.69% vs 16.34% for EBUF. Both ETFs have the same 0.89% expense ratio. On volatility, EBUF has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBUF or EAPR?

Over the 1-year period, EAPR has performed better with a 21.69% return vs 16.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBUF or EAPR?

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

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

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

Which has better risk-adjusted returns?

EBUF currently has the higher Sharpe Ratio (2.87 vs 2.64), 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.