EBUF vs. IAPR

Last updated Jun 5, 2026

EBUF (Innovator Emerging Markets 10 Buffer ETF - Quarterly) and IAPR (Innovator International Developed Power Buffer ETF - April) are both Defined Outcome funds from Innovator. EBUF is actively managed, while IAPR is passively managed. Over the past year, EBUF returned 16.13% vs 14.21% for IAPR. A 0.68 correlation means they provide meaningful diversification when combined. EBUF charges 0.89%/yr vs 0.85%/yr for IAPR.

Performance

EBUF vs. IAPR - 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 International Developed Power Buffer ETF - April (IAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBUF achieves a 9.96% return, which is significantly higher than IAPR's 7.26% return.

EBUF

• 1D: -0.13%
• 1M: 1.04%
• YTD: 9.96%
• 6M: 11.41%
• 1Y: 16.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAPR

• 1D: 0.33%
• 1M: 1.50%
• YTD: 7.26%
• 6M: 8.42%
• 1Y: 14.21%
• 3Y*: 10.39%
• 5Y*: 5.10%
• 10Y*: —

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

EBUF vs. IAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	9.96%	11.55%	2.86%
IAPR Innovator International Developed Power Buffer ETF - April	7.26%	15.51%	-1.50%

Correlation

The correlation between EBUF and IAPR is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.68

The correlation between EBUF and IAPR has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

EBUF vs. IAPR — 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: 88
EBUF Sortino Ratio Rank: 94
EBUF Omega Ratio Rank: 95
EBUF Calmar Ratio Rank: 96
EBUF Martin Ratio Rank: 96

IAPR

IAPR Risk / Return Rank: 79
IAPR Sharpe Ratio Rank: 65
IAPR Sortino Ratio Rank: 75
IAPR Omega Ratio Rank: 74
IAPR Calmar Ratio Rank: 90
IAPR Martin Ratio Rank: 91

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. IAPR - 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 International Developed Power Buffer ETF - April (IAPR). 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.

	EBUF	IAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.14	+0.78
Sortino ratio: Return per unit of downside risk	4.94	3.33	+1.61
Omega ratio: Gain probability vs. loss probability	1.73	1.43	+0.30
Calmar ratio: Return relative to maximum drawdown	8.90	5.56	+3.33
Martin ratio: Return relative to average drawdown	36.42	21.50	+14.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBUF vs. IAPR - Sharpe Ratio Comparison

The current EBUF Sharpe Ratio is 2.92, which is higher than the IAPR Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of EBUF and IAPR, 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

	EBUF	IAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.14	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.94	0.62	+1.32

Drawdowns

EBUF vs. IAPR - Drawdown Comparison

The maximum EBUF drawdown since its inception was -6.49%, smaller than the maximum IAPR drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for EBUF and IAPR.

Drawdown Indicators

	EBUF	IAPR	Difference
Max Drawdown Largest peak-to-trough decline	-6.49%	-17.73%	+11.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-2.56%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.73%	—
Current Drawdown Current decline from peak	-0.13%	-0.08%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.49%	-3.87%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.66%	-0.22%

Volatility

EBUF vs. IAPR - Volatility Comparison

The current volatility for Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) is 1.69%, while Innovator International Developed Power Buffer ETF - April (IAPR) has a volatility of 2.66%. This indicates that EBUF experiences smaller price fluctuations and is considered to be less risky than IAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBUF	IAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	2.66%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	5.38%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	6.68%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.65%	8.85%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.65%	8.77%	-2.12%

EBUF vs. IAPR - Expense Ratio Comparison

EBUF has a 0.89% expense ratio, which is higher than IAPR's 0.85% expense ratio.

Dividends

EBUF vs. IAPR - Dividend Comparison

Neither EBUF nor IAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EBUF and IAPR in my portfolio?

EBUF and IAPR have a correlation of 0.66, 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 IAPR?

IAPR has higher volatility (2.66%) compared to EBUF (1.69%). In terms of maximum drawdown, EBUF dropped -6.49% vs IAPR's -17.73%.

Which ETF is better, EBUF or IAPR?

On 1-year performance, EBUF leads with 16.13% vs 14.21% for IAPR. On fees, IAPR is cheaper at 0.85% per year. On volatility, EBUF has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBUF or IAPR?

Over the 1-year period, EBUF has performed better with a 16.13% return vs 14.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBUF or IAPR?

IAPR is cheaper with a 0.85% expense ratio, compared with 0.89% for EBUF.

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

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

What is the main difference between EBUF and IAPR?

Their fees differ too: 0.89% for EBUF and 0.85% for IAPR.

Which has better risk-adjusted returns?

EBUF currently has the higher Sharpe Ratio (2.92 vs 2.14), 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.