IAPR vs. PNOV
Compare and contrast key facts about Innovator International Developed Power Buffer ETF - April (IAPR) and Innovator U.S. Equity Power Buffer ETF - November (PNOV).
IAPR and PNOV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IAPR is a passively managed fund by Innovator that tracks the performance of the MSCI EAFE. It was launched on Mar 31, 2021. PNOV is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect November Series Index. It was launched on Nov 1, 2019. Both IAPR and PNOV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IAPR vs. PNOV - Performance Comparison
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IAPR vs. PNOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAPR Innovator International Developed Power Buffer ETF - April | 2.69% | 15.51% | 3.76% | 7.67% | -7.61% | 2.74% |
PNOV Innovator U.S. Equity Power Buffer ETF - November | -2.20% | 10.31% | 9.97% | 14.08% | -2.64% | 4.07% |
Returns By Period
In the year-to-date period, IAPR achieves a 2.69% return, which is significantly higher than PNOV's -2.20% return.
IAPR
- 1D
- 1.25%
- 1M
- 0.70%
- YTD
- 2.69%
- 6M
- 5.32%
- 1Y
- 15.00%
- 3Y*
- 8.92%
- 5Y*
- —
- 10Y*
- —
PNOV
- 1D
- 1.64%
- 1M
- -2.85%
- YTD
- -2.20%
- 6M
- -0.49%
- 1Y
- 9.78%
- 3Y*
- 8.72%
- 5Y*
- 6.52%
- 10Y*
- —
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IAPR vs. PNOV - Expense Ratio Comparison
IAPR has a 0.85% expense ratio, which is higher than PNOV's 0.79% expense ratio.
Return for Risk
IAPR vs. PNOV — Risk / Return Rank
IAPR
PNOV
IAPR vs. PNOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - April (IAPR) and Innovator U.S. Equity Power Buffer ETF - November (PNOV). 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.
| IAPR | PNOV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.80 | 0.98 | +0.83 |
Sortino ratioReturn per unit of downside risk | 2.62 | 1.48 | +1.14 |
Omega ratioGain probability vs. loss probability | 1.43 | 1.25 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 2.33 | 1.40 | +0.93 |
Martin ratioReturn relative to average drawdown | 15.34 | 7.36 | +7.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAPR | PNOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 0.98 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.71 | -0.17 |
Correlation
The correlation between IAPR and PNOV is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
IAPR vs. PNOV - Dividend Comparison
Neither IAPR nor PNOV has paid dividends to shareholders.
Drawdowns
IAPR vs. PNOV - Drawdown Comparison
The maximum IAPR drawdown since its inception was -17.73%, roughly equal to the maximum PNOV drawdown of -18.51%. Use the drawdown chart below to compare losses from any high point for IAPR and PNOV.
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Drawdown Indicators
| IAPR | PNOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.73% | -18.51% | +0.78% |
Max Drawdown (1Y)Largest decline over 1 year | -6.08% | -7.24% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.63% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.29% | +3.29% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -1.69% | -2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.37% | -0.45% |
Volatility
IAPR vs. PNOV - Volatility Comparison
The current volatility for Innovator International Developed Power Buffer ETF - April (IAPR) is 2.78%, while Innovator U.S. Equity Power Buffer ETF - November (PNOV) has a volatility of 3.25%. This indicates that IAPR experiences smaller price fluctuations and is considered to be less risky than PNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAPR | PNOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 3.25% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.92% | 5.09% | -1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 10.05% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.70% | 8.85% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 10.65% | -1.95% |