INOV vs. APRW

Last updated Jun 26, 2026

INOV (Innovator International Developed Power Buffer ETF - November) and APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) are both Options Trading funds. Both are actively managed. Over the past year, INOV returned 14.60% vs 11.21% for APRW. A 0.63 correlation means they provide meaningful diversification when combined. INOV charges 0.85%/yr vs 0.74%/yr for APRW.

Performance

INOV vs. APRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - November (INOV) and AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with INOV having a 5.82% return and APRW slightly higher at 6.01%.

INOV

• 1D: 0.58%
• 1M: -0.08%
• YTD: 5.82%
• 6M: 6.14%
• 1Y: 14.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APRW

• 1D: 0.07%
• 1M: -0.01%
• YTD: 6.01%
• 6M: 6.13%
• 1Y: 11.21%
• 3Y*: 9.94%
• 5Y*: 6.94%
• 10Y*: —

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

INOV vs. APRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INOV Innovator International Developed Power Buffer ETF - November	5.82%	20.64%	5.90%	7.75%
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	6.01%	6.18%	11.25%	6.32%

Correlation

The correlation between INOV and APRW is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.63

The correlation between INOV and APRW has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

Return for Risk

INOV vs. APRW — Risk / Return Rank

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

INOV

INOV Risk / Return Rank: 53
INOV Sharpe Ratio Rank: 52
INOV Sortino Ratio Rank: 53
INOV Omega Ratio Rank: 60
INOV Calmar Ratio Rank: 45
INOV Martin Ratio Rank: 52

APRW

APRW Risk / Return Rank: 98
APRW Sharpe Ratio Rank: 97
APRW Sortino Ratio Rank: 98
APRW Omega Ratio Rank: 98
APRW Calmar Ratio Rank: 98
APRW Martin Ratio Rank: 98

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.

INOV vs. APRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - November (INOV) and AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). 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.

	INOV	APRW	Difference
Sharpe ratio: Return per unit of total volatility	1.60	4.23	-2.63
Sortino ratio: Return per unit of downside risk	2.31	7.35	-5.04
Omega ratio: Gain probability vs. loss probability	1.33	2.03	-0.71
Calmar ratio: Return relative to maximum drawdown	2.02	12.60	-10.58
Martin ratio: Return relative to average drawdown	8.06	64.87	-56.82

INOV vs. APRW - Sharpe Ratio Comparison

The current INOV Sharpe Ratio is 1.60, which is lower than the APRW Sharpe Ratio of 4.23. The chart below compares the historical Sharpe Ratios of INOV and APRW, 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

INOV vs. APRW - Drawdown Comparison

The maximum INOV drawdown since its inception was -8.01%, smaller than the maximum APRW drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for INOV and APRW.

Drawdown Indicators

	INOV	APRW	Difference
Max Drawdown Largest peak-to-trough decline	-8.01%	-9.61%	+1.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-0.89%	-6.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.61%	—
Current Drawdown Current decline from peak	-0.96%	-0.39%	-0.57%
Average Drawdown Average peak-to-trough decline	-0.89%	-1.11%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	0.17%	+1.65%

Volatility

INOV vs. APRW - Volatility Comparison

Innovator International Developed Power Buffer ETF - November (INOV) has a higher volatility of 3.38% compared to AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) at 1.12%. This indicates that INOV's price experiences larger fluctuations and is considered to be riskier than APRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INOV	APRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	1.12%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	2.12%	+6.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.16%	2.66%	+6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.69%	6.73%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	6.39%	+2.30%

INOV vs. APRW - Expense Ratio Comparison

INOV has a 0.85% expense ratio, which is higher than APRW's 0.74% expense ratio.

Dividends

INOV vs. APRW - Dividend Comparison

Neither INOV nor APRW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
INOV Innovator International Developed Power Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INOV and APRW in my portfolio?

INOV and APRW have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INOV or APRW?

INOV has higher volatility (3.38%) compared to APRW (1.12%). In terms of maximum drawdown, INOV dropped -8.01% vs APRW's -9.61%.

Which ETF is better, INOV or APRW?

On 1-year performance, INOV leads with 14.60% vs 11.21% for APRW. On fees, APRW is cheaper at 0.74% per year. On volatility, APRW has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INOV or APRW?

Over the 1-year period, INOV has performed better with a 14.60% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INOV or APRW?

APRW is cheaper with a 0.74% expense ratio, compared with 0.85% for INOV.

Which ETF pays a higher dividend yield, INOV or APRW?

INOV and APRW have nearly identical dividend yields, around 0.00%.

What is the main difference between INOV and APRW?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.85% for INOV and 0.74% for APRW.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.23 vs 1.60), 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.