IVVM vs. AAPR

Last updated Jun 4, 2026

IVVM (iShares Large Cap Moderate Buffer ETF) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds. Both are actively managed. Over the past year, IVVM returned 16.27% vs 9.83% for AAPR. Their correlation of 0.82 suggests significant overlap in exposure. IVVM charges 0.50%/yr vs 0.79%/yr for AAPR.

Performance

IVVM vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Moderate Buffer ETF (IVVM) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVVM achieves a 5.95% return, which is significantly higher than AAPR's 3.82% return.

IVVM

• 1D: -0.22%
• 1M: 1.95%
• YTD: 5.95%
• 6M: 6.15%
• 1Y: 16.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPR

• 1D: -0.14%
• 1M: 0.68%
• YTD: 3.82%
• 6M: 4.48%
• 1Y: 9.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVVM vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVM iShares Large Cap Moderate Buffer ETF	5.95%	14.24%	10.86%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.82%	7.79%	6.25%

Correlation

The correlation between IVVM and AAPR is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.82

The correlation between IVVM and AAPR has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

IVVM vs. AAPR — Risk / Return Rank

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

IVVM

IVVM Risk / Return Rank: 72
IVVM Sharpe Ratio Rank: 70
IVVM Sortino Ratio Rank: 73
IVVM Omega Ratio Rank: 79
IVVM Calmar Ratio Rank: 62
IVVM Martin Ratio Rank: 78

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 98
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR 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.

IVVM vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	IVVM	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.32	4.18	-1.86
Sortino ratio: Return per unit of downside risk	3.33	7.21	-3.88
Omega ratio: Gain probability vs. loss probability	1.48	1.99	-0.51
Calmar ratio: Return relative to maximum drawdown	3.08	12.12	-9.04
Martin ratio: Return relative to average drawdown	15.34	62.99	-47.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVVM vs. AAPR - Sharpe Ratio Comparison

The current IVVM Sharpe Ratio is 2.32, which is lower than the AAPR Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of IVVM and AAPR, 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

	IVVM	AAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	4.18	-1.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.49	1.73	-0.24

Drawdowns

IVVM vs. AAPR - Drawdown Comparison

The maximum IVVM drawdown since its inception was -11.62%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for IVVM and AAPR.

Drawdown Indicators

	IVVM	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-5.99%	-5.63%
Max Drawdown (1Y) Largest decline over 1 year	-5.31%	-0.81%	-4.50%
Current Drawdown Current decline from peak	-0.22%	-0.15%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.45%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.16%	+0.90%

Volatility

IVVM vs. AAPR - Volatility Comparison

iShares Large Cap Moderate Buffer ETF (IVVM) has a higher volatility of 0.76% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 0.68%. This indicates that IVVM's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVM	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.68%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	5.62%	1.57%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	7.04%	2.36%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.62%	4.81%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.62%	4.81%	+4.81%

IVVM vs. AAPR - Expense Ratio Comparison

IVVM has a 0.50% expense ratio, which is lower than AAPR's 0.79% expense ratio.

Dividends

IVVM vs. AAPR - Dividend Comparison

IVVM's dividend yield for the trailing twelve months is around 0.65%, while AAPR has not paid dividends to shareholders.

Position	TTM	2025	2024
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%
IVVM iShares Large Cap Moderate Buffer ETF	0.65%	0.68%	0.62%

Frequently Asked Questions

Can I hold both IVVM and AAPR in my portfolio?

IVVM and AAPR have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVVM or AAPR?

IVVM has higher volatility (0.76%) compared to AAPR (0.68%). In terms of maximum drawdown, IVVM dropped -11.62% vs AAPR's -5.99%.

Which ETF is better, IVVM or AAPR?

On 1-year performance, IVVM leads with 16.27% vs 9.83% for AAPR. On fees, IVVM is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVM or AAPR?

Over the 1-year period, IVVM has performed better with a 16.27% return vs 9.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVM or AAPR?

IVVM is cheaper with a 0.50% expense ratio, compared with 0.79% for AAPR.

Which ETF pays a higher dividend yield, IVVM or AAPR?

IVVM has the higher dividend yield at 0.65%, compared with 0.00% for AAPR.

What is the main difference between IVVM and AAPR?

They also come from different issuers: iShares and Innovator. Their fees differ too: 0.50% for IVVM and 0.79% for AAPR.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (4.18 vs 2.32), 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.