JNEU vs. PAPR

Last updated Jun 20, 2026

JNEU (AllianzIM U.S. Equity Buffer15 Uncapped Jun ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. JNEU is actively managed, while PAPR is passively managed. Over the past year, JNEU returned 21.82% vs 14.96% for PAPR. Their correlation of 0.89 suggests significant overlap in exposure. JNEU charges 0.74%/yr vs 0.79%/yr for PAPR.

Performance

JNEU vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Jun ETF (JNEU) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNEU achieves a 9.37% return, which is significantly higher than PAPR's 7.85% return.

JNEU

• 1D: 0.74%
• 1M: 0.57%
• YTD: 9.37%
• 6M: 9.37%
• 1Y: 21.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: 0.52%
• 1M: 0.43%
• YTD: 7.85%
• 6M: 8.06%
• 1Y: 14.96%
• 3Y*: 11.17%
• 5Y*: 8.46%
• 10Y*: —

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

JNEU vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JNEU AllianzIM U.S. Equity Buffer15 Uncapped Jun ETF	9.37%	11.34%	8.89%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.85%	6.58%	8.30%

Correlation

The correlation between JNEU and PAPR is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.89

The correlation between JNEU and PAPR has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

JNEU vs. PAPR — Risk / Return Rank

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

JNEU

JNEU Risk / Return Rank: 62
JNEU Sharpe Ratio Rank: 65
JNEU Sortino Ratio Rank: 63
JNEU Omega Ratio Rank: 63
JNEU Calmar Ratio Rank: 56
JNEU Martin Ratio Rank: 65

PAPR

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

JNEU vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Jun ETF (JNEU) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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.

	JNEU	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.04	4.31	-2.27
Sortino ratio: Return per unit of downside risk	2.83	7.59	-4.76
Omega ratio: Gain probability vs. loss probability	1.37	2.05	-0.68
Calmar ratio: Return relative to maximum drawdown	2.69	12.70	-10.02
Martin ratio: Return relative to average drawdown	11.44	66.82	-55.39

JNEU vs. PAPR - Sharpe Ratio Comparison

The current JNEU Sharpe Ratio is 2.04, which is lower than the PAPR Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of JNEU and PAPR, 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

JNEU vs. PAPR - Drawdown Comparison

The maximum JNEU drawdown since its inception was -13.53%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for JNEU and PAPR.

Drawdown Indicators

	JNEU	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.53%	-15.31%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-1.16%	-6.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	-1.09%	-0.09%	-1.00%
Average Drawdown Average peak-to-trough decline	-2.03%	-1.56%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	0.22%	+1.67%

Volatility

JNEU vs. PAPR - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Jun ETF (JNEU) has a higher volatility of 3.35% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.44%. This indicates that JNEU's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNEU	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	1.44%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	2.75%	+5.72%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	3.42%	+7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.01%	8.22%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.01%	9.43%	+2.58%

JNEU vs. PAPR - Expense Ratio Comparison

JNEU has a 0.74% expense ratio, which is lower than PAPR's 0.79% expense ratio.

Dividends

JNEU vs. PAPR - Dividend Comparison

Neither JNEU nor PAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JNEU AllianzIM U.S. Equity Buffer15 Uncapped Jun ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both JNEU and PAPR in my portfolio?

JNEU and PAPR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNEU or PAPR?

JNEU has higher volatility (3.35%) compared to PAPR (1.44%). In terms of maximum drawdown, JNEU dropped -13.53% vs PAPR's -15.31%.

Which ETF is better, JNEU or PAPR?

On 1-year performance, JNEU leads with 21.82% vs 14.96% for PAPR. On fees, JNEU is cheaper at 0.74% per year. On volatility, PAPR has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNEU or PAPR?

Over the 1-year period, JNEU has performed better with a 21.82% return vs 14.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNEU or PAPR?

JNEU is cheaper with a 0.74% expense ratio, compared with 0.79% for PAPR.

Which ETF pays a higher dividend yield, JNEU or PAPR?

JNEU and PAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between JNEU and PAPR?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for JNEU and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.31 vs 2.04), 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.