NAPR vs. QCAP

Last updated Jun 24, 2026

NAPR (Innovator Nasdaq-100 Power Buffer ETF - April) and QCAP (FT Vest NASDAQ-100 Conservative Buffer ETF - April) are both Nasdaq-100 funds. NAPR is passively managed, while QCAP is actively managed. Over the past year, NAPR returned 16.17% vs 9.34% for QCAP. Their correlation of 0.88 suggests significant overlap in exposure. NAPR charges 0.79%/yr vs 0.90%/yr for QCAP.

Performance

NAPR vs. QCAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NAPR achieves a 9.27% return, which is significantly higher than QCAP's 3.99% return.

NAPR

• 1D: -0.82%
• 1M: -0.61%
• YTD: 9.27%
• 6M: 9.31%
• 1Y: 16.17%
• 3Y*: 12.30%
• 5Y*: 9.49%
• 10Y*: —

QCAP

• 1D: -0.96%
• 1M: -0.56%
• YTD: 3.99%
• 6M: 4.11%
• 1Y: 9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NAPR vs. QCAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NAPR Innovator Nasdaq-100 Power Buffer ETF - April	9.27%	6.56%	15.05%
QCAP FT Vest NASDAQ-100 Conservative Buffer ETF - April	3.99%	7.13%	10.87%

Correlation

The correlation between NAPR and QCAP is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Apr 22, 2024	0.88

The correlation between NAPR and QCAP has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

NAPR vs. QCAP — Risk / Return Rank

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

NAPR

NAPR Risk / Return Rank: 97
NAPR Sharpe Ratio Rank: 96
NAPR Sortino Ratio Rank: 97
NAPR Omega Ratio Rank: 97
NAPR Calmar Ratio Rank: 97
NAPR Martin Ratio Rank: 98

QCAP

QCAP Risk / Return Rank: 91
QCAP Sharpe Ratio Rank: 87
QCAP Sortino Ratio Rank: 89
QCAP Omega Ratio Rank: 94
QCAP Calmar Ratio Rank: 86
QCAP Martin Ratio Rank: 96

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.

NAPR vs. QCAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP). 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.

	NAPR	QCAP	Difference
Sharpe ratio: Return per unit of total volatility	3.76	2.60	+1.17
Sortino ratio: Return per unit of downside risk	6.03	3.76	+2.27
Omega ratio: Gain probability vs. loss probability	1.89	1.64	+0.25
Calmar ratio: Return relative to maximum drawdown	9.08	4.46	+4.62
Martin ratio: Return relative to average drawdown	53.80	32.54	+21.26

NAPR vs. QCAP - Sharpe Ratio Comparison

The current NAPR Sharpe Ratio is 3.76, which is higher than the QCAP Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of NAPR and QCAP, 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

NAPR vs. QCAP - Drawdown Comparison

The maximum NAPR drawdown since its inception was -16.53%, which is greater than QCAP's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for NAPR and QCAP.

Drawdown Indicators

	NAPR	QCAP	Difference
Max Drawdown Largest peak-to-trough decline	-16.53%	-9.17%	-7.36%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-2.10%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	—	—
Current Drawdown Current decline from peak	-1.24%	-1.26%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.26%	-0.53%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.29%	+0.01%

Volatility

NAPR vs. QCAP - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) is 2.27%, while FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP) has a volatility of 2.66%. This indicates that NAPR experiences smaller price fluctuations and is considered to be less risky than QCAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAPR	QCAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	2.66%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	3.55%	3.19%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	3.63%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.31%	8.79%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	8.79%	+1.81%

NAPR vs. QCAP - Expense Ratio Comparison

NAPR has a 0.79% expense ratio, which is lower than QCAP's 0.90% expense ratio.

Dividends

NAPR vs. QCAP - Dividend Comparison

Neither NAPR nor QCAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NAPR and QCAP in my portfolio?

NAPR and QCAP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAPR or QCAP?

QCAP has higher volatility (2.66%) compared to NAPR (2.27%). In terms of maximum drawdown, NAPR dropped -16.53% vs QCAP's -9.17%.

Which ETF is better, NAPR or QCAP?

On 1-year performance, NAPR leads with 16.17% vs 9.34% for QCAP. On fees, NAPR is cheaper at 0.79% per year. On volatility, NAPR has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NAPR or QCAP?

Over the 1-year period, NAPR has performed better with a 16.17% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NAPR or QCAP?

NAPR is cheaper with a 0.79% expense ratio, compared with 0.90% for QCAP.

Which ETF pays a higher dividend yield, NAPR or QCAP?

NAPR and QCAP have nearly identical dividend yields, around 0.00%.

What is the main difference between NAPR and QCAP?

They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.79% for NAPR and 0.90% for QCAP.

Which has better risk-adjusted returns?

NAPR currently has the higher Sharpe Ratio (3.76 vs 2.60), 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.