PAPR vs. BDRY
PAPR (Innovator U.S. Equity Power Buffer ETF - April) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - PAPR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect April Series Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, PAPR returned 8.08%/yr vs -16.41%/yr for BDRY. At a 0.03 correlation, their price movements are largely independent. PAPR charges 0.79%/yr vs 3.76%/yr for BDRY.
Performance
PAPR vs. BDRY - Performance Comparison
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Returns By Period
In the year-to-date period, PAPR achieves a 7.23% return, which is significantly lower than BDRY's 34.21% return.
PAPR
- 1D
- -0.36%
- 1M
- -0.14%
- YTD
- 7.23%
- 6M
- 7.25%
- 1Y
- 13.78%
- 3Y*
- 11.12%
- 5Y*
- 8.08%
- 10Y*
- —
BDRY
- 1D
- 1.64%
- 1M
- -7.14%
- YTD
- 34.21%
- 6M
- 34.67%
- 1Y
- 103.63%
- 3Y*
- 24.09%
- 5Y*
- -16.41%
- 10Y*
- —
PAPR vs. BDRY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 7.23% | 6.58% | 12.28% | 16.45% | -4.29% | 7.51% | 4.62% | 6.73% |
BDRY Breakwave Dry Bulk Shipping ETF | 34.21% | 44.24% | -47.40% | 25.79% | -68.84% | 282.99% | -50.16% | 65.07% |
Correlation
The correlation between PAPR and BDRY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2019 | 0.03 |
The correlation between PAPR and BDRY shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAPR vs. BDRY — Risk / Return Rank
PAPR
BDRY
PAPR vs. BDRY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.
| PAPR | BDRY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +4.13 | ||
| Omega ratioGain probability vs. loss probability | 1.96 | 1.36 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 11.92 | 4.82 | +7.10 |
| Martin ratioReturn relative to average drawdown | 61.40 | 13.59 | +47.81 |
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Drawdowns
PAPR vs. BDRY - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for PAPR and BDRY.
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Drawdown Indicators
| PAPR | BDRY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -89.16% | +73.85% |
Max Drawdown (1Y)Largest decline over 1 year | -1.16% | -21.60% | +20.44% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -69.71% | +57.84% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | -89.16% | +77.29% |
Current DrawdownCurrent decline from peak | -0.66% | -71.65% | +70.99% |
Average DrawdownAverage peak-to-trough decline | -1.56% | -58.43% | +56.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 7.65% | -7.43% |
Volatility
PAPR vs. BDRY - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 1.45%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAPR | BDRY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 7.30% | -5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 29.14% | -26.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 42.10% | -38.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.22% | 60.24% | -52.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.42% | 62.40% | -52.98% |
PAPR vs. BDRY - Expense Ratio Comparison
PAPR has a 0.79% expense ratio, which is lower than BDRY's 3.76% expense ratio.
Dividends
PAPR vs. BDRY - Dividend Comparison
Neither PAPR nor BDRY has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BDRY Breakwave Dry Bulk Shipping 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
PAPR and BDRY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDRY has higher volatility (7.30%) compared to PAPR (1.45%). In terms of maximum drawdown, PAPR dropped -15.31% vs BDRY's -89.16%.
On 5-year performance, PAPR leads with 8.08% vs -16.41% for BDRY. On fees, PAPR is cheaper at 0.79% per year. On volatility, PAPR has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PAPR has performed better with a 8.08% return vs -16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAPR is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.
PAPR and BDRY have nearly identical dividend yields, around 0.00%.
PAPR is categorized as Defined Outcome, while BDRY is Commodities. PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: Innovator and ETFMG. Their fees differ too: 0.79% for PAPR and 3.76% for BDRY.
PAPR currently has the higher Sharpe Ratio (4.05 vs 2.48), 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.
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