PAPR vs. BUFI

Last updated Jun 4, 2026

PAPR (Innovator U.S. Equity Power Buffer ETF - April) and BUFI (AB International Buffer ETF) are both Defined Outcome funds. PAPR is passively managed, while BUFI is actively managed. Over the past year, PAPR returned 14.95% vs 12.80% for BUFI. A 0.67 correlation means they provide meaningful diversification when combined. PAPR charges 0.79%/yr vs 0.69%/yr for BUFI.

Performance

PAPR vs. BUFI - Performance Comparison

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

Returns By Period

In the year-to-date period, PAPR achieves a 7.72% return, which is significantly higher than BUFI's 4.92% return.

PAPR

• 1D: -0.18%
• 1M: 1.59%
• YTD: 7.72%
• 6M: 8.40%
• 1Y: 14.95%
• 3Y*: 11.66%
• 5Y*: 8.37%
• 10Y*: —

BUFI

• 1D: -0.31%
• 1M: 1.83%
• YTD: 4.92%
• 6M: 6.32%
• 1Y: 12.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPR vs. BUFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.72%	6.58%	-0.80%
BUFI AB International Buffer ETF	4.92%	16.50%	-1.31%

Correlation

The correlation between PAPR and BUFI is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.67

The correlation between PAPR and BUFI has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

Return for Risk

PAPR vs. BUFI — Risk / Return Rank

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

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

BUFI

BUFI Risk / Return Rank: 47
BUFI Sharpe Ratio Rank: 44
BUFI Sortino Ratio Rank: 46
BUFI Omega Ratio Rank: 47
BUFI Calmar Ratio Rank: 46
BUFI Martin Ratio Rank: 53

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.

PAPR vs. BUFI - 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 AB International Buffer ETF (BUFI). 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.

	PAPR	BUFI	Difference
Sharpe ratio: Return per unit of total volatility	4.56	1.53	+3.03
Sortino ratio: Return per unit of downside risk	8.35	2.25	+6.11
Omega ratio: Gain probability vs. loss probability	2.12	1.30	+0.82
Calmar ratio: Return relative to maximum drawdown	18.05	2.26	+15.79
Martin ratio: Return relative to average drawdown	82.05	8.98	+73.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAPR vs. BUFI - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 4.56, which is higher than the BUFI Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of PAPR and BUFI, 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

	PAPR	BUFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.56	1.53	+3.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.50	-0.66

Drawdowns

PAPR vs. BUFI - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than BUFI's maximum drawdown of -7.43%. Use the drawdown chart below to compare losses from any high point for PAPR and BUFI.

Drawdown Indicators

	PAPR	BUFI	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-7.43%	-7.88%
Max Drawdown (1Y) Largest decline over 1 year	-0.83%	-5.69%	+4.86%
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	-0.21%	-0.32%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.57%	-0.86%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	1.43%	-1.25%

Volatility

PAPR vs. BUFI - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 0.86%, while AB International Buffer ETF (BUFI) has a volatility of 2.20%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than BUFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	BUFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	2.20%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	7.05%	-4.59%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	8.43%	-5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	9.15%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	9.15%	+0.29%

PAPR vs. BUFI - Expense Ratio Comparison

PAPR has a 0.79% expense ratio, which is higher than BUFI's 0.69% expense ratio.

Dividends

PAPR vs. BUFI - Dividend Comparison

Neither PAPR nor BUFI has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BUFI AB International Buffer 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 PAPR and BUFI in my portfolio?

PAPR and BUFI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAPR or BUFI?

BUFI has higher volatility (2.20%) compared to PAPR (0.86%). In terms of maximum drawdown, PAPR dropped -15.31% vs BUFI's -7.43%.

Which ETF is better, PAPR or BUFI?

On 1-year performance, PAPR leads with 14.95% vs 12.80% for BUFI. On fees, BUFI is cheaper at 0.69% per year. On volatility, PAPR has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPR or BUFI?

Over the 1-year period, PAPR has performed better with a 14.95% return vs 12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPR or BUFI?

BUFI is cheaper with a 0.69% expense ratio, compared with 0.79% for PAPR.

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

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

What is the main difference between PAPR and BUFI?

They also come from different issuers: Innovator and AllianceBernstein. Their fees differ too: 0.79% for PAPR and 0.69% for BUFI.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.56 vs 1.53), 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.