PAPR vs. CAOS

Last updated Jun 24, 2026

PAPR (Innovator U.S. Equity Power Buffer ETF - April) and CAOS (Alpha Architect Tail Risk 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 CAOS is a Options Trading fund actively managed by Alpha Architect. PAPR is passively managed, while CAOS is actively managed. Over the past 3 years, PAPR returned 11.12%/yr vs 3.94%/yr for CAOS. At a 0.13 correlation, their price movements are largely independent. PAPR charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

PAPR vs. CAOS - 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 Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAPR achieves a 7.23% return, which is significantly higher than CAOS's 0.71% return.

PAPR

• 1D: -0.36%
• 1M: -0.14%
• YTD: 7.23%
• 6M: 7.25%
• 1Y: 13.78%
• 3Y*: 11.12%
• 5Y*: 8.08%
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

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

PAPR vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.23%	6.58%	12.28%	12.03%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	5.33%	7.43%

Correlation

The correlation between PAPR and CAOS is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.13

The correlation between PAPR and CAOS shifts across timeframes, from -0.31 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAPR vs. CAOS — 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: 97
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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. CAOS - 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 Alpha Architect Tail Risk ETF (CAOS). 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	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	4.05	1.08	+2.97
Sortino ratio: Return per unit of downside risk	7.03	1.72	+5.31
Omega ratio: Gain probability vs. loss probability	1.96	1.22	+0.74
Calmar ratio: Return relative to maximum drawdown	11.92	2.15	+9.78
Martin ratio: Return relative to average drawdown	61.40	5.18	+56.22

PAPR vs. CAOS - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 4.05, which is higher than the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of PAPR and CAOS, 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

PAPR vs. CAOS - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PAPR and CAOS.

Drawdown Indicators

	PAPR	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-3.89%	-11.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.16%	-0.76%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	-3.60%	-8.27%
Max Drawdown (5Y) Largest decline over 5 years	-11.87%	—	—
Current Drawdown Current decline from peak	-0.66%	-1.18%	+0.52%
Average Drawdown Average peak-to-trough decline	-1.56%	-0.92%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.32%	-0.10%

Volatility

PAPR vs. CAOS - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a higher volatility of 1.45% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that PAPR's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	0.32%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	1.05%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	1.50%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.22%	4.23%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.42%	4.23%	+5.19%

PAPR vs. CAOS - Expense Ratio Comparison

PAPR has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

PAPR vs. CAOS - Dividend Comparison

Neither PAPR nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CAOS Alpha Architect Tail Risk 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 CAOS in my portfolio?

PAPR and CAOS have a correlation of -0.31, 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 CAOS?

PAPR has higher volatility (1.45%) compared to CAOS (0.32%). In terms of maximum drawdown, PAPR dropped -15.31% vs CAOS's -3.89%.

Which ETF is better, PAPR or CAOS?

On 3-year performance, PAPR leads with 11.12% vs 3.94% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPR or CAOS?

Over the 3-year period, PAPR has performed better with a 11.12% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPR or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for PAPR.

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

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

What is the main difference between PAPR and CAOS?

PAPR is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for PAPR and 0.63% for CAOS.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.05 vs 1.08), 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.