PAPR vs. DMAX
Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - April (PAPR) and iShares Large Cap Max Buffer December ETF (DMAX).
PAPR and DMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAPR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect April Series Index. It was launched on Apr 1, 2019. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024. Both PAPR and DMAX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PAPR vs. DMAX - Performance Comparison
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PAPR vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 1.74% | 6.74% |
DMAX iShares Large Cap Max Buffer December ETF | -0.37% | 7.81% |
Returns By Period
In the year-to-date period, PAPR achieves a 1.74% return, which is significantly higher than DMAX's -0.37% return.
PAPR
- 1D
- 0.45%
- 1M
- 0.61%
- YTD
- 1.74%
- 6M
- 3.75%
- 1Y
- 11.61%
- 3Y*
- 10.62%
- 5Y*
- 7.56%
- 10Y*
- —
DMAX
- 1D
- 0.40%
- 1M
- -0.84%
- YTD
- -0.37%
- 6M
- 1.76%
- 1Y
- 7.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PAPR vs. DMAX - Expense Ratio Comparison
PAPR has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Return for Risk
PAPR vs. DMAX — Risk / Return Rank
PAPR
DMAX
PAPR vs. DMAX - 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 iShares Large Cap Max Buffer December ETF (DMAX). 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 | DMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 2.26 | -0.90 |
Sortino ratioReturn per unit of downside risk | 2.06 | 3.38 | -1.32 |
Omega ratioGain probability vs. loss probability | 1.46 | 1.51 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 3.99 | -2.29 |
Martin ratioReturn relative to average drawdown | 11.88 | 19.40 | -7.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAPR | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 2.26 | -0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.68 | -0.92 |
Correlation
The correlation between PAPR and DMAX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PAPR vs. DMAX - Dividend Comparison
PAPR has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.18%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% |
DMAX iShares Large Cap Max Buffer December ETF | 1.18% | 1.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PAPR vs. DMAX - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PAPR and DMAX.
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Drawdown Indicators
| PAPR | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -3.37% | -11.94% |
Max Drawdown (1Y)Largest decline over 1 year | -7.26% | -2.00% | -5.26% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.97% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -0.42% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.41% | +0.63% |
Volatility
PAPR vs. DMAX - Volatility Comparison
Innovator U.S. Equity Power Buffer ETF - April (PAPR) and iShares Large Cap Max Buffer December ETF (DMAX) have volatilities of 1.01% and 0.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAPR | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.98% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 1.81% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 3.46% | +5.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.23% | 3.57% | +4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.53% | 3.57% | +5.96% |