PAPR vs. EAPR
Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Innovator Emerging Markets Power Buffer ETF - April (EAPR).
PAPR and EAPR 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. EAPR is a passively managed fund by Innovator that tracks the performance of the MSCI Emerging Markets. It was launched on Mar 31, 2021. Both PAPR and EAPR 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. EAPR - Performance Comparison
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PAPR vs. EAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 1.74% | 6.58% | 12.28% | 16.45% | -4.29% | 6.08% |
EAPR Innovator Emerging Markets Power Buffer ETF - April | 0.61% | 14.80% | 2.86% | 8.19% | -5.01% | -2.80% |
Returns By Period
In the year-to-date period, PAPR achieves a 1.74% return, which is significantly higher than EAPR's 0.61% return.
PAPR
- 1D
- 0.45%
- 1M
- 0.61%
- YTD
- 1.74%
- 6M
- 3.75%
- 1Y
- 11.61%
- 3Y*
- 10.62%
- 5Y*
- 7.56%
- 10Y*
- —
EAPR
- 1D
- -0.97%
- 1M
- -0.66%
- YTD
- 0.61%
- 6M
- 2.49%
- 1Y
- 12.59%
- 3Y*
- 6.93%
- 5Y*
- —
- 10Y*
- —
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PAPR vs. EAPR - Expense Ratio Comparison
PAPR has a 0.79% expense ratio, which is lower than EAPR's 0.89% expense ratio.
Return for Risk
PAPR vs. EAPR — Risk / Return Rank
PAPR
EAPR
PAPR vs. EAPR - 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 Innovator Emerging Markets Power Buffer ETF - April (EAPR). 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 | EAPR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 1.64 | -0.28 |
Sortino ratioReturn per unit of downside risk | 2.06 | 2.39 | -0.33 |
Omega ratioGain probability vs. loss probability | 1.46 | 1.46 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.77 | -0.07 |
Martin ratioReturn relative to average drawdown | 11.88 | 13.21 | -1.33 |
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 | EAPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 1.64 | -0.28 |
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 | 0.36 | +0.40 |
Correlation
The correlation between PAPR and EAPR is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PAPR vs. EAPR - Dividend Comparison
Neither PAPR nor EAPR has paid dividends to shareholders.
| 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% |
EAPR Innovator Emerging Markets Power Buffer ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PAPR vs. EAPR - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, smaller than the maximum EAPR drawdown of -17.65%. Use the drawdown chart below to compare losses from any high point for PAPR and EAPR.
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Drawdown Indicators
| PAPR | EAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -17.65% | +2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -7.26% | -6.99% | -0.27% |
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% | -4.18% | +2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.94% | +0.10% |
Volatility
PAPR vs. EAPR - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 1.01%, while Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a volatility of 1.23%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than EAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAPR | EAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.23% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 2.42% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 7.73% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.23% | 9.82% | -1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.53% | 9.82% | -0.29% |