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PAPR vs. FMAR
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PAPR vs. FMAR

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - April (PAPR) and FT Vest U.S. Equity Buffer ETF - March (FMAR).

PAPR and FMAR 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. FMAR is an actively managed fund by FT Vest. It was launched on Mar 19, 2021.

Performance

PAPR vs. FMAR - 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 FT Vest U.S. Equity Buffer ETF - March (FMAR). The values are adjusted to include any dividend payments, if applicable.

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PAPR vs. FMAR - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PAPR
Innovator U.S. Equity Power Buffer ETF - April		1.74%6.58%12.28%16.45%-4.29%6.62%
FMAR
FT Vest U.S. Equity Buffer ETF - March		2.16%9.69%14.61%20.39%-5.51%11.38%

Returns By Period

In the year-to-date period, PAPR achieves a 1.74% return, which is significantly lower than FMAR's 2.16% return.

PAPR

1D
0.45%
1M
0.61%
YTD
1.74%
6M
3.75%
1Y
11.61%
3Y*
10.62%
5Y*
7.56%
10Y*
—

FMAR

1D
1.89%
1M
0.92%
YTD
2.16%
6M
4.53%
1Y
14.91%
3Y*
12.98%
5Y*
9.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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Innovator U.S. Equity Power Buffer ETF - April

FT Vest U.S. Equity Buffer ETF - March

Often compared with PAPR:
PAPR vs. SPYPAPR vs. VOOPAPR vs. MTBAPAPR vs. CAOSPAPR vs. BUFRPAPR vs. CLOZPAPR vs. BUFF
Often compared with FMAR:
FMAR vs. BUFRFMAR vs. FOCTFMAR vs. PTLCFMAR vs. IAPRFMAR vs. ZJUNFMAR vs. ZOCTFMAR vs. ZNOV

PAPR vs. FMAR - Expense Ratio Comparison

PAPR has a 0.79% expense ratio, which is lower than FMAR's 0.85% expense ratio.

FMAR
FT Vest U.S. Equity Buffer ETF - March
PAPR
Innovator U.S. Equity Power Buffer ETF - April

Return for Risk

PAPR vs. FMAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAPR
PAPR Risk / Return Rank: 8181
Overall Rank
PAPR Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
PAPR Sortino Ratio Rank: 7979
Sortino Ratio Rank
PAPR Omega Ratio Rank: 9595
Omega Ratio Rank
PAPR Calmar Ratio Rank: 6666
Calmar Ratio Rank
PAPR Martin Ratio Rank: 9090
Martin Ratio Rank
FMAR
FMAR Risk / Return Rank: 8181
Overall Rank
FMAR Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
FMAR Sortino Ratio Rank: 7777
Sortino Ratio Rank
FMAR Omega Ratio Rank: 9393
Omega Ratio Rank
FMAR Calmar Ratio Rank: 7171
Calmar Ratio Rank
FMAR Martin Ratio Rank: 9090
Martin Ratio Rank
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. FMAR - 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 FT Vest U.S. Equity Buffer ETF - March (FMAR). 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.

PAPRFMARDifference

Sharpe ratio

Return per unit of total volatility

1.36

1.36

0.00

Sortino ratio

Return per unit of downside risk

2.06

1.99

+0.07

Omega ratio

Gain probability vs. loss probability

1.46

1.43

+0.04

Calmar ratio

Return relative to maximum drawdown

1.70

1.84

-0.14

Martin ratio

Return relative to average drawdown

11.88

11.70

+0.19

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. FMAR - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 1.36, which is comparable to the FMAR Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PAPR and FMAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PAPRFMARDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.36

1.36

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.92

0.95

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.98

-0.22

Correlation

The correlation between PAPR and FMAR is 0.92, 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. FMAR - Dividend Comparison

Neither PAPR nor FMAR has paid dividends to shareholders.

TTM2025202420232022202120202019
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%
FMAR
FT Vest U.S. Equity Buffer ETF - March		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

PAPR vs. FMAR - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than FMAR's maximum drawdown of -14.36%. Use the drawdown chart below to compare losses from any high point for PAPR and FMAR.

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Drawdown Indicators

PAPRFMARDifference

Max Drawdown

Largest peak-to-trough decline

-15.31%

-14.36%

-0.95%

Max Drawdown (1Y)

Largest decline over 1 year

-7.26%

-8.31%

+1.05%

Max Drawdown (5Y)

Largest decline over 5 years

-11.87%

-14.36%

+2.49%

Current Drawdown

Current decline from peak

0.00%

-0.49%

+0.49%

Average Drawdown

Average peak-to-trough decline

-1.61%

-2.21%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

1.30%

-0.26%

Volatility

PAPR vs. FMAR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 1.01%, while FT Vest U.S. Equity Buffer ETF - March (FMAR) has a volatility of 2.90%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than FMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PAPRFMARDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.01%

2.90%

-1.89%

Volatility (6M)

Calculated over the trailing 6-month period

2.04%

3.75%

-1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

8.62%

11.04%

-2.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.23%

10.49%

-2.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.53%

10.47%

-0.94%