PAPR vs. NVDO
PAPR (Innovator U.S. Equity Power Buffer ETF - April) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. PAPR is passively managed, while NVDO is actively managed. At a 0.48 correlation, their price movements are largely independent. PAPR charges 0.79%/yr vs 0.77%/yr for NVDO.
Performance
PAPR vs. NVDO - Performance Comparison
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Returns By Period
In the year-to-date period, PAPR achieves a 7.23% return, which is significantly lower than NVDO's 16.35% return.
PAPR
- 1D
- -0.36%
- 1M
- -0.14%
- YTD
- 7.23%
- 6M
- 7.25%
- 1Y
- 13.78%
- 3Y*
- 11.12%
- 5Y*
- 8.08%
- 10Y*
- —
NVDO
- 1D
- 0.00%
- 1M
- 1.57%
- YTD
- 16.35%
- 6M
- 18.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPR vs. NVDO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 7.23% | 3.27% |
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF | 16.35% | 10.05% |
Correlation
The correlation between PAPR and NVDO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025 | 0.48 |
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Return for Risk
PAPR vs. NVDO — Risk / Return Rank
PAPR
NVDO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPR vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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 | NVDO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.96 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 11.92 | — | — |
| Martin ratioReturn relative to average drawdown | 61.40 | — | — |
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Drawdowns
PAPR vs. NVDO - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for PAPR and NVDO.
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Drawdown Indicators
| PAPR | NVDO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -16.25% | +0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.16% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | — | — |
Current DrawdownCurrent decline from peak | -0.66% | -4.73% | +4.07% |
Average DrawdownAverage peak-to-trough decline | -1.56% | -4.97% | +3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | — | — |
Volatility
PAPR vs. NVDO - Volatility Comparison
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Volatility by Period
| PAPR | NVDO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 32.12% | -28.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.22% | 32.12% | -23.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.42% | 32.12% | -22.70% |
PAPR vs. NVDO - Expense Ratio Comparison
PAPR has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.
Dividends
PAPR vs. NVDO - Dividend Comparison
PAPR has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF | 14.32% | 16.66% | 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
PAPR and NVDO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for PAPR.
NVDO has the higher dividend yield at 14.32%, compared with 0.00% for PAPR.
They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for PAPR and 0.77% for NVDO.
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