PAPR vs. PNOV

Last updated Jun 6, 2026

PAPR (Innovator U.S. Equity Power Buffer ETF - April) and PNOV (Innovator U.S. Equity Power Buffer ETF - November) are both Defined Outcome funds from Innovator - PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index while PNOV tracks the Cboe S&P 500 15% Buffer Protect November Series Index. Both are passively managed. Over the past 5 years, PAPR returned 8.26%/yr vs 7.82%/yr for PNOV. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PAPR vs. PNOV - 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 Innovator U.S. Equity Power Buffer ETF - November (PNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAPR achieves a 7.18% return, which is significantly higher than PNOV's 5.07% return.

PAPR

• 1D: -0.63%
• 1M: 0.48%
• YTD: 7.18%
• 6M: 7.84%
• 1Y: 14.50%
• 3Y*: 11.49%
• 5Y*: 8.26%
• 10Y*: —

PNOV

• 1D: -1.15%
• 1M: 0.43%
• YTD: 5.07%
• 6M: 5.23%
• 1Y: 13.73%
• 3Y*: 10.07%
• 5Y*: 7.82%
• 10Y*: —

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

PAPR vs. PNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.18%	6.58%	12.28%	16.45%	-4.29%	7.51%	4.62%	1.77%
PNOV Innovator U.S. Equity Power Buffer ETF - November	5.07%	10.31%	9.97%	14.08%	-2.64%	7.12%	10.41%	2.27%

Correlation

The correlation between PAPR and PNOV is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019	0.82

The correlation between PAPR and PNOV has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

PAPR vs. PNOV - Sectors Allocation Comparison

Sectors	PAPR	PNOV
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PAPR vs. PNOV — 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: 98
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

PNOV

PNOV Risk / Return Rank: 74
PNOV Sharpe Ratio Rank: 72
PNOV Sortino Ratio Rank: 76
PNOV Omega Ratio Rank: 81
PNOV Calmar Ratio Rank: 60
PNOV Martin Ratio Rank: 79

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. PNOV - 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 U.S. Equity Power Buffer ETF - November (PNOV). 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	PNOV	Difference
Sharpe ratio: Return per unit of total volatility	4.34	2.21	+2.14
Sortino ratio: Return per unit of downside risk	7.66	3.20	+4.47
Omega ratio: Gain probability vs. loss probability	2.06	1.46	+0.60
Calmar ratio: Return relative to maximum drawdown	17.50	2.84	+14.66
Martin ratio: Return relative to average drawdown	77.47	14.60	+62.87
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. PNOV - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 4.34, which is higher than the PNOV Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of PAPR and PNOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAPR	PNOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.34	2.21	+2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.88	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.81	+0.02

Drawdowns

PAPR vs. PNOV - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, smaller than the maximum PNOV drawdown of -18.51%. Use the drawdown chart below to compare losses from any high point for PAPR and PNOV.

Drawdown Indicators

	PAPR	PNOV	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-18.51%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-0.83%	-4.85%	+4.02%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	-10.35%	-1.52%
Max Drawdown (5Y) Largest decline over 5 years	-11.87%	-10.63%	-1.24%
Current Drawdown Current decline from peak	-0.71%	-1.17%	+0.46%
Average Drawdown Average peak-to-trough decline	-1.57%	-1.65%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.94%	-0.75%

Volatility

PAPR vs. PNOV - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 1.05%, while Innovator U.S. Equity Power Buffer ETF - November (PNOV) has a volatility of 1.57%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than PNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	PNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.57%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	5.22%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	6.24%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	8.91%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	10.56%	-1.12%

PAPR vs. PNOV - Expense Ratio Comparison

Both PAPR and PNOV have an expense ratio of 0.79%.

Dividends

PAPR vs. PNOV - Dividend Comparison

Neither PAPR nor PNOV has paid dividends to shareholders.

Position	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%
PNOV Innovator U.S. Equity Power Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAPR and PNOV in my portfolio?

PAPR and PNOV have a correlation of 0.80, 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 PNOV?

PNOV has higher volatility (1.57%) compared to PAPR (1.05%). In terms of maximum drawdown, PAPR dropped -15.31% vs PNOV's -18.51%.

Which ETF is better, PAPR or PNOV?

On 5-year performance, PAPR leads with 8.26% vs 7.82% for PNOV. Both ETFs have the same 0.79% expense ratio. On volatility, PAPR has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPR or PNOV?

Over the 5-year period, PAPR has performed better with a 8.26% return vs 7.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPR or PNOV?

PAPR and PNOV have the same expense ratio: 0.79% per year.

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

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

What is the main difference between PAPR and PNOV?

PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index, while PNOV tracks Cboe S&P 500 15% Buffer Protect November Series Index.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.34 vs 2.21), 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.