PAPR vs. PSMR

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Pacer Swan SOS Moderate (April) ETF (PSMR).

PAPR and PSMR 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. PSMR is an actively managed fund by Pacer. It was launched on Mar 31, 2021.

Performance

PAPR vs. PSMR - 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 Pacer Swan SOS Moderate (April) ETF (PSMR). The values are adjusted to include any dividend payments, if applicable.

PAPR vs. PSMR - 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%
PSMR Pacer Swan SOS Moderate (April) ETF	1.94%	6.74%	11.99%	16.85%	-4.11%	7.37%

Returns By Period

In the year-to-date period, PAPR achieves a 1.74% return, which is significantly lower than PSMR's 1.94% return.

PAPR

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

PSMR

• 1D: 0.51%
• 1M: 0.90%
• YTD: 1.94%
• 6M: 3.84%
• 1Y: 11.95%
• 3Y*: 10.80%
• 5Y*: —
• 10Y*: —

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

PAPR vs. PSMR - Expense Ratio Comparison

PAPR has a 0.79% expense ratio, which is higher than PSMR's 0.61% expense ratio.

PAPR

Innovator U.S. Equity Power Buffer ETF - April

PSMR

Pacer Swan SOS Moderate (April) ETF

Return for Risk

PAPR vs. PSMR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAPR

PAPR Risk / Return Rank: 81
PAPR Sharpe Ratio Rank: 75
PAPR Sortino Ratio Rank: 79
PAPR Omega Ratio Rank: 95
PAPR Calmar Ratio Rank: 66
PAPR Martin Ratio Rank: 90

PSMR

PSMR Risk / Return Rank: 81
PSMR Sharpe Ratio Rank: 75
PSMR Sortino Ratio Rank: 80
PSMR Omega Ratio Rank: 93
PSMR Calmar Ratio Rank: 69
PSMR Martin Ratio Rank: 90

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. PSMR - 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 Pacer Swan SOS Moderate (April) ETF (PSMR). 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	PSMR	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.37	-0.01
Sortino ratio Return per unit of downside risk	2.06	2.07	-0.02
Omega ratio Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio Return relative to maximum drawdown	1.70	1.78	-0.08
Martin ratio Return relative to average drawdown	11.88	11.78	+0.10
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. PSMR - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 1.36, which is comparable to the PSMR Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of PAPR and PSMR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAPR	PSMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.37	-0.01
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	0.94	-0.18

Correlation

The correlation between PAPR and PSMR is 0.90, 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. PSMR - Dividend Comparison

Neither PAPR nor PSMR 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%
PSMR Pacer Swan SOS Moderate (April) ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PAPR vs. PSMR - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than PSMR's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for PAPR and PSMR.

Drawdown Indicators

	PAPR	PSMR	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-11.78%	-3.53%
Max Drawdown (1Y) Largest decline over 1 year	-7.26%	-7.10%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-11.87%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.61%	-1.72%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.07%	-0.03%

Volatility

PAPR vs. PSMR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 1.01%, while Pacer Swan SOS Moderate (April) ETF (PSMR) has a volatility of 1.27%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than PSMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	PSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.27%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	2.24%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	8.62%	8.78%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	8.52%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.53%	8.52%	+1.01%