PAPR vs. VOO
Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Vanguard S&P 500 ETF (VOO).
PAPR and VOO 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. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010. Both PAPR and VOO 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. VOO - Performance Comparison
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PAPR vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 1.74% | 6.58% | 12.28% | 16.45% | -4.29% | 7.51% | 4.62% | 6.47% |
VOO Vanguard S&P 500 ETF | -4.42% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 14.35% |
Returns By Period
In the year-to-date period, PAPR achieves a 1.74% return, which is significantly higher than VOO's -4.42% return.
PAPR
- 1D
- 0.45%
- 1M
- 0.61%
- YTD
- 1.74%
- 6M
- 3.75%
- 1Y
- 11.61%
- 3Y*
- 10.62%
- 5Y*
- 7.56%
- 10Y*
- —
VOO
- 1D
- 2.86%
- 1M
- -5.01%
- YTD
- -4.42%
- 6M
- -1.84%
- 1Y
- 17.67%
- 3Y*
- 18.27%
- 5Y*
- 11.75%
- 10Y*
- 14.05%
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PAPR vs. VOO - Expense Ratio Comparison
PAPR has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.
Return for Risk
PAPR vs. VOO — Risk / Return Rank
PAPR
VOO
PAPR vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 0.98 | +0.37 |
Sortino ratioReturn per unit of downside risk | 2.06 | 1.50 | +0.56 |
Omega ratioGain probability vs. loss probability | 1.46 | 1.23 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.53 | +0.16 |
Martin ratioReturn relative to average drawdown | 11.88 | 7.29 | +4.59 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 0.98 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 0.70 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.83 | -0.07 |
Correlation
The correlation between PAPR and VOO is 0.88, 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. VOO - Dividend Comparison
PAPR has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.19%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.19% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Drawdowns
PAPR vs. VOO - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PAPR and VOO.
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Drawdown Indicators
| PAPR | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -33.99% | +18.68% |
Max Drawdown (1Y)Largest decline over 1 year | -7.26% | -11.98% | +4.72% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | -24.52% | +12.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.29% | +6.29% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -3.72% | +2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 2.52% | -1.48% |
Volatility
PAPR vs. VOO - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 1.01%, while Vanguard S&P 500 ETF (VOO) has a volatility of 5.29%. This indicates that PAPR experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAPR | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 5.29% | -4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 9.44% | -7.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 18.10% | -9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.23% | 16.82% | -8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.53% | 17.99% | -8.46% |