PBAP vs. AAPR

Last updated Aug 4, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds. Both are actively managed. Over the past year, PBAP returned 12.52% vs 8.29% for AAPR. Their correlation of 0.84 means they have usually moved in the same direction. PBAP charges 0.50%/yr vs 0.79%/yr for AAPR.

Performance

PBAP vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAP achieves a 7.91% return, which is significantly higher than AAPR's 4.30% return.

PBAP

• 1D: 0.41%
• 1M: 0.82%
• 6M: 7.27%
• YTD: 7.91%
• 1Y: 12.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.98%

AAPR

• 1D: 0.19%
• 1M: 0.44%
• 6M: 3.69%
• YTD: 4.30%
• 1Y: 8.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	$152.15K	$118.88K	$437.69K
PBAP PGIM US Large-Cap Buffer 20 ETF - April	$124.94K	$134.45K	$161.92K

PBAP vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	7.91%	6.34%	8.86%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	4.30%	7.79%	6.33%

Correlation

The correlation between PBAP and AAPR is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.84

The correlation between PBAP and AAPR has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

PBAP vs. AAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 97
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 98
PBAP Martin Ratio Rank: 98

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 97
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBAP vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	PBAP	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.68	3.36	+0.32
Sortino ratio: Return per unit of downside risk	6.00	5.42	+0.58
Omega ratio: Gain probability vs. loss probability	1.92	1.75	+0.17
Calmar ratio: Return relative to maximum drawdown	10.73	8.63	+2.10
Martin ratio: Return relative to average drawdown	61.34	38.20	+23.14

PBAP vs. AAPR - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 3.68, which is comparable to the AAPR Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of PBAP and AAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBAP vs. AAPR - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for PBAP and AAPR.

Drawdown Indicators

	PBAP	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-5.99%	-3.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-0.96%	-0.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.75%	-0.44%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.22%	-0.02%

Volatility

PBAP vs. AAPR - Volatility Comparison

PGIM US Large-Cap Buffer 20 ETF - April (PBAP) has a higher volatility of 1.34% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 0.75%. This indicates that PBAP's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	0.75%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	1.96%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	2.48%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	4.71%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	4.71%	+2.23%

PBAP vs. AAPR - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is lower than AAPR's 0.79% expense ratio.

Dividends

PBAP vs. AAPR - Dividend Comparison

Neither PBAP nor AAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBAP and AAPR in my portfolio?

PBAP and AAPR have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBAP or AAPR?

PBAP has higher volatility (1.34%) compared to AAPR (0.75%). In terms of maximum drawdown, PBAP dropped -9.70% vs AAPR's -5.99%.

Which ETF is better, PBAP or AAPR?

On 1-year performance, PBAP leads with 12.52% vs 8.29% for AAPR. On fees, PBAP is cheaper at 0.50% per year. On volatility, AAPR has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAP or AAPR?

Over the 1-year period, PBAP has performed better with a 12.52% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAP or AAPR?

PBAP is cheaper with a 0.50% expense ratio, compared with 0.79% for AAPR.

Which ETF pays a higher dividend yield, PBAP or AAPR?

PBAP and AAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between PBAP and AAPR?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PBAP and 0.79% for AAPR.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.68 vs 3.36), 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.