PMAR vs. PAPR
Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - March (PMAR) and Innovator U.S. Equity Power Buffer ETF - April (PAPR).
PMAR and PAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PMAR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect March Series Index. It was launched on Mar 2, 2020. 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. Both PMAR and PAPR 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
PMAR vs. PAPR - Performance Comparison
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PMAR vs. PAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PMAR Innovator U.S. Equity Power Buffer ETF - March | -0.72% | 11.82% | 12.83% | 15.95% | -2.65% | 10.96% | 6.64% |
PAPR Innovator U.S. Equity Power Buffer ETF - April | 1.74% | 6.58% | 12.28% | 16.45% | -4.29% | 7.51% | 5.70% |
Returns By Period
In the year-to-date period, PMAR achieves a -0.72% return, which is significantly lower than PAPR's 1.74% return.
PMAR
- 1D
- 1.78%
- 1M
- -2.41%
- YTD
- -0.72%
- 6M
- 1.62%
- 1Y
- 11.73%
- 3Y*
- 11.52%
- 5Y*
- 8.51%
- 10Y*
- —
PAPR
- 1D
- 0.45%
- 1M
- 0.61%
- YTD
- 1.74%
- 6M
- 3.75%
- 1Y
- 11.61%
- 3Y*
- 10.62%
- 5Y*
- 7.56%
- 10Y*
- —
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PMAR vs. PAPR - Expense Ratio Comparison
Both PMAR and PAPR have an expense ratio of 0.79%.
Return for Risk
PMAR vs. PAPR — Risk / Return Rank
PMAR
PAPR
PMAR vs. PAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - March (PMAR) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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.
| PMAR | PAPR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.16 | 1.36 | -0.19 |
Sortino ratioReturn per unit of downside risk | 1.75 | 2.06 | -0.30 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.46 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.70 | -0.07 |
Martin ratioReturn relative to average drawdown | 9.43 | 11.88 | -2.46 |
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
| PMAR | PAPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 1.36 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.92 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.76 | +0.06 |
Correlation
The correlation between PMAR and PAPR is 0.85, 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
PMAR vs. PAPR - Dividend Comparison
Neither PMAR nor PAPR has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PMAR Innovator U.S. Equity Power Buffer ETF - March | 0.00% | 0.00% | 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% |
Drawdowns
PMAR vs. PAPR - Drawdown Comparison
The maximum PMAR drawdown since its inception was -17.18%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for PMAR and PAPR.
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Drawdown Indicators
| PMAR | PAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.18% | -15.31% | -1.87% |
Max Drawdown (1Y)Largest decline over 1 year | -7.40% | -7.26% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -10.84% | -11.87% | +1.03% |
Current DrawdownCurrent decline from peak | -2.41% | 0.00% | -2.41% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -1.61% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.04% | +0.24% |
Volatility
PMAR vs. PAPR - Volatility Comparison
Innovator U.S. Equity Power Buffer ETF - March (PMAR) has a higher volatility of 3.20% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.01%. This indicates that PMAR's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMAR | PAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.20% | 1.01% | +2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.16% | 2.04% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.12% | 8.62% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 8.23% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.84% | 9.53% | +1.31% |