PNOV vs. PAPR

Last updated Jun 6, 2026

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

Performance

PNOV vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - November (PNOV) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

PNOV

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

PAPR

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

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

PNOV vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
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%

Correlation

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

PNOV vs. PAPR - Sectors Allocation Comparison

Sectors	PNOV	PAPR
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

PNOV vs. PAPR — Risk / Return Rank

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

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

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

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.

PNOV vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - November (PNOV) 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.

	PNOV	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.21	4.34	-2.14
Sortino ratio: Return per unit of downside risk	3.20	7.66	-4.47
Omega ratio: Gain probability vs. loss probability	1.46	2.06	-0.60
Calmar ratio: Return relative to maximum drawdown	2.84	17.50	-14.66
Martin ratio: Return relative to average drawdown	14.60	77.47	-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.

PNOV vs. PAPR - Sharpe Ratio Comparison

The current PNOV Sharpe Ratio is 2.21, which is lower than the PAPR Sharpe Ratio of 4.34. The chart below compares the historical Sharpe Ratios of PNOV and PAPR, 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

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

Drawdowns

PNOV vs. PAPR - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

PNOV vs. PAPR - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - November (PNOV) has a higher volatility of 1.57% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.05%. This indicates that PNOV'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.

Volatility by Period

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

PNOV vs. PAPR - Expense Ratio Comparison

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

Dividends

PNOV vs. PAPR - Dividend Comparison

Neither PNOV nor PAPR 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 PNOV and PAPR in my portfolio?

PNOV and PAPR 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, PNOV or PAPR?

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

Which ETF is better, PNOV or PAPR?

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, PNOV or PAPR?

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, PNOV or PAPR?

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

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

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

What is the main difference between PNOV and PAPR?

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