SEPT vs. PAPR

Last updated Jun 25, 2026

SEPT (AllianzIM U.S. Equity Buffer10 Sep ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. SEPT is actively managed, while PAPR is passively managed. Over the past year, SEPT returned 16.97% vs 13.33% for PAPR. Their correlation of 0.87 suggests significant overlap in exposure. SEPT charges 0.74%/yr vs 0.79%/yr for PAPR.

Performance

SEPT vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) 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, SEPT achieves a 5.75% return, which is significantly lower than PAPR's 7.36% return.

SEPT

• 1D: -0.10%
• 1M: 0.05%
• YTD: 5.75%
• 6M: 5.22%
• 1Y: 16.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: 0.12%
• 1M: -0.02%
• YTD: 7.36%
• 6M: 7.33%
• 1Y: 13.33%
• 3Y*: 11.16%
• 5Y*: 8.10%
• 10Y*: —

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

SEPT vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	5.75%	14.95%	16.43%	4.51%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.36%	6.58%	12.28%	4.47%

Correlation

The correlation between SEPT and PAPR is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 1, 2023	0.87

The correlation between SEPT and PAPR has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

SEPT vs. PAPR — Risk / Return Rank

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

SEPT

SEPT Risk / Return Rank: 82
SEPT Sharpe Ratio Rank: 83
SEPT Sortino Ratio Rank: 85
SEPT Omega Ratio Rank: 86
SEPT Calmar Ratio Rank: 72
SEPT Martin Ratio Rank: 87

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 97
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.

SEPT vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) 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.

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.

	SEPT	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.30	3.96	-1.66
Sortino ratio: Return per unit of downside risk	3.30	6.82	-3.52
Omega ratio: Gain probability vs. loss probability	1.45	1.93	-0.48
Calmar ratio: Return relative to maximum drawdown	3.16	11.54	-8.38
Martin ratio: Return relative to average drawdown	15.92	58.72	-42.79

SEPT vs. PAPR - Sharpe Ratio Comparison

The current SEPT Sharpe Ratio is 2.30, which is lower than the PAPR Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of SEPT 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.

Drawdowns

SEPT vs. PAPR - Drawdown Comparison

The maximum SEPT drawdown since its inception was -12.83%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for SEPT and PAPR.

Drawdown Indicators

	SEPT	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-15.31%	+2.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-1.16%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	-0.82%	-0.54%	-0.28%
Average Drawdown Average peak-to-trough decline	-1.11%	-1.56%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.23%	+0.84%

Volatility

SEPT vs. PAPR - Volatility Comparison

AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) has a higher volatility of 1.80% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.43%. This indicates that SEPT'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

	SEPT	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	1.43%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	2.77%	+2.96%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	3.42%	+4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.82%	8.22%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.82%	9.42%	+0.40%

SEPT vs. PAPR - Expense Ratio Comparison

SEPT has a 0.74% expense ratio, which is lower than PAPR's 0.79% expense ratio.

Dividends

SEPT vs. PAPR - Dividend Comparison

Neither SEPT 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%
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEPT and PAPR in my portfolio?

SEPT and PAPR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPT or PAPR?

SEPT has higher volatility (1.80%) compared to PAPR (1.43%). In terms of maximum drawdown, SEPT dropped -12.83% vs PAPR's -15.31%.

Which ETF is better, SEPT or PAPR?

On 1-year performance, SEPT leads with 16.97% vs 13.33% for PAPR. On fees, SEPT is cheaper at 0.74% per year. On volatility, PAPR has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPT or PAPR?

Over the 1-year period, SEPT has performed better with a 16.97% return vs 13.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPT or PAPR?

SEPT is cheaper with a 0.74% expense ratio, compared with 0.79% for PAPR.

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

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

What is the main difference between SEPT and PAPR?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for SEPT and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.96 vs 2.30), 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.