SMAY vs. PAPR

Last updated Jun 23, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. SMAY is actively managed, while PAPR is passively managed. Over the past 3 years, SMAY returned 11.38%/yr vs 11.25%/yr for PAPR. A 0.67 correlation means they provide meaningful diversification when combined. SMAY charges 0.90%/yr vs 0.79%/yr for PAPR.

Performance

SMAY vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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, SMAY achieves a 8.76% return, which is significantly higher than PAPR's 7.62% return.

SMAY

• 1D: 0.43%
• 1M: 2.40%
• YTD: 8.76%
• 6M: 8.27%
• 1Y: 20.13%
• 3Y*: 11.38%
• 5Y*: —
• 10Y*: —

PAPR

• 1D: -0.21%
• 1M: 0.21%
• YTD: 7.62%
• 6M: 7.71%
• 1Y: 14.71%
• 3Y*: 11.25%
• 5Y*: 8.20%
• 10Y*: —

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

SMAY vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	8.76%	4.75%	12.60%	9.21%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.62%	6.58%	12.28%	9.39%

Correlation

The correlation between SMAY and PAPR is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 22, 2023	0.67

The correlation between SMAY and PAPR has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

Return for Risk

SMAY vs. PAPR — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 90
SMAY Sharpe Ratio Rank: 86
SMAY Sortino Ratio Rank: 90
SMAY Omega Ratio Rank: 88
SMAY Calmar Ratio Rank: 94
SMAY Martin Ratio Rank: 94

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.

SMAY vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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.

	SMAY	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.66	4.33	-1.66
Sortino ratio: Return per unit of downside risk	3.98	7.62	-3.64
Omega ratio: Gain probability vs. loss probability	1.52	2.05	-0.53
Calmar ratio: Return relative to maximum drawdown	6.73	12.74	-6.01
Martin ratio: Return relative to average drawdown	26.93	66.73	-39.80

SMAY vs. PAPR - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.66, which is lower than the PAPR Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of SMAY 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

SMAY vs. PAPR - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for SMAY and PAPR.

Drawdown Indicators

	SMAY	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-15.31%	+0.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-1.16%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	-11.87%	-2.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-2.52%	-1.56%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.22%	+0.53%

Volatility

SMAY vs. PAPR - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) has a higher volatility of 3.33% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.40%. This indicates that SMAY'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

	SMAY	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	1.40%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	5.23%	2.75%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.61%	3.42%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	8.22%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	9.42%	+0.81%

SMAY vs. PAPR - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than PAPR's 0.79% expense ratio.

Dividends

SMAY vs. PAPR - Dividend Comparison

Neither SMAY 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%
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAY and PAPR in my portfolio?

SMAY and PAPR have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAY or PAPR?

SMAY has higher volatility (3.33%) compared to PAPR (1.40%). In terms of maximum drawdown, SMAY dropped -14.44% vs PAPR's -15.31%.

Which ETF is better, SMAY or PAPR?

On 3-year performance, SMAY leads with 11.38% vs 11.25% for PAPR. On fees, PAPR is cheaper at 0.79% per year. On volatility, PAPR has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or PAPR?

Over the 3-year period, SMAY has performed better with a 11.38% return vs 11.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or PAPR?

PAPR is cheaper with a 0.79% expense ratio, compared with 0.90% for SMAY.

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

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

What is the main difference between SMAY and PAPR?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.90% for SMAY and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.33 vs 2.66), 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.