TDEC vs. PAPR

Last updated Jun 24, 2026

TDEC (FT Vest Emerging Markets Buffer ETF - December) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - TDEC tracks the MSCI Emerging Markets while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past year, TDEC returned 20.35% vs 13.78% for PAPR. A 0.63 correlation means they provide meaningful diversification when combined. TDEC charges 0.95%/yr vs 0.79%/yr for PAPR.

Performance

TDEC vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - December (TDEC) 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, TDEC achieves a 7.66% return, which is significantly higher than PAPR's 7.23% return.

TDEC

• 1D: -2.13%
• 1M: -0.09%
• YTD: 7.66%
• 6M: 8.74%
• 1Y: 20.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: -0.36%
• 1M: -0.14%
• YTD: 7.23%
• 6M: 7.25%
• 1Y: 13.78%
• 3Y*: 11.12%
• 5Y*: 8.08%
• 10Y*: —

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

TDEC vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TDEC FT Vest Emerging Markets Buffer ETF - December	7.66%	21.39%	-0.75%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.23%	6.58%	-0.04%

Correlation

The correlation between TDEC 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 (All Time) Calculated using the full available price history since Dec 23, 2024	0.63

The correlation between TDEC and PAPR has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

TDEC vs. PAPR — Risk / Return Rank

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

TDEC

TDEC Risk / Return Rank: 65
TDEC Sharpe Ratio Rank: 64
TDEC Sortino Ratio Rank: 62
TDEC Omega Ratio Rank: 79
TDEC Calmar Ratio Rank: 55
TDEC Martin Ratio Rank: 65

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.

TDEC vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - December (TDEC) 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.

	TDEC	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.91	4.05	-2.14
Sortino ratio: Return per unit of downside risk	2.63	7.03	-4.40
Omega ratio: Gain probability vs. loss probability	1.43	1.96	-0.54
Calmar ratio: Return relative to maximum drawdown	2.51	11.92	-9.42
Martin ratio: Return relative to average drawdown	10.81	61.40	-50.59

TDEC vs. PAPR - Sharpe Ratio Comparison

The current TDEC Sharpe Ratio is 1.91, which is lower than the PAPR Sharpe Ratio of 4.05. The chart below compares the historical Sharpe Ratios of TDEC 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

TDEC vs. PAPR - Drawdown Comparison

The maximum TDEC drawdown since its inception was -10.30%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TDEC and PAPR.

Drawdown Indicators

	TDEC	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-10.30%	-15.31%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-1.16%	-7.00%
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	-2.13%	-0.66%	-1.47%
Average Drawdown Average peak-to-trough decline	-1.05%	-1.56%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	0.22%	+1.67%

Volatility

TDEC vs. PAPR - Volatility Comparison

FT Vest Emerging Markets Buffer ETF - December (TDEC) has a higher volatility of 4.52% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.45%. This indicates that TDEC'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

	TDEC	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	1.45%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	2.78%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	3.44%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	8.22%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.03%	9.42%	+2.61%

TDEC vs. PAPR - Expense Ratio Comparison

TDEC has a 0.95% expense ratio, which is higher than PAPR's 0.79% expense ratio.

Dividends

TDEC vs. PAPR - Dividend Comparison

Neither TDEC 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%
TDEC FT Vest Emerging Markets Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDEC and PAPR in my portfolio?

TDEC 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, TDEC or PAPR?

TDEC has higher volatility (4.52%) compared to PAPR (1.45%). In terms of maximum drawdown, TDEC dropped -10.30% vs PAPR's -15.31%.

Which ETF is better, TDEC or PAPR?

On 1-year performance, TDEC leads with 20.35% vs 13.78% for PAPR. On fees, PAPR is cheaper at 0.79% per year. On volatility, PAPR has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TDEC or PAPR?

Over the 1-year period, TDEC has performed better with a 20.35% return vs 13.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TDEC or PAPR?

PAPR is cheaper with a 0.79% expense ratio, compared with 0.95% for TDEC.

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

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

What is the main difference between TDEC and PAPR?

TDEC tracks MSCI Emerging Markets, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.95% for TDEC and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.05 vs 1.91), 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.