UAPR vs. FLSP

Last updated Jun 23, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - UAPR is a Defined Outcome fund tracking the S&P 500, while FLSP is a Long-Short fund actively managed by Franklin Templeton. UAPR is passively managed, while FLSP is actively managed. Over the past 5 years, UAPR returned 6.46%/yr vs 8.49%/yr for FLSP. At a 0.12 correlation, their price movements are largely independent. UAPR charges 0.79%/yr vs 0.65%/yr for FLSP.

Performance

UAPR vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Franklin Liberty Systematic Style Premia ETF (FLSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAPR achieves a 6.90% return, which is significantly higher than FLSP's 2.34% return.

UAPR

• 1D: 0.04%
• 1M: 0.29%
• YTD: 6.90%
• 6M: 6.99%
• 1Y: 13.73%
• 3Y*: 10.80%
• 5Y*: 6.46%
• 10Y*: —

FLSP

• 1D: -0.58%
• 1M: 0.95%
• YTD: 2.34%
• 6M: 3.30%
• 1Y: 15.79%
• 3Y*: 10.46%
• 5Y*: 8.49%
• 10Y*: —

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

UAPR vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.90%	6.27%	12.38%	10.60%	-5.67%	5.32%	-5.05%	0.04%
FLSP Franklin Liberty Systematic Style Premia ETF	2.34%	15.56%	11.75%	3.14%	0.44%	11.44%	-15.19%	0.90%

Correlation

The correlation between UAPR and FLSP is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019	0.12

The correlation between UAPR and FLSP shifts across timeframes, from -0.09 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UAPR vs. FLSP — Risk / Return Rank

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

UAPR

UAPR Risk / Return Rank: 98
UAPR Sharpe Ratio Rank: 97
UAPR Sortino Ratio Rank: 98
UAPR Omega Ratio Rank: 97
UAPR Calmar Ratio Rank: 98
UAPR Martin Ratio Rank: 98

FLSP

FLSP Risk / Return Rank: 60
FLSP Sharpe Ratio Rank: 53
FLSP Sortino Ratio Rank: 53
FLSP Omega Ratio Rank: 49
FLSP Calmar Ratio Rank: 79
FLSP Martin Ratio Rank: 64

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.

UAPR vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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.

	UAPR	FLSP	Difference
Sharpe ratio: Return per unit of total volatility	4.23	1.75	+2.48
Sortino ratio: Return per unit of downside risk	7.16	2.49	+4.67
Omega ratio: Gain probability vs. loss probability	2.01	1.30	+0.70
Calmar ratio: Return relative to maximum drawdown	12.40	3.94	+8.47
Martin ratio: Return relative to average drawdown	62.56	11.39	+51.18

UAPR vs. FLSP - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 4.23, which is higher than the FLSP Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of UAPR and FLSP, 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

UAPR vs. FLSP - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for UAPR and FLSP.

Drawdown Indicators

	UAPR	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-22.75%	+8.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-4.03%	+2.92%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-6.69%	-4.15%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-9.52%	-1.32%
Current Drawdown Current decline from peak	-0.19%	-0.90%	+0.71%
Average Drawdown Average peak-to-trough decline	-3.29%	-6.26%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	1.39%	-1.17%

Volatility

UAPR vs. FLSP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) is 1.24%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 1.74%. This indicates that UAPR experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAPR	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.74%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	6.77%	-4.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	9.08%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	13.35%	-6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.40%	13.48%	-5.08%

UAPR vs. FLSP - Expense Ratio Comparison

UAPR has a 0.79% expense ratio, which is higher than FLSP's 0.65% expense ratio.

Dividends

UAPR vs. FLSP - Dividend Comparison

UAPR has not paid dividends to shareholders, while FLSP's dividend yield for the trailing twelve months is around 2.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FLSP Franklin Liberty Systematic Style Premia ETF	2.59%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%	0.00%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%

Frequently Asked Questions

Can I hold both UAPR and FLSP in my portfolio?

UAPR and FLSP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAPR or FLSP?

FLSP has higher volatility (1.74%) compared to UAPR (1.24%). In terms of maximum drawdown, UAPR dropped -14.61% vs FLSP's -22.75%.

Which ETF is better, UAPR or FLSP?

On 5-year performance, FLSP leads with 8.49% vs 6.46% for UAPR. On fees, FLSP is cheaper at 0.65% per year. On volatility, UAPR has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAPR or FLSP?

Over the 5-year period, FLSP has performed better with a 8.49% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAPR or FLSP?

FLSP is cheaper with a 0.65% expense ratio, compared with 0.79% for UAPR.

Which ETF pays a higher dividend yield, UAPR or FLSP?

FLSP has the higher dividend yield at 2.59%, compared with 0.00% for UAPR.

What is the main difference between UAPR and FLSP?

UAPR is categorized as Defined Outcome, while FLSP is Long-Short. They also come from different issuers: Innovator and Franklin Templeton. Their fees differ too: 0.79% for UAPR and 0.65% for FLSP.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (4.23 vs 1.75), 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.