UAPR vs. NVDO

Last updated Jun 24, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. UAPR is passively managed, while NVDO is actively managed. At a 0.49 correlation, their price movements are largely independent. UAPR charges 0.79%/yr vs 0.77%/yr for NVDO.

Performance

UAPR vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAPR achieves a 6.40% return, which is significantly lower than NVDO's 16.35% return.

UAPR

• 1D: -0.46%
• 1M: -0.18%
• YTD: 6.40%
• 6M: 6.43%
• 1Y: 12.70%
• 3Y*: 10.63%
• 5Y*: 6.33%
• 10Y*: —

NVDO

• 1D: 0.00%
• 1M: 1.57%
• YTD: 16.35%
• 6M: 18.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UAPR vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.40%	3.13%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	16.35%	10.05%

Correlation

The correlation between UAPR and NVDO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.49

Return for Risk

UAPR vs. NVDO — Risk / Return Rank

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

UAPR

UAPR Risk / Return Rank: 97
UAPR Sharpe Ratio Rank: 96
UAPR Sortino Ratio Rank: 97
UAPR Omega Ratio Rank: 97
UAPR Calmar Ratio Rank: 98
UAPR Martin Ratio Rank: 98

NVDO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	3.89	—	—
Sortino ratio: Return per unit of downside risk	6.45	—	—
Omega ratio: Gain probability vs. loss probability	1.90	—	—
Calmar ratio: Return relative to maximum drawdown	11.47	—	—
Martin ratio: Return relative to average drawdown	56.89	—	—

Drawdowns

UAPR vs. NVDO - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for UAPR and NVDO.

Drawdown Indicators

	UAPR	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-16.25%	+1.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	—	—
Current Drawdown Current decline from peak	-0.65%	-4.73%	+4.08%
Average Drawdown Average peak-to-trough decline	-3.29%	-4.97%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	—	—

Volatility

Volatility by Period

	UAPR	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	32.12%	-28.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	32.12%	-25.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.40%	32.12%	-23.72%

UAPR vs. NVDO - Expense Ratio Comparison

UAPR has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

UAPR vs. NVDO - Dividend Comparison

UAPR has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.32%	16.66%	0.00%	0.00%	0.00%	0.00%	0.00%	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 NVDO in my portfolio?

UAPR and NVDO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UAPR or NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UAPR or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for UAPR.

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

NVDO has the higher dividend yield at 14.32%, compared with 0.00% for UAPR.

What is the main difference between UAPR and NVDO?

They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for UAPR and 0.77% for NVDO.