UAPR vs. SPY

Last updated Jun 23, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UAPR is a Defined Outcome fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, UAPR returned 6.46%/yr vs 13.51%/yr for SPY. Their correlation of 0.85 suggests significant overlap in exposure. UAPR charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

UAPR vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 lower than SPY's 9.74% return.

UAPR

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

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

UAPR vs. SPY - 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%	6.24%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	15.59%

Correlation

The correlation between UAPR and SPY is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 1, 2019	0.85

The correlation between UAPR and SPY has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

UAPR vs. SPY - Sectors Allocation Comparison

Sectors	UAPR	SPY
Technology	35.7%	39.0%
Financial Services	11.6%	11.1%
Communication Services	11.3%	10.6%
Consumer Cyclical	10.2%	9.9%
Healthcare	8.5%	8.3%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.5%
Energy	3.5%	3.1%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

UAPR vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	4.23	2.16	+2.07
Sortino ratio: Return per unit of downside risk	7.16	2.91	+4.25
Omega ratio: Gain probability vs. loss probability	2.01	1.39	+0.61
Calmar ratio: Return relative to maximum drawdown	12.40	3.01	+9.39
Martin ratio: Return relative to average drawdown	62.56	13.54	+49.03

UAPR vs. SPY - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 4.23, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of UAPR and SPY, 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. SPY - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UAPR and SPY.

Drawdown Indicators

	UAPR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-55.19%	+40.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-8.88%	+7.77%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-18.76%	+7.92%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-24.50%	+13.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.19%	-1.75%	+1.56%
Average Drawdown Average peak-to-trough decline	-3.29%	-9.04%	+5.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	1.97%	-1.75%

Volatility

UAPR vs. SPY - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) is 1.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that UAPR experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAPR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	4.64%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	9.75%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	12.43%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	17.14%	-10.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.40%	17.99%	-9.59%

UAPR vs. SPY - Expense Ratio Comparison

UAPR has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

UAPR vs. SPY - Dividend Comparison

UAPR has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UAPR and SPY in my portfolio?

UAPR and SPY have a correlation of 0.85, 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 SPY?

SPY has higher volatility (4.64%) compared to UAPR (1.24%). In terms of maximum drawdown, UAPR dropped -14.61% vs SPY's -55.19%.

Which ETF is better, UAPR or SPY?

On 5-year performance, SPY leads with 13.51% vs 6.46% for UAPR. On fees, SPY is cheaper at 0.09% 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 SPY?

Over the 5-year period, SPY has performed better with a 13.51% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for UAPR.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for UAPR.

What is the main difference between UAPR and SPY?

UAPR is categorized as Defined Outcome, while SPY is S&P 500. UAPR tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for UAPR and 0.09% for SPY.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (4.23 vs 2.16), 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.