UAPR vs. UFEB

Last updated Jun 24, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and UFEB (Innovator U.S. Equity Ultra Buffer ETF - February) are both Defined Outcome funds from Innovator - UAPR tracks the S&P 500 while UFEB tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect February Series Index. Both are passively managed. Over the past 5 years, UAPR returned 6.33%/yr vs 6.96%/yr for UFEB. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

UAPR vs. UFEB - 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 Innovator U.S. Equity Ultra Buffer ETF - February (UFEB). 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 higher than UFEB's 4.31% return.

UAPR

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

UFEB

• 1D: -0.56%
• 1M: -0.25%
• YTD: 4.31%
• 6M: 4.36%
• 1Y: 13.76%
• 3Y*: 11.70%
• 5Y*: 6.96%
• 10Y*: —

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

UAPR vs. UFEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.40%	6.27%	12.38%	10.60%	-5.67%	5.32%	-5.15%
UFEB Innovator U.S. Equity Ultra Buffer ETF - February	4.31%	10.57%	12.93%	11.91%	-5.85%	7.31%	5.57%

Correlation

The correlation between UAPR and UFEB 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	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020	0.79

The correlation between UAPR and UFEB has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

UAPR vs. UFEB - Sectors Allocation Comparison

Sectors	UAPR	UFEB
Technology	35.7%	38.4%
Financial Services	11.6%	11.0%
Communication Services	11.3%	10.8%
Consumer Cyclical	10.2%	10.0%
Healthcare	8.5%	8.4%
Industrials	8.3%	7.9%
Consumer Defensive	4.9%	4.6%
Energy	3.5%	3.2%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

UAPR vs. UFEB — 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

UFEB

UFEB Risk / Return Rank: 85
UFEB Sharpe Ratio Rank: 86
UFEB Sortino Ratio Rank: 88
UFEB Omega Ratio Rank: 88
UFEB Calmar Ratio Rank: 75
UFEB Martin Ratio Rank: 87

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. UFEB - 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 Innovator U.S. Equity Ultra Buffer ETF - February (UFEB). 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	UFEB	Difference
Sharpe ratio: Return per unit of total volatility	3.89	2.53	+1.36
Sortino ratio: Return per unit of downside risk	6.45	3.63	+2.81
Omega ratio: Gain probability vs. loss probability	1.90	1.51	+0.40
Calmar ratio: Return relative to maximum drawdown	11.47	3.54	+7.93
Martin ratio: Return relative to average drawdown	56.89	17.20	+39.69

UAPR vs. UFEB - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 3.89, which is higher than the UFEB Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of UAPR and UFEB, 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. UFEB - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, which is greater than UFEB's maximum drawdown of -13.32%. Use the drawdown chart below to compare losses from any high point for UAPR and UFEB.

Drawdown Indicators

	UAPR	UFEB	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-13.32%	-1.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-3.90%	+2.79%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-8.69%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-9.02%	-1.82%
Current Drawdown Current decline from peak	-0.65%	-0.91%	+0.26%
Average Drawdown Average peak-to-trough decline	-3.29%	-1.91%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.80%	-0.58%

Volatility

UAPR vs. UFEB - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) is 1.31%, while Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) has a volatility of 1.69%. This indicates that UAPR experiences smaller price fluctuations and is considered to be less risky than UFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAPR	UFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.69%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	4.08%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	5.47%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	6.31%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.40%	7.65%	+0.75%

UAPR vs. UFEB - Expense Ratio Comparison

Both UAPR and UFEB have an expense ratio of 0.79%.

Dividends

UAPR vs. UFEB - Dividend Comparison

Neither UAPR nor UFEB has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
UFEB Innovator U.S. Equity Ultra Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UAPR and UFEB in my portfolio?

UAPR and UFEB 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 UFEB?

UFEB has higher volatility (1.69%) compared to UAPR (1.31%). In terms of maximum drawdown, UAPR dropped -14.61% vs UFEB's -13.32%.

Which ETF is better, UAPR or UFEB?

On 5-year performance, UFEB leads with 6.96% vs 6.33% for UAPR. Both ETFs have the same 0.79% expense ratio. On volatility, UAPR has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAPR or UFEB?

Over the 5-year period, UFEB has performed better with a 6.96% return vs 6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAPR or UFEB?

UAPR and UFEB have the same expense ratio: 0.79% per year.

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

UAPR and UFEB have nearly identical dividend yields, around 0.00%.

What is the main difference between UAPR and UFEB?

UAPR tracks S&P 500, while UFEB tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect February Series Index.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (3.89 vs 2.53), 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.