XBFR vs. PAPR
XBFR (Innovator Equity Managed 10 Buffer ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds from Innovator. XBFR is actively managed, while PAPR is passively managed. Their correlation of 0.81 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.
Performance
XBFR vs. PAPR - Performance Comparison
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Returns By Period
XBFR
- 1D
- 0.67%
- 1M
- -0.27%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PAPR
- 1D
- 0.26%
- 1M
- 0.47%
- 6M
- 7.76%
- YTD
- 8.59%
- 1Y
- 13.37%
- 3Y*
- 10.75%
- 5Y*
- 8.23%
- 10Y*
- —
- ALL TIME*
- 7.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.17M | $1.22M | $1.32M | |
| $260.31K | $267.77K | $415.44K |
XBFR vs. PAPR - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
XBFR Innovator Equity Managed 10 Buffer ETF | 5.51% |
PAPR Innovator U.S. Equity Power Buffer ETF - April | 7.79% |
Correlation
The correlation between XBFR and PAPR is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026 | 0.81 |
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Return for Risk
XBFR vs. PAPR — Risk / Return Rank
XBFR
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPR
XBFR vs. PAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 10 Buffer ETF (XBFR) 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.
| XBFR | PAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.82 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 11.15 | — |
| Martin ratioReturn relative to average drawdown | — | 53.11 | — |
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Drawdowns
XBFR vs. PAPR - Drawdown Comparison
The maximum XBFR drawdown since its inception was -4.12%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for XBFR and PAPR.
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Drawdown Indicators
| XBFR | PAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -15.31% | +11.19% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.16% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.87% | — |
Current DrawdownCurrent decline from peak | -1.25% | 0.00% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -1.54% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.24% | — |
Volatility
XBFR vs. PAPR - Volatility Comparison
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Volatility by Period
| XBFR | PAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.96% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.13% | 3.55% | +5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 8.21% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 9.36% | -0.23% |
XBFR vs. PAPR - Expense Ratio Comparison
Both XBFR and PAPR have an expense ratio of 0.79%.
Dividends
XBFR vs. PAPR - Dividend Comparison
XBFR's dividend yield for the trailing twelve months is around 0.10%, while PAPR has not 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% |
XBFR Innovator Equity Managed 10 Buffer ETF | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XBFR and PAPR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XBFR and PAPR have the same expense ratio: 0.79% per year.
XBFR has the higher dividend yield at 0.10%, compared with 0.00% for PAPR.
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