Which returned more over the last year, PAPR or SPY?

In the year to Sep 4, 2026, with distributions reinvested, PAPR returned +13.2% and SPY returned +20.0%, so SPY returned more. One year is one year; the longer windows are in the table.

Are PAPR and SPY the same kind of fund?

No. PAPR is a buffer ETF and SPY is an index ETF, so they are built for different jobs. The table compares what both publish: return, cost and what each actually holds.

Data as of Sep 4, 2026. Both funds on the fields they both publish, from the same sources.

ETFIQetfiq.com · independent ETF data

PAPR vs SPY

Name: ETFIQ comparison of PAPR and SPY
Creator: ETFIQ
License: https://etfiq.com/standards/

Innovator U.S. Equity Power Buffer ETF - Apr and SPDR S&P 500 ETF Trust.

PAPR and SPY on the fields both publish, as of Sep 4, 2026. Source: ETFIQ.
	PAPR Innovator U.S. Equity Power Buffer ETF - Apr	SPY SPDR S&P 500 ETF Trust
Where it sits	Buffer desk	Core fund
Issuer	Innovator	State Street
What it is	Defined outcome, on SPY	S&P 500, book from IVV
Total return, 1 year	+13.2%	+20.0%
S&P 500 over the same days	+20.0%	+20.0%
Gap to the S&P 500	−6.8 pts	+0.0 pts
Expense ratio	0.79%	not published
Holdings	n/a	504

PAPR in plain words

SPY had already risen past this fund's cap of +14.0% for the period on Sep 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.8% as the period runs out. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 208 days remained on Sep 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

SPY in plain words

SPY is a index equity fund tracking S&P 500, book from IVV. Over the year to Sep 4, 2026 it returned +20.0% with distributions reinvested, against +20.0% for the S&P 500 and +25.6% for the Nasdaq-100. By its holdings filed for Jun 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 36.4%.

Questions people ask

Which returned more over the last year, PAPR or SPY?: In the year to Sep 4, 2026, with distributions reinvested, PAPR returned +13.2% and SPY returned +20.0%, so SPY returned more. One year is one year; the longer windows are in the table.
Are PAPR and SPY the same kind of fund?: No. PAPR is a buffer ETF and SPY is an index ETF, so they are built for different jobs. The table compares what both publish: return, cost and what each actually holds.

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Where these figures came from

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

PAPR against SPY, ETFIQ, data as of Sep 4, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. A comparison is not a recommendation.

Cite this page. ETFIQ, PAPR against SPY, data as of Sep 4, 2026. https://etfiq.com/compare/any/PAPR-SPY.html Free to use with attribution; the underlying files are at Open data.

A comparison is not a recommendation. Standards and sources