Are AAPR and SPY in the same category?

AAPR is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

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

In the year to Oct 28, 2026, with distributions reinvested, AAPR returned +6.6% and SPY +13.6%.

Which is cheaper, AAPR or SPY?

SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

AAPR vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, AAPR returned +6.6% to SPY's +13.6%, and SPY charges 0.09% to AAPR's 0.79%.

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Net assets: $71m on Oct 28, 2026 for Innovator Equity Defined Protection ETF - Apr 2028, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.

AAPR on its own →SPY on its own →

At a glance

+6.6%

AAPR total return, 1 year

+13.6%

SPY total return, 1 year

0.79%

AAPR expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.70 points a year less; their one-year returns differ by 7.0 points; SPY is far larger, $814.8bn against $71m.

AAPR vs SPY: Differences, Returns & Fees
Measure	AAPR	SPY
Return
Measure	AAPR	SPY
Total return, 1 year	+6.6%	+13.6%
Drawdown
Measure	AAPR	SPY
Index fall to the buffer	15.7%
Fund price fall to the buffer	4.4%
Benchmark
Measure	AAPR	SPY
What it tracks	SPY	S&P 500 Index
The outcome period
Measure	AAPR	SPY
Buffer left, in index points	100.0% of 100.0%
Days left in the period	520
Period ends	Mar 31, 2028
Cost and size
Measure	AAPR	SPY
Expense ratio	0.79%	0.09%
Net assets, as of Oct 27, 2026	$71m	$814.8bn
Holdings
Measure	AAPR	SPY
Holdings in common	not published
Top ten holdings, share of the fund		38.1%

Method

Risk and return

Apr 12, 2024 to Oct 23, 2026 · 132 weekly returns

AAPR SPY

Return

Total return edge SPY +21.8% +53.1%

Annualized edge SPY +8.1% +18.3%

Price return edge SPY +21.8% +48.8%

Risk

Volatility edge AAPR 4.2% 14.7%

Max drawdown edge AAPR −5.3% −16.9%

Downside capture 25.2% 100.0%

Beta 0.27 1.00

Risk-adjusted

Sharpe edge SPY (slight) 0.84 0.93

Sortino edge SPY 1.24 1.42

Treynor 0.134 0.133

Calmar edge AAPR 1.52 1.08

Against the benchmark

Alpha −0.1% a year −0.1% a year

Alpha t-stat −0.06 −0.51

Information ratio −0.92 −0.15

Tracking error 10.9% 0.4%

Each against its own benchmark: AAPR against SPY, Apr 12, 2024 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +53.1% to +21.8%. AAPR swung less: 4.2% to 14.7%. AAPR fell less at its worst: −5.3% to −16.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: AAPR vs SPY: Differences, Returns & Fees
Measure	AAPR	SPY	Edge	How it is measured
Return
Total return	+21.8%	+53.1%	SPY	Price change plus distributions, reinvested.
Annualized	+8.1%	+18.3%	SPY	Total return as a yearly rate.
Price return	+21.8%	+48.8%	SPY	Price change alone, distributions left out.
Risk
Volatility	4.2%	14.7%	AAPR	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.9%	9.6%	AAPR	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−5.3%	−16.9%	AAPR	Deepest fall from a high to the low after it.
Upside capture	20.5%	99.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	25.2%	100.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.27	1.00	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.85	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.84	0.93	SPY (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.24	1.42	SPY	Return above Treasury bills per unit of downside deviation.
Treynor	0.134	0.133		Return above Treasury bills per unit of beta.
Calmar	1.52	1.08	AAPR	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	VOO		The ETF each fund is measured against.
Alpha	−0.1% a year	−0.1% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.06	−0.51	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.1% to +2.0%	−0.3% to +0.1%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.92	−0.15		Return against its benchmark per unit of tracking error.
Tracking error	10.9%	0.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 132 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

AAPR Innovator Equity Defined Protection ETF - Apr 2028 SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer Innovator State Street

What it is Defined outcome, 100% on SPY Tracks the S&P 500

Total return, 1 year +6.6% +13.6%

Its benchmark over the same days +12.4% (SPY) +13.7% (VOO)

Gap to its benchmark −5.8 pts vs SPY −0.1 pts vs VOO

Expense ratio 0.79% 0.09%

Holdings not read by ETFIQ 504

Net assets, AAPR as of Oct 28, 2026 and SPY as of Oct 27, 2026 $71m $814.8bn

AAPR and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-AEB267D8AE

AAPR and SPY do different jobs. What does each one do in a portfolio?

What each follows. AAPR follows SPY and SPY follows S&P 500 Index.
One-year total return. Over 1 year to Oct 28, 2026 AAPR returned +6.6% and SPY +13.6% with distributions reinvested, a gap of 7.0 points.
Cost. AAPR charges 0.79% of assets a year and SPY 0.09%, a gap of 0.70 points.

Data as of Oct 28, 2026.

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About each fund

AAPR

SPY had already risen past this fund's cap of +15.7% for the period on Oct 28, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 10.8% as the period runs out.

The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 520 days remained on Oct 28, 2026. On Mar 31, 2028 the period ends and a new cap is set.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are AAPR and SPY in the same category?: AAPR is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, AAPR or SPY?: In the year to Oct 28, 2026, with distributions reinvested, AAPR returned +6.6% and SPY +13.6%.
Which is cheaper, AAPR or SPY?: SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

AAPR vs IVV AAPR vs VOO AAPR vs SPYM FHDG vs SPY SPY vs XJAN DLFE vs SPY QBSF vs SPY PBJL vs SPY

Where to next

AAPR on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

Innovator page for AAPR ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, AAPR against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/aapr-vs-spy

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.