Data as of Oct 28, 2026.
PAPR vs PNOV: Cap, Buffer & Days Left
As of Oct 28, 2026 PNOV can fall 11.4% before its buffer engages and PAPR 8.9%, and PNOV resets 151 days sooner.
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Net assets on Oct 28, 2026: $965m for Innovator U.S. Equity Power Buffer ETF - Apr and $836m for Innovator U.S. Equity Power Buffer ETF - Nov.
PAPR: reference +18.7% since period start, fund +9.2%; buffer 0 to −15; cap +14.0%; At its cap. Data to Oct 28, 2026.
PAPR: reference +18.7% since period start, fund +9.2%; buffer 0 to −15; cap +14.0%; At its cap. Data to Oct 28, 2026.PNOV: reference +13.2% since period start, fund +11.9%; buffer 0 to −15; cap +13.3%; Between buffer and cap. Data to Oct 28, 2026.
Data to Oct 28, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 0.3 points; PAPR is 1.2 times larger.
Points (pts) are percentage points.
| Measure | PAPR | PNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.4% | +12.1% |
| Drawdown | ||
| Index fall to the buffer | 15.7% | 11.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $965m | $836m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Nov 8, 2019 to Oct 23, 2026 · 363 weekly returns · each against SPYPNOV returned more: +77.5% to +68.3%. PAPR swung less: 8.3% to 9.7%. PAPR fell less at its worst: −14.1% to −18.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PAPR | PNOV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +68.3% | +77.5% | PNOV | Price change plus distributions, reinvested. | |
| Annualized | +7.7% | +8.6% | PNOV (slight) | Total return as a yearly rate. | |
| Price return | +63.2% | +77.5% | PNOV | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.3% | 9.7% | PAPR | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.8% | 6.7% | PAPR | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −14.1% | −18.4% | PAPR | Deepest fall from a high to the low after it. | |
| Upside capture | 29.1% | 34.8% | 100.0% | PNOV | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 47.2% | 54.3% | 100.0% | PAPR | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.42 | 0.49 | 1.00 | PAPR lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.88 | 0.89 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.59 | 0.60 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.84 | 0.86 | PNOV (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.117 | 0.118 | 0.132 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 0.55 | 0.46 | PAPR | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.6% a year | −0.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.58 | −0.58 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.7% to +1.5% | −3.1% to +1.7% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.74 | −0.74 | Tie | Return against its benchmark per unit of tracking error. | |
| Tracking error | 11.2% | 10.0% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 363 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PAPR | PNOV | PAPR | PNOV |
| 3 months | +3.0% | +5.3% | −2.9 pts | −0.6 pts |
| 6 months | +5.0% | +7.7% | −3.6 pts | −0.8 pts |
| 1 year | +12.4% | +12.1% | 0.0 pts | −0.3 pts |
| 3 years | +45.1% | +46.6% | −43.0 pts | −41.4 pts |
| Since launchNot the same days: PAPR Apr 2019 · PNOV Nov 2019 | +77.3% | +80.9% | −92.9 pts | −71.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Oct 28, 2026. Source: ETFIQ.
PAPR is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. PNOV has 3 days of its period left and PAPR has 154, so the two are not the same bet on the same months.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PNOV resets first, on Oct 31, 2026, 3 days from now; PAPR runs to Mar 31, 2027, 154 days. PAPR can still gain 3.9% before its cap, PNOV 0.4%. A fall from here reaches PAPR’s buffer after 8.9% and PNOV’s after 11.4%. Both track SPY, so what separates them is where each is in its own period.
PAPR and PNOV are built for the same job. How do they differ in cost, holdings and results?
- Outcome period. PAPR runs Mar 31, 2026 to Mar 31, 2027 with 154 days left; PNOV runs Oct 31, 2025 to Oct 31, 2026 with 3 days left.
- Protection and cap (similar). PAPR: Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027. PNOV: Absorbs the first 15% of loss on SPY and caps the gain at 13.3%, over a period ending Oct 31, 2026. The starting caps are 0.7 points apart.
- What each follows (similar). Both follow SPY.
Data as of Oct 28, 2026.
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PAPR
SPY had already risen past this fund's cap of +14.0% 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 3.9% as the period runs out. The fund's price can fall 8.9% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 154 days remained on Oct 28, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PNOV
From its price on Oct 28, 2026, the fund can gain about 0.4% more before it reaches its cap. The fund's price can fall 11.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.6% from today's level to the point where the buffer begins. 3 days remained on Oct 28, 2026. On Oct 31, 2026 the period ends and a new cap is set.
Questions people ask
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How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, PAPR against PNOV, data as of Oct 28, 2026. https://etfiq.com/compare/buffer/papr-vs-pnov
ETFIQ. (Oct 28, 2026). PAPR against PNOV. Retrieved from https://etfiq.com/compare/buffer/papr-vs-pnov
[PAPR against PNOV (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/buffer/papr-vs-pnov)
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