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Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) Alternatives

ETF · Currency in USD · Last updated Aug 4, 2026

The Innovator U.S. Equity Accelerated 9 Buffer ETF aims to double the returns of the SPDR S&P 500 ETF Trust (SPY), up to a certain cap, while limiting the downside exposure to single exposure over a one-year period. It offers a buffer against the first 9% of losses and can be reset annually. Full benefits are only realized if shares are held from the start to the end of the one-year outcome period, with no guarantee of achieving its objectives. Those buying shares mid-period face increased risks.

Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with XBAP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to XBAP

XBAP charges 0.79% annually. There are 94 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.

SymbolNameExpense RatioAUMInception
JANB
Aptus January Buffer ETF0.25%—Oct 2025XBAP vs JANB
APRB
Aptus April Buffer ETF0.25%—Oct 2025XBAP vs APRB
JULB
Aptus July Buffer ETF0.25%—Oct 2025XBAP vs JULB
OCTB
Aptus October Buffer ETF0.25%—Oct 2025XBAP vs OCTB
FBUF
Fidelity Dynamic Buffered Equity ETF0.48%—Apr 2024XBAP vs FBUF

Best Risk-Adjusted Alternatives to XBAP

XBAP has a PortfoliosLab risk / return rank of 98. There are 5 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.

SymbolNameRisk / Return RankAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
99
—Mar 2025XBAP vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
98
21.00MApr 2025XBAP vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF
98
—Mar 2025XBAP vs MMAX
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
98
—Apr 2025XBAP vs ZAPR
CPRA
Calamos Russell 2000 Structured Alt Protection ETF...
98
13.20MApr 2025XBAP vs CPRA

Top Performing XBAP Alternatives (YTD)

XBAP is at 9.61% YTD. There are 26 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.

SymbolNameYTD ReturnAUMInception
NVDO
Leverage Shares 2x Capped Accelerated NVDA Monthly...
16.35%
—Aug 2025XBAP vs NVDO
QB
ProShares Nasdaq-100 Dynamic Daily Buffer ETF
14.64%
2.87MJun 2025XBAP vs QB
KFEB
Innovator U.S. Small Cap Power Buffer ETF - Februa...
14.50%
—Jan 2025XBAP vs KFEB
KAPR
Innovator Russell 2000 Power Buffer ETF - April
13.86%
214.27MMar 2020XBAP vs KAPR
KMAR
Innovator U.S. Small Cap Power Buffer ETF - March
12.74%
—Feb 2025XBAP vs KMAR

Lowest Volatility Alternatives to XBAP

XBAP has 3.66% 1-year volatility. There are 71 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.

SymbolNameVolatility 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April1.18%—Mar 2025XBAP vs PMAP
APXM
FT Vest U.S. Equity Max Buffer ETF - April1.34%—Apr 2025XBAP vs APXM
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...1.40%21.00MApr 2025XBAP vs CPSP
PMMY
PGIM S&P 500 Max Buffer ETF - May1.40%—Apr 2025XBAP vs PMMY
MMAX
iShares Large Cap Max Buffer Mar ETF1.44%—Mar 2025XBAP vs MMAX

Lowest Drawdown Alternatives to XBAP

XBAP has a 1-year max drawdown of -1.30%. There are 24 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.

SymbolNameMax Drawdown 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
-0.35%
—Mar 2025XBAP vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
-0.37%
21.00MApr 2025XBAP vs CPSP
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
-0.40%
—Apr 2025XBAP vs ZAPR
MMAX
iShares Large Cap Max Buffer Mar ETF
-0.46%
—Mar 2025XBAP vs MMAX
CPSM
Calamos S&P 500 Structured Alt Protection ETF - Ma...
-0.49%
56.60MMay 2024XBAP vs CPSM

Other ETFs from Innovator

The 10 most viewed Innovator ETFs shown here include BALT, BUFF, SFLR and span 5 categories. AUM among these funds goes as high as $3B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
BALT
Innovator Defined Wealth Shield ETFDefined Outcome
96
3.07%
2.72BJun 2021XBAP vs BALT
BUFF
Innovator Laddered Allocation Power Buffer ETFDefined Outcome
91
6.78%
923.55MOct 2016XBAP vs BUFF
SFLR
Innovator Equity Managed Floor ETFOptions Trading
60
5.24%
2.11BNov 2022XBAP vs SFLR
LOUP
Innovator Deepwater Frontier Tech ETFTechnology Equities
51
15.52%
200.31MJul 2018XBAP vs LOUP
XTAP
Innovator U.S. Equity Accelerated Plus ETFLeveraged Equities
98
12.91%
22.69MApr 2021XBAP vs XTAP
PJAN
Innovator U.S. Equity Power Buffer ETF - JanuaryDefined Outcome
88
6.55%
1.44BJan 2019XBAP vs PJAN
BAPR
Innovator U.S. Equity Buffer ETF - AprilDefined Outcome
97
12.27%
403.09MMar 2019XBAP vs BAPR
POCT
Innovator U.S. Equity Power Buffer ETF OctoberDefined Outcome
85
6.88%
963.46MSep 2018XBAP vs POCT
PJUL
Innovator U.S. Equity Power Buffer ETF - JulyDefined Outcome
90
6.18%
1.25BAug 2018XBAP vs PJUL
QFLR
Innovator Nasdaq-100 Managed Floor ETFNasdaq-100, Options Trading
48
3.44%
524.31MJan 2024XBAP vs QFLR

Often Compared With XBAP

Investors most often compare XBAP with VOO, SPY, XBJA. These 20 comparison targets span 5 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
VOO
Vanguard S&P 500 ETFS&P 500
78
11.72%
1.70TSep 2010XBAP vs VOO
SPY
State Street SPDR S&P 500 ETFS&P 500
78
11.70%
789.06BJan 1993XBAP vs SPY
XBJA
Innovator U.S. Equity Accelerated 9 Buffer ETF - J...Defined Outcome
83
6.85%
87.72MDec 2021XBAP vs XBJA
QDEC
FT Vest Nasdaq-100 Buffer ETF – DecemberNasdaq-100, Defined Outcome
79
8.92%
683.14MDec 2020XBAP vs QDEC
SCHG
Schwab U.S. Large-Cap Growth ETFLarge Cap Growth Equities
39
7.11%
59.97BDec 2009XBAP vs SCHG
MAXJ
iShares Large Cap Max Buffer Jun ETFEquity Hedged
95
3.90%
—Jun 2024XBAP vs MAXJ
UAPR
Innovator U.S. Equity Ultra Buffer ETF - AprilDefined Outcome
98
8.16%
157.42MMar 2019XBAP vs UAPR
DECZ
TrueShares Structured Outcome (December) ETFDefined Outcome
63
8.46%
36.24MNov 2020XBAP vs DECZ
PSFM
Pacer Swan SOS Flex (April) ETFDefined Outcome
98
10.67%
24.50MMar 2021XBAP vs PSFM
AIOO
AllianzIM U.S. Equity Buffer100 Protection ETFDefined Outcome
94
2.52%
—Jun 2025XBAP vs AIOO
USEP
Innovator U.S. Equity Ultra Buffer ETF - SeptemberDefined Outcome
89
6.31%
147.31MAug 2019XBAP vs USEP
MARM
FT Vest U.S. Equity Max Buffer ETF - MarchDefined Outcome
98
3.86%
107.97MMar 2024XBAP vs MARM
XBJL
Innovator U.S. Equity Accelerated 9 Buffer ETF - J...Defined Outcome
90
5.65%
74.28MJun 2021XBAP vs XBJL
BUFR
FT Vest Laddered Buffer ETFDefined Outcome
91
8.06%
10.19BAug 2020XBAP vs BUFR
PNOV
Innovator U.S. Equity Power Buffer ETF - NovemberDefined Outcome
82
7.56%
883.03MNov 2019XBAP vs PNOV
ZMAY
Innovator Equity Defined Protection ETF - 1 Yr MayDefined Outcome
97
2.63%
—May 2025XBAP vs ZMAY
UJUL
Innovator U.S. Equity Ultra Buffer ETF - JulyDefined Outcome
87
5.91%
292.38MAug 2018XBAP vs UJUL
NAUG
Innovator Growth-100 Power Buffer ETFDefined Outcome
88
9.06%
—Jul 2024XBAP vs NAUG
UMAY
Innovator U.S. Equity Ultra Buffer ETF - MayDefined Outcome
92
4.84%
139.37MApr 2020XBAP vs UMAY
KJAN
Innovator U.S. Small Cap Power Buffer ETF - Januar...Defined Outcome
89
11.06%
323.38MDec 2019XBAP vs KJAN

Compare XBAP with Any Fund or Stock

Compare XBAP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair XBAP with funds that move differently

Innovator U.S. Equity Accelerated 9 Buffer ETF - April alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to XBAP.

Explore XBAP Diversifiers