AAPR vs. BNO
AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - AAPR is a Options Trading fund actively managed by Innovator, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. AAPR is actively managed, while BNO is passively managed. Over the past year, AAPR returned 9.84% vs 88.71% for BNO. At a correlation of -0.08, they often move in opposite directions. AAPR charges 0.79%/yr vs 0.90%/yr for BNO.
Performance
AAPR vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, AAPR achieves a 3.89% return, which is significantly lower than BNO's 85.31% return.
AAPR
- 1D
- 0.07%
- 1M
- 0.58%
- YTD
- 3.89%
- 6M
- 4.55%
- 1Y
- 9.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
AAPR vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026 | 3.89% | 7.79% | 6.25% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | -6.96% |
Correlation
The correlation between AAPR and BNO is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -0.08 |
Over the past year, the inverse relationship between AAPR and BNO has strengthened: their correlation has moved from -0.08 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
AAPR vs. BNO — Risk / Return Rank
AAPR
BNO
AAPR vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) and United States Brent Oil Fund LP (BNO). 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.
| AAPR | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +4.56 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.36 | +0.63 |
| Calmar ratioReturn relative to maximum drawdown | 12.14 | 4.99 | +7.15 |
| Martin ratioReturn relative to average drawdown | 63.14 | 9.39 | +53.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAPR | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.19 | 2.15 | +2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.74 | 0.14 | +1.60 |
Drawdowns
AAPR vs. BNO - Drawdown Comparison
The maximum AAPR drawdown since its inception was -5.99%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for AAPR and BNO.
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Drawdown Indicators
| AAPR | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.99% | -87.06% | +81.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.81% | -17.87% | +17.06% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.08% | -12.72% | +12.64% |
Average DrawdownAverage peak-to-trough decline | -0.45% | -40.16% | +39.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 9.48% | -9.32% |
Volatility
AAPR vs. BNO - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) is 0.67%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that AAPR experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPR | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 14.12% | -13.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.57% | 36.21% | -34.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 41.56% | -39.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 35.40% | -30.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 36.69% | -31.88% |
AAPR vs. BNO - Expense Ratio Comparison
AAPR has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
AAPR vs. BNO - Dividend Comparison
Neither AAPR nor BNO has paid dividends to shareholders.
Frequently Asked Questions
AAPR and BNO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to AAPR (0.67%). In terms of maximum drawdown, AAPR dropped -5.99% vs BNO's -87.06%.
On 1-year performance, BNO leads with 88.71% vs 9.84% for AAPR. On fees, AAPR is cheaper at 0.79% per year. On volatility, AAPR has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 88.71% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPR is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.
AAPR and BNO have nearly identical dividend yields, around 0.00%.
AAPR is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for AAPR and 0.90% for BNO.
AAPR currently has the higher Sharpe Ratio (4.19 vs 2.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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