APOC vs. RBIL

Last updated Jun 23, 2026

APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - APOC is a Defined Outcome fund actively managed by Innovator, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. APOC is actively managed, while RBIL is passively managed. Over the past year, APOC returned 3.12% vs 3.95% for RBIL. At a correlation of -0.13, they often move in opposite directions. APOC charges 0.79%/yr vs 0.17%/yr for RBIL.

Performance

APOC vs. RBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APOC achieves a 0.12% return, which is significantly lower than RBIL's 2.31% return.

APOC

• 1D: 0.02%
• 1M: 0.23%
• YTD: 0.12%
• 6M: 0.15%
• 1Y: 3.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RBIL

• 1D: -0.05%
• 1M: -0.20%
• YTD: 2.31%
• 6M: 2.35%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APOC vs. RBIL - Yearly Performance Comparison

	2026 (YTD)	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.12%	1.87%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.31%	2.85%

Correlation

The correlation between APOC and RBIL is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Feb 25, 2025	-0.13

Return for Risk

APOC vs. RBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APOC

APOC Risk / Return Rank: 33
APOC Sharpe Ratio Rank: 34
APOC Sortino Ratio Rank: 34
APOC Omega Ratio Rank: 45
APOC Calmar Ratio Rank: 21
APOC Martin Ratio Rank: 29

RBIL

RBIL Risk / Return Rank: 97
RBIL Sharpe Ratio Rank: 97
RBIL Sortino Ratio Rank: 97
RBIL Omega Ratio Rank: 98
RBIL Calmar Ratio Rank: 95
RBIL Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APOC vs. RBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APOC	RBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.19	4.18	-2.99
Sortino ratio: Return per unit of downside risk	1.74	6.39	-4.64
Omega ratio: Gain probability vs. loss probability	1.29	2.06	-0.78
Calmar ratio: Return relative to maximum drawdown	0.92	7.59	-6.66
Martin ratio: Return relative to average drawdown	3.92	44.07	-40.15

APOC vs. RBIL - Sharpe Ratio Comparison

The current APOC Sharpe Ratio is 1.19, which is lower than the RBIL Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of APOC and RBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APOC vs. RBIL - Drawdown Comparison

The maximum APOC drawdown since its inception was -4.17%, which is greater than RBIL's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for APOC and RBIL.

Drawdown Indicators

	APOC	RBIL	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-0.52%	-3.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.52%	-2.88%
Current Drawdown Current decline from peak	-0.78%	-0.51%	-0.27%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.07%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.09%	+0.71%

Volatility

APOC vs. RBIL - Volatility Comparison

Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) has a higher volatility of 0.39% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.36%. This indicates that APOC's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APOC	RBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.36%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	0.85%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	0.95%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.99%	1.07%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.99%	1.07%	+1.92%

APOC vs. RBIL - Expense Ratio Comparison

APOC has a 0.79% expense ratio, which is higher than RBIL's 0.17% expense ratio.

Dividends

APOC vs. RBIL - Dividend Comparison

APOC has not paid dividends to shareholders, while RBIL's dividend yield for the trailing twelve months is around 4.38%.

Position	TTM	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.00%	0.00%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.38%	3.65%

Frequently Asked Questions

Can I hold both APOC and RBIL in my portfolio?

APOC and RBIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APOC or RBIL?

APOC has higher volatility (0.39%) compared to RBIL (0.36%). In terms of maximum drawdown, APOC dropped -4.17% vs RBIL's -0.52%.

Which ETF is better, APOC or RBIL?

On 1-year performance, RBIL leads with 3.95% vs 3.12% for APOC. On fees, RBIL is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APOC or RBIL?

Over the 1-year period, RBIL has performed better with a 3.95% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APOC or RBIL?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.79% for APOC.

Which ETF pays a higher dividend yield, APOC or RBIL?

RBIL has the higher dividend yield at 4.38%, compared with 0.00% for APOC.

What is the main difference between APOC and RBIL?

APOC is categorized as Defined Outcome, while RBIL is Inflation-Protected Bonds. They also come from different issuers: Innovator and F/m. Their fees differ too: 0.79% for APOC and 0.17% for RBIL.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (4.18 vs 1.19), 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.