APRH vs. BDRY

Last updated Jun 23, 2026

APRH (Innovator Premium Income 20 Barrier ETF - April) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - APRH is a Options Trading fund actively managed by Innovator, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. APRH is actively managed, while BDRY is passively managed. Over the past 3 years, APRH returned 7.14%/yr vs 23.42%/yr for BDRY. At a 0.01 correlation, their price movements are largely independent. APRH charges 0.79%/yr vs 3.76%/yr for BDRY.

Performance

APRH vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - April (APRH) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRH achieves a 4.51% return, which is significantly lower than BDRY's 32.04% return.

APRH

• 1D: -0.08%
• 1M: 0.20%
• YTD: 4.51%
• 6M: 3.70%
• 1Y: 7.67%
• 3Y*: 7.14%
• 5Y*: —
• 10Y*: —

BDRY

• 1D: 0.09%
• 1M: -8.64%
• YTD: 32.04%
• 6M: 30.41%
• 1Y: 102.09%
• 3Y*: 23.42%
• 5Y*: -16.12%
• 10Y*: —

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

APRH vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APRH Innovator Premium Income 20 Barrier ETF - April	4.51%	5.84%	6.91%	7.00%
BDRY Breakwave Dry Bulk Shipping ETF	32.04%	44.24%	-47.40%	14.46%

Correlation

The correlation between APRH and BDRY is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Apr 3, 2023	0.01

The correlation between APRH and BDRY shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APRH vs. BDRY — Risk / Return Rank

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

APRH

APRH Risk / Return Rank: 94
APRH Sharpe Ratio Rank: 93
APRH Sortino Ratio Rank: 95
APRH Omega Ratio Rank: 97
APRH Calmar Ratio Rank: 93
APRH Martin Ratio Rank: 92

BDRY

BDRY Risk / Return Rank: 73
BDRY Sharpe Ratio Rank: 80
BDRY Sortino Ratio Rank: 65
BDRY Omega Ratio Rank: 60
BDRY Calmar Ratio Rank: 87
BDRY Martin Ratio Rank: 74

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.

APRH vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - April (APRH) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	APRH	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	3.22	2.44	+0.78
Sortino ratio: Return per unit of downside risk	4.92	2.88	+2.04
Omega ratio: Gain probability vs. loss probability	1.90	1.36	+0.54
Calmar ratio: Return relative to maximum drawdown	6.36	4.75	+1.60
Martin ratio: Return relative to average drawdown	21.49	13.45	+8.04

APRH vs. BDRY - Sharpe Ratio Comparison

The current APRH Sharpe Ratio is 3.22, which is higher than the BDRY Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of APRH and BDRY, 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

APRH vs. BDRY - Drawdown Comparison

The maximum APRH drawdown since its inception was -5.87%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for APRH and BDRY.

Drawdown Indicators

	APRH	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-5.87%	-89.16%	+83.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.21%	-21.60%	+20.39%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	-69.71%	+63.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-0.20%	-72.10%	+71.90%
Average Drawdown Average peak-to-trough decline	-0.21%	-58.42%	+58.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	7.62%	-7.26%

Volatility

APRH vs. BDRY - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - April (APRH) is 0.86%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.86%. This indicates that APRH experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRH	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	7.86%	-7.00%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	29.21%	-27.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	42.17%	-39.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	60.25%	-55.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.54%	62.41%	-57.87%

APRH vs. BDRY - Expense Ratio Comparison

APRH has a 0.79% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

APRH vs. BDRY - Dividend Comparison

APRH's dividend yield for the trailing twelve months is around 5.35%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
APRH Innovator Premium Income 20 Barrier ETF - April	5.35%	5.49%	6.87%	5.90%
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRH and BDRY in my portfolio?

APRH and BDRY have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRH or BDRY?

BDRY has higher volatility (7.86%) compared to APRH (0.86%). In terms of maximum drawdown, APRH dropped -5.87% vs BDRY's -89.16%.

Which ETF is better, APRH or BDRY?

On 3-year performance, BDRY leads with 23.42% vs 7.14% for APRH. On fees, APRH is cheaper at 0.79% per year. On volatility, APRH has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRH or BDRY?

Over the 3-year period, BDRY has performed better with a 23.42% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRH or BDRY?

APRH is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, APRH or BDRY?

APRH has the higher dividend yield at 5.35%, compared with 0.00% for BDRY.

What is the main difference between APRH and BDRY?

APRH is categorized as Options Trading, while BDRY is Commodities. They also come from different issuers: Innovator and ETFMG. Their fees differ too: 0.79% for APRH and 3.76% for BDRY.

Which has better risk-adjusted returns?

APRH currently has the higher Sharpe Ratio (3.22 vs 2.44), 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.