AUGZ vs. BAPR

Last updated Jun 24, 2026

AUGZ (TrueShares Structured Outcome (August) ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds - AUGZ tracks the S&P 500 Index while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, AUGZ returned 10.16%/yr vs 10.86%/yr for BAPR. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

AUGZ vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (August) ETF (AUGZ) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUGZ achieves a 5.82% return, which is significantly lower than BAPR's 10.04% return.

AUGZ

• 1D: -1.18%
• 1M: -1.11%
• YTD: 5.82%
• 6M: 5.18%
• 1Y: 17.31%
• 3Y*: 15.12%
• 5Y*: 10.16%
• 10Y*: —

BAPR

• 1D: -0.67%
• 1M: -0.06%
• YTD: 10.04%
• 6M: 10.03%
• 1Y: 18.64%
• 3Y*: 14.48%
• 5Y*: 10.86%
• 10Y*: —

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

AUGZ vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AUGZ TrueShares Structured Outcome (August) ETF	5.82%	13.49%	17.99%	17.32%	-10.41%	20.74%	11.22%
BAPR Innovator U.S. Equity Buffer ETF - April	10.04%	8.28%	15.95%	23.16%	-7.04%	12.58%	5.06%

Correlation

The correlation between AUGZ and BAPR is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 3, 2020	0.91

The correlation between AUGZ and BAPR has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

AUGZ vs. BAPR — Risk / Return Rank

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

AUGZ

AUGZ Risk / Return Rank: 54
AUGZ Sharpe Ratio Rank: 54
AUGZ Sortino Ratio Rank: 52
AUGZ Omega Ratio Rank: 53
AUGZ Calmar Ratio Rank: 52
AUGZ Martin Ratio Rank: 60

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 93
BAPR Sortino Ratio Rank: 96
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

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.

AUGZ vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (August) ETF (AUGZ) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	AUGZ	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.24	-1.51
Sortino ratio: Return per unit of downside risk	2.38	5.31	-2.93
Omega ratio: Gain probability vs. loss probability	1.31	1.76	-0.45
Calmar ratio: Return relative to maximum drawdown	2.40	9.69	-7.28
Martin ratio: Return relative to average drawdown	9.92	47.41	-37.49

AUGZ vs. BAPR - Sharpe Ratio Comparison

The current AUGZ Sharpe Ratio is 1.73, which is lower than the BAPR Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of AUGZ and BAPR, 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

AUGZ vs. BAPR - Drawdown Comparison

The maximum AUGZ drawdown since its inception was -15.67%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for AUGZ and BAPR.

Drawdown Indicators

	AUGZ	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-23.91%	+8.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-1.93%	-5.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-15.58%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	-15.58%	-0.09%
Current Drawdown Current decline from peak	-2.81%	-0.93%	-1.88%
Average Drawdown Average peak-to-trough decline	-3.10%	-2.58%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	0.39%	+1.36%

Volatility

AUGZ vs. BAPR - Volatility Comparison

TrueShares Structured Outcome (August) ETF (AUGZ) has a higher volatility of 4.02% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 2.06%. This indicates that AUGZ's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUGZ	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.06%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	4.91%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	5.79%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.06%	11.51%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.14%	13.09%	-0.95%

AUGZ vs. BAPR - Expense Ratio Comparison

Both AUGZ and BAPR have an expense ratio of 0.79%.

Dividends

AUGZ vs. BAPR - Dividend Comparison

AUGZ's dividend yield for the trailing twelve months is around 3.43%, while BAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AUGZ TrueShares Structured Outcome (August) ETF	3.43%	3.63%	4.08%	3.42%	0.41%
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUGZ and BAPR in my portfolio?

With a correlation of 0.90, AUGZ and BAPR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AUGZ or BAPR?

AUGZ has higher volatility (4.02%) compared to BAPR (2.06%). In terms of maximum drawdown, AUGZ dropped -15.67% vs BAPR's -23.91%.

Which ETF is better, AUGZ or BAPR?

On 5-year performance, BAPR leads with 10.86% vs 10.16% for AUGZ. Both ETFs have the same 0.79% expense ratio. On volatility, BAPR has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUGZ or BAPR?

Over the 5-year period, BAPR has performed better with a 10.86% return vs 10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUGZ or BAPR?

AUGZ and BAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, AUGZ or BAPR?

AUGZ has the higher dividend yield at 3.43%, compared with 0.00% for BAPR.

What is the main difference between AUGZ and BAPR?

AUGZ tracks S&P 500 Index, while BAPR tracks Cboe S&P 500 Buffer Protect Index April. They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.24 vs 1.73), 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.