BAPR vs. BAUG

Last updated Jun 9, 2026

BAPR (Innovator U.S. Equity Buffer ETF - April) and BAUG (Innovator U.S. Equity Buffer ETF - August) are both Defined Outcome funds from Innovator - BAPR tracks the Cboe S&P 500 Buffer Protect Index April while BAUG tracks the Cboe S&P 500 Buffer Protect Index August. Both are passively managed. Over the past 5 years, BAPR returned 11.03%/yr vs 11.05%/yr for BAUG. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BAPR vs. BAUG - Performance Comparison

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

Returns By Period

In the year-to-date period, BAPR achieves a 10.05% return, which is significantly higher than BAUG's 5.92% return.

BAPR

• 1D: 0.13%
• 1M: 0.38%
• YTD: 10.05%
• 6M: 10.89%
• 1Y: 18.92%
• 3Y*: 14.86%
• 5Y*: 11.03%
• 10Y*: —

BAUG

• 1D: 0.08%
• 1M: 0.68%
• YTD: 5.92%
• 6M: 6.49%
• 1Y: 18.63%
• 3Y*: 17.61%
• 5Y*: 11.05%
• 10Y*: —

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

BAPR vs. BAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BAPR Innovator U.S. Equity Buffer ETF - April	10.05%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	6.60%
BAUG Innovator U.S. Equity Buffer ETF - August	5.92%	14.81%	21.15%	20.11%	-10.30%	12.06%	12.20%	5.94%

Correlation

The correlation between BAPR and BAUG is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.92

The correlation between BAPR and BAUG has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

BAPR vs. BAUG - Sectors Allocation Comparison

Sectors	BAPR	BAUG
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BAPR vs. BAUG — Risk / Return Rank

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

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

BAUG

BAUG Risk / Return Rank: 83
BAUG Sharpe Ratio Rank: 83
BAUG Sortino Ratio Rank: 86
BAUG Omega Ratio Rank: 86
BAUG Calmar Ratio Rank: 73
BAUG Martin Ratio Rank: 87

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.

BAPR vs. BAUG - Risk-Adjusted Trends Comparison

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

	BAPR	BAUG	Difference
Sharpe ratio: Return per unit of total volatility	3.34	2.42	+0.92
Sortino ratio: Return per unit of downside risk	5.53	3.48	+2.05
Omega ratio: Gain probability vs. loss probability	1.80	1.47	+0.32
Calmar ratio: Return relative to maximum drawdown	9.84	3.31	+6.53
Martin ratio: Return relative to average drawdown	52.60	16.75	+35.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAPR vs. BAUG - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 3.34, which is higher than the BAUG Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of BAPR and BAUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BAPR	BAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.34	2.42	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.95	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.84	-0.01

Drawdowns

BAPR vs. BAUG - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, roughly equal to the maximum BAUG drawdown of -24.19%. Use the drawdown chart below to compare losses from any high point for BAPR and BAUG.

Drawdown Indicators

	BAPR	BAUG	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-24.19%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-5.66%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-13.78%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	-15.59%	+0.01%
Current Drawdown Current decline from peak	-0.91%	-0.67%	-0.24%
Average Drawdown Average peak-to-trough decline	-2.59%	-2.84%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	1.11%	-0.75%

Volatility

BAPR vs. BAUG - Volatility Comparison

Innovator U.S. Equity Buffer ETF - April (BAPR) has a higher volatility of 1.38% compared to Innovator U.S. Equity Buffer ETF - August (BAUG) at 1.15%. This indicates that BAPR's price experiences larger fluctuations and is considered to be riskier than BAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAPR	BAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	1.15%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	4.65%	5.88%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	5.70%	7.75%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.50%	11.71%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.12%	13.94%	-0.82%

BAPR vs. BAUG - Expense Ratio Comparison

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

Dividends

BAPR vs. BAUG - Dividend Comparison

Neither BAPR nor BAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BAPR and BAUG in my portfolio?

With a correlation of 0.91, BAPR and BAUG 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, BAPR or BAUG?

BAPR has higher volatility (1.38%) compared to BAUG (1.15%). In terms of maximum drawdown, BAPR dropped -23.91% vs BAUG's -24.19%.

Which ETF is better, BAPR or BAUG?

On 5-year performance, BAUG leads with 11.05% vs 11.03% for BAPR. Both ETFs have the same 0.79% expense ratio. On volatility, BAUG has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAPR or BAUG?

Over the 5-year period, BAUG has performed better with a 11.05% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAPR or BAUG?

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

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

BAPR and BAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between BAPR and BAUG?

BAPR tracks Cboe S&P 500 Buffer Protect Index April, while BAUG tracks Cboe S&P 500 Buffer Protect Index August.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.34 vs 2.42), 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.