BAPR vs. BSTP

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Buffer ETF - April (BAPR) and Innovator Buffer Step-Up Strategy ETF (BSTP).

BAPR and BSTP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BAPR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index April. It was launched on Mar 29, 2019. BSTP is a passively managed fund by Innovator that tracks the performance of the S&P 500. It was launched on Mar 7, 2022. Both BAPR and BSTP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BAPR vs. BSTP - 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 Buffer Step-Up Strategy ETF (BSTP). The values are adjusted to include any dividend payments, if applicable.

BAPR vs. BSTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BAPR Innovator U.S. Equity Buffer ETF - April	2.08%	8.28%	15.95%	23.16%	-1.56%
BSTP Innovator Buffer Step-Up Strategy ETF	-3.02%	11.80%	16.70%	18.14%	-4.95%

Returns By Period

In the year-to-date period, BAPR achieves a 2.08% return, which is significantly higher than BSTP's -3.02% return.

BAPR

• 1D: 2.58%
• 1M: 0.99%
• YTD: 2.08%
• 6M: 4.42%
• 1Y: 15.33%
• 3Y*: 13.43%
• 5Y*: 10.13%
• 10Y*: —

BSTP

• 1D: 2.02%
• 1M: -3.49%
• YTD: -3.02%
• 6M: -1.00%
• 1Y: 11.32%
• 3Y*: 12.34%
• 5Y*: —
• 10Y*: —

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

BAPR vs. BSTP - Expense Ratio Comparison

BAPR has a 0.79% expense ratio, which is lower than BSTP's 0.89% expense ratio.

BSTP

Innovator Buffer Step-Up Strategy ETF

BAPR

Innovator U.S. Equity Buffer ETF - April

Return for Risk

BAPR vs. BSTP — Risk / Return Rank

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

BAPR

BAPR Risk / Return Rank: 81
BAPR Sharpe Ratio Rank: 73
BAPR Sortino Ratio Rank: 79
BAPR Omega Ratio Rank: 92
BAPR Calmar Ratio Rank: 69
BAPR Martin Ratio Rank: 90

BSTP

BSTP Risk / Return Rank: 53
BSTP Sharpe Ratio Rank: 47
BSTP Sortino Ratio Rank: 49
BSTP Omega Ratio Rank: 57
BSTP Calmar Ratio Rank: 49
BSTP Martin Ratio Rank: 65

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. BSTP - 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 Buffer Step-Up Strategy ETF (BSTP). 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	BSTP	Difference
Sharpe ratio Return per unit of total volatility	1.29	0.88	+0.42
Sortino ratio Return per unit of downside risk	1.99	1.34	+0.65
Omega ratio Gain probability vs. loss probability	1.40	1.22	+0.19
Calmar ratio Return relative to maximum drawdown	1.74	1.28	+0.46
Martin ratio Return relative to average drawdown	11.59	6.61	+4.97
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. BSTP - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 1.29, which is higher than the BSTP Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of BAPR and BSTP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BAPR	BSTP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	0.88	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.74	+0.01

Correlation

The correlation between BAPR and BSTP is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BAPR vs. BSTP - Dividend Comparison

Neither BAPR nor BSTP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BAPR vs. BSTP - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, which is greater than BSTP's maximum drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for BAPR and BSTP.

Drawdown Indicators

	BAPR	BSTP	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-16.69%	-7.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-9.11%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	—	—
Current Drawdown Current decline from peak	0.00%	-4.34%	+4.34%
Average Drawdown Average peak-to-trough decline	-2.66%	-3.65%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.77%	-0.39%

Volatility

BAPR vs. BSTP - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - April (BAPR) is 3.45%, while Innovator Buffer Step-Up Strategy ETF (BSTP) has a volatility of 3.88%. This indicates that BAPR experiences smaller price fluctuations and is considered to be less risky than BSTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAPR	BSTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.88%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	6.64%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	12.94%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	12.28%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	12.28%	+0.97%