BAPR vs. IBID
BAPR (Innovator U.S. Equity Buffer ETF - April) and IBID (iShares iBonds Oct 2027 Term TIPS ETF) are both exchange-traded funds - BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April, while IBID is a Inflation-Protected Bonds fund tracking the ICE 2027 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, BAPR returned 19.95% vs 4.04% for IBID. At a 0.01 correlation, their price movements are largely independent. BAPR charges 0.79%/yr vs 0.10%/yr for IBID.
Performance
BAPR vs. IBID - Performance Comparison
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Returns By Period
In the year-to-date period, BAPR achieves a 10.78% return, which is significantly higher than IBID's 1.99% return.
BAPR
- 1D
- -0.05%
- 1M
- 0.61%
- YTD
- 10.78%
- 6M
- 10.81%
- 1Y
- 19.95%
- 3Y*
- 14.74%
- 5Y*
- 11.03%
- 10Y*
- —
IBID
- 1D
- -0.10%
- 1M
- -0.19%
- YTD
- 1.99%
- 6M
- 2.06%
- 1Y
- 4.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BAPR vs. IBID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BAPR Innovator U.S. Equity Buffer ETF - April | 10.78% | 8.28% | 15.95% | 5.42% |
IBID iShares iBonds Oct 2027 Term TIPS ETF | 1.99% | 5.66% | 4.71% | 2.61% |
Correlation
The correlation between BAPR and IBID 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 (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.01 |
The correlation between BAPR and IBID shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BAPR vs. IBID — Risk / Return Rank
BAPR
IBID
BAPR vs. IBID - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). 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.
| BAPR | IBID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.77 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 10.37 | 8.54 | +1.82 |
| Martin ratioReturn relative to average drawdown | 51.30 | 33.17 | +18.14 |
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Drawdowns
BAPR vs. IBID - Drawdown Comparison
The maximum BAPR drawdown since its inception was -23.91%, which is greater than IBID's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for BAPR and IBID.
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Drawdown Indicators
| BAPR | IBID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.91% | -1.28% | -22.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -0.49% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -0.49% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -0.22% | -2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 0.13% | +0.26% |
Volatility
BAPR vs. IBID - Volatility Comparison
Innovator U.S. Equity Buffer ETF - April (BAPR) has a higher volatility of 1.93% compared to iShares iBonds Oct 2027 Term TIPS ETF (IBID) at 0.36%. This indicates that BAPR's price experiences larger fluctuations and is considered to be riskier than IBID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAPR | IBID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 0.36% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.85% | 0.86% | +3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.76% | 1.24% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.51% | 2.25% | +9.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 2.25% | +10.84% |
BAPR vs. IBID - Expense Ratio Comparison
BAPR has a 0.79% expense ratio, which is higher than IBID's 0.10% expense ratio.
Dividends
BAPR vs. IBID - Dividend Comparison
BAPR has not paid dividends to shareholders, while IBID's dividend yield for the trailing twelve months is around 3.68%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BAPR Innovator U.S. Equity Buffer ETF - April | 0.00% | 0.00% | 0.00% | 0.00% |
IBID iShares iBonds Oct 2027 Term TIPS ETF | 3.68% | 4.43% | 4.24% | 0.81% |
Frequently Asked Questions
BAPR and IBID 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.
BAPR has higher volatility (1.93%) compared to IBID (0.36%). In terms of maximum drawdown, BAPR dropped -23.91% vs IBID's -1.28%.
On 1-year performance, BAPR leads with 19.95% vs 4.04% for IBID. On fees, IBID is cheaper at 0.10% per year. On volatility, IBID has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BAPR has performed better with a 19.95% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBID is cheaper with a 0.10% expense ratio, compared with 0.79% for BAPR.
IBID has the higher dividend yield at 3.68%, compared with 0.00% for BAPR.
BAPR is categorized as Defined Outcome, while IBID is Inflation-Protected Bonds. BAPR tracks Cboe S&P 500 Buffer Protect Index April, while IBID tracks ICE 2027 Maturity US Inflation-Linked Treasury Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for BAPR and 0.10% for IBID.
BAPR currently has the higher Sharpe Ratio (3.49 vs 3.40), 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.
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