BAPR vs. PRPFX

Last updated Aug 1, 2026

BAPR (Innovator U.S. Equity Buffer ETF - April) and PRPFX (Permanent Portfolio Class I) are both funds - BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. BAPR is passively managed, while PRPFX is actively managed. Over the past 5 years, BAPR returned 10.92%/yr vs 10.89%/yr for PRPFX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. BAPR charges 0.79%/yr vs 0.81%/yr for PRPFX.

Performance

BAPR vs. PRPFX - Performance Comparison

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

Returns By Period

In the year-to-date period, BAPR achieves a 11.91% return, which is significantly higher than PRPFX's 2.08% return.

BAPR

• 1D: 0.55%
• 1M: 0.89%
• 6M: 11.13%
• YTD: 11.91%
• 1Y: 18.11%
• 3Y*: 13.78%
• 5Y*: 10.92%
• 10Y*: —
• ALL TIME*: 10.81%

PRPFX

• 1D: 0.71%
• 1M: -0.17%
• 6M: -2.57%
• YTD: 2.08%
• 1Y: 15.83%
• 3Y*: 17.56%
• 5Y*: 10.89%
• 10Y*: 9.97%
• ALL TIME*: 7.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BAPR Innovator U.S. Equity Buffer ETF - April	$248.94K	$604.46K	$476.54K
PRPFX Permanent Portfolio Class I	$0.00	$0.00	$0.00

BAPR vs. PRPFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BAPR Innovator U.S. Equity Buffer ETF - April	11.91%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	10.36%
PRPFX Permanent Portfolio Class I	2.08%	28.78%	19.36%	11.96%	-5.48%	10.87%	18.80%	10.35%

Correlation

The correlation between BAPR and PRPFX is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (All Time) Calculated using the full available price history since Apr 1, 2019	0.63

The correlation between BAPR and PRPFX shifts across timeframes, from 0.51 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BAPR vs. PRPFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BAPR

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

PRPFX

PRPFX Risk / Return Rank: 38
PRPFX Sharpe Ratio Rank: 42
PRPFX Sortino Ratio Rank: 34
PRPFX Omega Ratio Rank: 48
PRPFX Calmar Ratio Rank: 41
PRPFX Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BAPR vs. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) and Permanent Portfolio Class I (PRPFX). 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	PRPFX	Difference
Sharpe ratio: Return per unit of total volatility	2.95	1.19	+1.76
Sortino ratio: Return per unit of downside risk	4.80	1.52	+3.28
Omega ratio: Gain probability vs. loss probability	1.67	1.23	+0.44
Calmar ratio: Return relative to maximum drawdown	9.02	1.60	+7.43
Martin ratio: Return relative to average drawdown	41.44	3.56	+37.88

BAPR vs. PRPFX - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 2.95, which is higher than the PRPFX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of BAPR and PRPFX, 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

BAPR vs. PRPFX - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, smaller than the maximum PRPFX drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for BAPR and PRPFX.

Drawdown Indicators

	BAPR	PRPFX	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-27.16%	+3.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-9.74%	+7.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-9.74%	-5.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	-15.49%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.84%	—
Current Drawdown Current decline from peak	0.00%	-8.67%	+8.67%
Average Drawdown Average peak-to-trough decline	-2.55%	-3.54%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	4.35%	-3.93%

Volatility

BAPR vs. PRPFX - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - April (BAPR) is 1.71%, while Permanent Portfolio Class I (PRPFX) has a volatility of 2.42%. This indicates that BAPR experiences smaller price fluctuations and is considered to be less risky than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAPR	PRPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	2.42%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	5.16%	10.97%	-5.81%
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	13.09%	-7.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	11.12%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	10.68%	+2.33%

BAPR vs. PRPFX - Expense Ratio Comparison

BAPR has a 0.79% expense ratio, which is lower than PRPFX's 0.81% expense ratio.

Dividends

BAPR vs. PRPFX - Dividend Comparison

BAPR has not paid dividends to shareholders, while PRPFX's dividend yield for the trailing twelve months is around 3.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRPFX Permanent Portfolio Class I	3.20%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%

Frequently Asked Questions

Can I hold both BAPR and PRPFX in my portfolio?

BAPR and PRPFX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAPR or PRPFX?

PRPFX has higher volatility (2.42%) compared to BAPR (1.71%). In terms of maximum drawdown, BAPR dropped -23.91% vs PRPFX's -27.16%.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (2.95 vs 1.19), 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.