BAPR vs. QTAP

Last updated Aug 4, 2026

BAPR (Innovator U.S. Equity Buffer ETF - April) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both exchange-traded funds - BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April, while QTAP is a Leveraged Equities fund actively managed by Innovator. BAPR is passively managed, while QTAP is actively managed. Over the past 5 years, BAPR returned 10.95%/yr vs 12.44%/yr for QTAP. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BAPR vs. QTAP - 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 Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAPR achieves a 12.27% return, which is significantly lower than QTAP's 14.58% return.

BAPR

• 1D: 0.32%
• 1M: 1.22%
• 6M: 11.30%
• YTD: 12.27%
• 1Y: 18.49%
• 3Y*: 14.40%
• 5Y*: 10.95%
• 10Y*: —
• ALL TIME*: 10.84%

QTAP

• 1D: 0.89%
• 1M: 1.04%
• 6M: 13.63%
• YTD: 14.58%
• 1Y: 21.37%
• 3Y*: 19.73%
• 5Y*: 12.44%
• 10Y*: —
• ALL TIME*: 13.62%

*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	$301.62K	$564.24K	$486.34K
QTAP Innovator Growth Accelerated Plus ETF - April	$233.87K	$224.64K	$223.31K

BAPR vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BAPR Innovator U.S. Equity Buffer ETF - April	12.27%	8.28%	15.95%	23.16%	-7.04%	11.08%
QTAP Innovator Growth Accelerated Plus ETF - April	14.58%	19.36%	17.34%	43.32%	-25.87%	15.95%

Correlation

The correlation between BAPR and QTAP is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.89

The correlation between BAPR and QTAP has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

BAPR vs. QTAP - Sectors Allocation Comparison

Sectors	BAPR	QTAP
Technology	37.9%	50.7%
Financial Services	11.7%	0.2%
Communication Services	10.0%	15.8%
Consumer Cyclical	9.6%	12.5%
Healthcare	9.1%	5.1%
Industrials	8.4%	3.3%
Consumer Defensive	4.6%	8.7%
Energy	3.0%	0.7%
Utilities	2.3%	1.6%
Real Estate	1.9%	0.1%
Basic Materials	1.7%	1.3%

Return for Risk

BAPR vs. QTAP — 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: 97
BAPR Calmar Ratio Rank: 98
BAPR Martin Ratio Rank: 98

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 97
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 97

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. QTAP - 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 Growth Accelerated Plus ETF - April (QTAP). 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	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	3.16	3.25	-0.10
Sortino ratio: Return per unit of downside risk	5.18	5.27	-0.09
Omega ratio: Gain probability vs. loss probability	1.73	1.77	-0.04
Calmar ratio: Return relative to maximum drawdown	9.61	7.63	+1.98
Martin ratio: Return relative to average drawdown	44.13	36.59	+7.54

BAPR vs. QTAP - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 3.16, which is comparable to the QTAP Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of BAPR and QTAP, 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. QTAP - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, smaller than the maximum QTAP drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for BAPR and QTAP.

Drawdown Indicators

	BAPR	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-29.44%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-2.81%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-13.03%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	-29.44%	+13.86%
Current Drawdown Current decline from peak	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.55%	-4.91%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.59%	-0.17%

Volatility

BAPR vs. QTAP - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - April (BAPR) is 1.73%, while Innovator Growth Accelerated Plus ETF - April (QTAP) has a volatility of 2.84%. This indicates that BAPR experiences smaller price fluctuations and is considered to be less risky than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAPR	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	2.84%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	5.16%	5.74%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.90%	6.61%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	18.93%	-7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	18.57%	-5.56%

BAPR vs. QTAP - Expense Ratio Comparison

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

Dividends

BAPR vs. QTAP - Dividend Comparison

Neither BAPR nor QTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BAPR and QTAP in my portfolio?

BAPR and QTAP have a correlation of 0.84, 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 QTAP?

QTAP has higher volatility (2.84%) compared to BAPR (1.73%). In terms of maximum drawdown, BAPR dropped -23.91% vs QTAP's -29.44%.

Which ETF is better, BAPR or QTAP?

On 5-year performance, QTAP leads with 12.44% vs 10.95% for BAPR. Both ETFs have the same 0.79% expense ratio. On volatility, BAPR has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAPR or QTAP?

Over the 5-year period, QTAP has performed better with a 12.44% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAPR or QTAP?

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

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

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

What is the main difference between BAPR and QTAP?

BAPR is categorized as Defined Outcome, while QTAP is Leveraged Equities.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.25 vs 3.16), 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.