BAPR vs. USL

Last updated Jun 4, 2026

BAPR (Innovator U.S. Equity Buffer ETF - April) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, BAPR returned 11.17%/yr vs 17.41%/yr for USL. At a 0.16 correlation, their price movements are largely independent. BAPR charges 0.79%/yr vs 0.88%/yr for USL.

Performance

BAPR vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - April (BAPR) and United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAPR achieves a 10.81% return, which is significantly lower than USL's 63.07% return.

BAPR

• 1D: -0.23%
• 1M: 2.21%
• YTD: 10.81%
• 6M: 11.74%
• 1Y: 20.12%
• 3Y*: 15.31%
• 5Y*: 11.17%
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

BAPR vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BAPR Innovator U.S. Equity Buffer ETF - April	10.81%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	10.49%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	0.17%

Correlation

The correlation between BAPR and USL is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 2, 2019	0.16

The correlation between BAPR and USL shifts across timeframes, from -0.30 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

BAPR vs. USL - Sectors Allocation Comparison

Sectors	BAPR	USL
Technology	36.2%	-
Financial Services	11.9%	4.5%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

BAPR vs. USL — 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

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) and United States 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	3.59	2.04	+1.55
Sortino ratio: Return per unit of downside risk	6.11	2.58	+3.53
Omega ratio: Gain probability vs. loss probability	1.87	1.34	+0.53
Calmar ratio: Return relative to maximum drawdown	10.46	3.47	+6.99
Martin ratio: Return relative to average drawdown	57.55	7.02	+50.53
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. USL - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 3.59, which is higher than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BAPR and USL, 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	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.59	2.04	+1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.58	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.01	+0.83

Drawdowns

BAPR vs. USL - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BAPR and USL.

Drawdown Indicators

	BAPR	USL	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-89.06%	+65.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-16.76%	+14.83%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-23.33%	+7.75%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	-33.82%	+18.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.23%	-38.16%	+37.93%
Average Drawdown Average peak-to-trough decline	-2.59%	-61.46%	+58.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	8.27%	-7.92%

Volatility

BAPR vs. USL - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - April (BAPR) is 1.06%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that BAPR experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAPR	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	10.53%	-9.47%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	23.33%	-18.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	28.54%	-22.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	30.08%	-18.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.12%	32.35%	-19.23%

BAPR vs. USL - Expense Ratio Comparison

BAPR has a 0.79% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BAPR vs. USL - Dividend Comparison

Neither BAPR nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BAPR and USL in my portfolio?

BAPR and USL have a correlation of -0.30, 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 USL?

USL has higher volatility (10.53%) compared to BAPR (1.06%). In terms of maximum drawdown, BAPR dropped -23.91% vs USL's -89.06%.

Which ETF is better, BAPR or USL?

On 5-year performance, USL leads with 17.41% vs 11.17% for BAPR. On fees, BAPR is cheaper at 0.79% per year. On volatility, BAPR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAPR or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAPR or USL?

BAPR is cheaper with a 0.79% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between BAPR and USL?

BAPR is categorized as Defined Outcome, while USL is Oil & Gas. BAPR tracks Cboe S&P 500 Buffer Protect Index April, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for BAPR and 0.88% for USL.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.59 vs 2.04), 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.