BAPR vs. VWELX

Last updated Jun 5, 2026

BAPR (Innovator U.S. Equity Buffer ETF - April) and VWELX (Vanguard Wellington Fund Investor Shares) are both funds - BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April, while VWELX is a Diversified Portfolio fund actively managed by Vanguard. BAPR is passively managed, while VWELX is actively managed. Over the past 5 years, BAPR returned 11.21%/yr vs 8.69%/yr for VWELX. Their correlation of 0.89 suggests significant overlap in exposure. BAPR charges 0.79%/yr vs 0.24%/yr for VWELX.

Performance

BAPR vs. VWELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - April (BAPR) and Vanguard Wellington Fund Investor Shares (VWELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAPR achieves a 10.98% return, which is significantly higher than VWELX's 6.39% return.

BAPR

• 1D: 0.16%
• 1M: 2.02%
• YTD: 10.98%
• 6M: 11.84%
• 1Y: 20.29%
• 3Y*: 15.39%
• 5Y*: 11.21%
• 10Y*: —

VWELX

• 1D: -0.67%
• 1M: 2.71%
• YTD: 6.39%
• 6M: 6.66%
• 1Y: 19.88%
• 3Y*: 15.35%
• 5Y*: 8.69%
• 10Y*: 10.12%

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

BAPR vs. VWELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BAPR Innovator U.S. Equity Buffer ETF - April	10.98%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	10.49%
VWELX Vanguard Wellington Fund Investor Shares	6.39%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	12.13%

Correlation

The correlation between BAPR and VWELX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 2, 2019	0.89

The correlation between BAPR and VWELX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

BAPR vs. VWELX - Sectors Allocation Comparison

Sectors	BAPR	VWELX
Technology	36.2%	31.8%
Financial Services	11.9%	10.6%
Communication Services	10.9%	12.3%
Consumer Cyclical	10.1%	10.9%
Healthcare	8.4%	9.8%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	4.4%
Energy	3.5%	4.4%
Utilities	2.3%	2.5%
Real Estate	1.9%	2.6%
Basic Materials	1.8%	2.1%

Return for Risk

BAPR vs. VWELX — 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

VWELX

VWELX Risk / Return Rank: 66
VWELX Sharpe Ratio Rank: 67
VWELX Sortino Ratio Rank: 65
VWELX Omega Ratio Rank: 65
VWELX Calmar Ratio Rank: 60
VWELX Martin Ratio Rank: 73

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. VWELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) and Vanguard Wellington Fund Investor Shares (VWELX). 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	VWELX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	2.41	+1.20
Sortino ratio: Return per unit of downside risk	6.16	3.40	+2.75
Omega ratio: Gain probability vs. loss probability	1.88	1.45	+0.43
Calmar ratio: Return relative to maximum drawdown	10.54	2.99	+7.55
Martin ratio: Return relative to average drawdown	58.11	13.88	+44.23
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. VWELX - Sharpe Ratio Comparison

The current BAPR Sharpe Ratio is 3.62, which is higher than the VWELX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of BAPR and VWELX, 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	VWELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	2.41	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.78	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.84	0.00

Drawdowns

BAPR vs. VWELX - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, smaller than the maximum VWELX drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for BAPR and VWELX.

Drawdown Indicators

	BAPR	VWELX	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-36.12%	+12.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-6.78%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-11.98%	-3.60%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	-20.88%	+5.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.33%	—
Current Drawdown Current decline from peak	-0.07%	-0.67%	+0.60%
Average Drawdown Average peak-to-trough decline	-2.59%	-3.92%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	1.46%	-1.11%

Volatility

BAPR vs. VWELX - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - April (BAPR) is 1.03%, while Vanguard Wellington Fund Investor Shares (VWELX) has a volatility of 2.61%. This indicates that BAPR experiences smaller price fluctuations and is considered to be less risky than VWELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAPR	VWELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	2.61%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	6.68%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	8.41%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	11.14%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.12%	11.53%	+1.59%

BAPR vs. VWELX - Expense Ratio Comparison

BAPR has a 0.79% expense ratio, which is higher than VWELX's 0.24% expense ratio.

Dividends

BAPR vs. VWELX - Dividend Comparison

BAPR has not paid dividends to shareholders, while VWELX's dividend yield for the trailing twelve months is around 10.83%.

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%
VWELX Vanguard Wellington Fund Investor Shares	10.83%	11.46%	10.76%	6.01%	8.19%	8.64%	7.77%	4.67%	9.49%	5.82%	4.44%	7.03%

Frequently Asked Questions

Can I hold both BAPR and VWELX in my portfolio?

BAPR and VWELX have a correlation of 0.88, 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 VWELX?

VWELX has higher volatility (2.61%) compared to BAPR (1.03%). In terms of maximum drawdown, BAPR dropped -23.91% vs VWELX's -36.12%.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.62 vs 2.41), 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.