BFOC vs. ZAPR
BFOC (FT Vest Bitcoin Strategy Floor15 ETF - October) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. BFOC charges 0.90%/yr vs 0.79%/yr for ZAPR.
Performance
BFOC vs. ZAPR - Performance Comparison
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Returns By Period
In the year-to-date period, BFOC achieves a -7.09% return, which is significantly lower than ZAPR's 3.72% return.
BFOC
- 1D
- -0.44%
- 1M
- -0.41%
- 6M
- -10.22%
- YTD
- -7.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAPR
- 1D
- 0.07%
- 1M
- 0.39%
- 6M
- 3.54%
- YTD
- 3.72%
- 1Y
- 6.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BFOC vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BFOC FT Vest Bitcoin Strategy Floor15 ETF - October | -7.09% | -9.75% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 3.72% | 1.34% |
Correlation
The correlation between BFOC and ZAPR is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.32 |
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Return for Risk
BFOC vs. ZAPR — Risk / Return Rank
BFOC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZAPR
BFOC vs. ZAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.
| BFOC | ZAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.18 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 16.86 | — |
| Martin ratioReturn relative to average drawdown | — | 72.69 | — |
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Drawdowns
BFOC vs. ZAPR - Drawdown Comparison
The maximum BFOC drawdown since its inception was -18.41%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for BFOC and ZAPR.
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Drawdown Indicators
| BFOC | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.41% | -1.72% | -16.69% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.40% | — |
Current DrawdownCurrent decline from peak | -17.93% | 0.00% | -17.93% |
Average DrawdownAverage peak-to-trough decline | -13.23% | -0.09% | -13.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.09% | — |
Volatility
BFOC vs. ZAPR - Volatility Comparison
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Volatility by Period
| BFOC | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.46% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.12% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 1.47% | +10.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.94% | 2.45% | +9.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.94% | 2.45% | +9.49% |
BFOC vs. ZAPR - Expense Ratio Comparison
BFOC has a 0.90% expense ratio, which is higher than ZAPR's 0.79% expense ratio.
Dividends
BFOC vs. ZAPR - Dividend Comparison
Neither BFOC nor ZAPR has paid dividends to shareholders.
Frequently Asked Questions
BFOC and ZAPR have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAPR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAPR is cheaper with a 0.79% expense ratio, compared with 0.90% for BFOC.
BFOC and ZAPR have nearly identical dividend yields, around 0.00%.
They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.90% for BFOC and 0.79% for ZAPR.
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