BOUT vs. BAPR

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator IBD Breakout Opportunities ETF (BOUT) and Innovator U.S. Equity Buffer ETF - April (BAPR).

BOUT and BAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BOUT is a passively managed fund by Innovator that tracks the performance of the IBD Breakout Stocks Total Return Index. It was launched on Sep 13, 2018. BAPR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index April. It was launched on Mar 29, 2019. Both BOUT and BAPR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BOUT vs. BAPR - Performance Comparison

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

BOUT vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BOUT Innovator IBD Breakout Opportunities ETF	8.23%	-6.77%	18.82%	13.27%	-22.60%	22.69%	50.56%	3.05%
BAPR Innovator U.S. Equity Buffer ETF - April	2.08%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	10.49%

Returns By Period

In the year-to-date period, BOUT achieves a 8.23% return, which is significantly higher than BAPR's 2.08% return.

BOUT

• 1D: 2.67%
• 1M: -3.79%
• YTD: 8.23%
• 6M: 1.15%
• 1Y: 8.69%
• 3Y*: 8.84%
• 5Y*: 4.03%
• 10Y*: —

BAPR

• 1D: 2.58%
• 1M: 0.99%
• YTD: 2.08%
• 6M: 4.42%
• 1Y: 15.33%
• 3Y*: 13.43%
• 5Y*: 10.13%
• 10Y*: —

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

BOUT vs. BAPR - Expense Ratio Comparison

BOUT has a 0.80% expense ratio, which is higher than BAPR's 0.79% expense ratio.

BOUT

Innovator IBD Breakout Opportunities ETF

BAPR

Innovator U.S. Equity Buffer ETF - April

Return for Risk

BOUT vs. BAPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOUT

BOUT Risk / Return Rank: 25
BOUT Sharpe Ratio Rank: 24
BOUT Sortino Ratio Rank: 24
BOUT Omega Ratio Rank: 24
BOUT Calmar Ratio Rank: 28
BOUT Martin Ratio Rank: 25

BAPR

BAPR Risk / Return Rank: 81
BAPR Sharpe Ratio Rank: 73
BAPR Sortino Ratio Rank: 79
BAPR Omega Ratio Rank: 92
BAPR Calmar Ratio Rank: 69
BAPR Martin Ratio Rank: 90

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.

BOUT vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator IBD Breakout Opportunities ETF (BOUT) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	BOUT	BAPR	Difference
Sharpe ratio Return per unit of total volatility	0.40	1.29	-0.89
Sortino ratio Return per unit of downside risk	0.66	1.99	-1.33
Omega ratio Gain probability vs. loss probability	1.09	1.40	-0.31
Calmar ratio Return relative to maximum drawdown	0.65	1.74	-1.08
Martin ratio Return relative to average drawdown	1.81	11.59	-9.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOUT vs. BAPR - Sharpe Ratio Comparison

The current BOUT Sharpe Ratio is 0.40, which is lower than the BAPR Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of BOUT and BAPR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BOUT	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	1.29	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.88	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.75	-0.45

Correlation

The correlation between BOUT and BAPR is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BOUT vs. BAPR - Dividend Comparison

BOUT's dividend yield for the trailing twelve months is around 0.32%, while BAPR has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BOUT Innovator IBD Breakout Opportunities ETF	0.32%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%
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%

Drawdowns

BOUT vs. BAPR - Drawdown Comparison

The maximum BOUT drawdown since its inception was -36.75%, which is greater than BAPR's maximum drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for BOUT and BAPR.

Drawdown Indicators

	BOUT	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-36.75%	-23.91%	-12.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-9.19%	-4.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.28%	-15.58%	-12.70%
Current Drawdown Current decline from peak	-6.50%	0.00%	-6.50%
Average Drawdown Average peak-to-trough decline	-12.55%	-2.66%	-9.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	1.38%	+3.57%

Volatility

BOUT vs. BAPR - Volatility Comparison

Innovator IBD Breakout Opportunities ETF (BOUT) has a higher volatility of 8.61% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 3.45%. This indicates that BOUT's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOUT	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	3.45%	+5.16%
Volatility (6M) Calculated over the trailing 6-month period	17.18%	4.26%	+12.92%
Volatility (1Y) Calculated over the trailing 1-year period	21.74%	11.90%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	11.54%	+8.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.96%	13.25%	+9.71%