BSEP vs. XTAP

Last updated Jul 14, 2026

BSEP (Innovator U.S. Equity Buffer ETF - September) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - BSEP is a Defined Outcome fund tracking the S&P 500 Index, while XTAP is a Leveraged Equities fund actively managed by Innovator. BSEP is passively managed, while XTAP is actively managed. Over the past 5 years, BSEP returned 10.63%/yr vs 10.72%/yr for XTAP. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BSEP vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSEP achieves a 7.57% return, which is significantly lower than XTAP's 11.77% return.

BSEP

• 1D: -0.24%
• 1M: 1.30%
• 6M: 6.24%
• YTD: 7.57%
• 1Y: 16.50%
• 3Y*: 15.04%
• 5Y*: 10.63%
• 10Y*: —

XTAP

• 1D: -0.27%
• 1M: 1.21%
• 6M: 11.36%
• YTD: 11.77%
• 1Y: 18.46%
• 3Y*: 16.75%
• 5Y*: 10.72%
• 10Y*: —

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

BSEP vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BSEP Innovator U.S. Equity Buffer ETF - September	7.57%	14.80%	16.96%	20.94%	-9.20%	9.61%
XTAP Innovator U.S. Equity Accelerated Plus ETF	11.77%	17.58%	14.26%	23.46%	-14.68%	12.26%

Correlation

The correlation between BSEP and XTAP is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.91

The correlation between BSEP and XTAP has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

BSEP vs. XTAP - Sectors Allocation Comparison

Sectors	BSEP	XTAP
Technology	38.4%	35.7%
Financial Services	11.0%	11.6%
Communication Services	10.8%	11.3%
Consumer Cyclical	10.0%	10.2%
Healthcare	8.4%	8.5%
Industrials	7.9%	8.3%
Consumer Defensive	4.6%	4.9%
Energy	3.2%	3.5%
Utilities	2.1%	2.4%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

BSEP vs. XTAP — Risk / Return Rank

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

BSEP

BSEP Risk / Return Rank: 83
BSEP Sharpe Ratio Rank: 85
BSEP Sortino Ratio Rank: 86
BSEP Omega Ratio Rank: 87
BSEP Calmar Ratio Rank: 72
BSEP Martin Ratio Rank: 87

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

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.

BSEP vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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.

	BSEP	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	3.90	-1.75
Sortino ratio: Return per unit of downside risk	3.09	6.49	-3.40
Omega ratio: Gain probability vs. loss probability	1.42	2.00	-0.58
Calmar ratio: Return relative to maximum drawdown	2.91	10.80	-7.90
Martin ratio: Return relative to average drawdown	14.36	57.33	-42.97

BSEP vs. XTAP - Sharpe Ratio Comparison

The current BSEP Sharpe Ratio is 2.15, which is lower than the XTAP Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of BSEP and XTAP, 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

BSEP vs. XTAP - Drawdown Comparison

The maximum BSEP drawdown since its inception was -23.98%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for BSEP and XTAP.

Drawdown Indicators

	BSEP	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-22.13%	-1.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-1.72%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-11.83%	-1.53%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-22.13%	+7.11%
Current Drawdown Current decline from peak	-0.24%	-0.27%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.71%	-3.39%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.32%	+0.83%

Volatility

BSEP vs. XTAP - Volatility Comparison

Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator U.S. Equity Accelerated Plus ETF (XTAP) have volatilities of 1.73% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSEP	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.77%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	3.81%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	7.72%	4.77%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	14.55%	-2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	14.29%	-0.61%

BSEP vs. XTAP - Expense Ratio Comparison

Both BSEP and XTAP have an expense ratio of 0.79%.

Dividends

BSEP vs. XTAP - Dividend Comparison

Neither BSEP nor XTAP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSEP and XTAP in my portfolio?

BSEP and XTAP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSEP or XTAP?

XTAP has higher volatility (1.77%) compared to BSEP (1.73%). In terms of maximum drawdown, BSEP dropped -23.98% vs XTAP's -22.13%.

Which ETF is better, BSEP or XTAP?

On 5-year performance, XTAP leads with 10.72% vs 10.63% for BSEP. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSEP or XTAP?

Over the 5-year period, XTAP has performed better with a 10.72% return vs 10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSEP or XTAP?

BSEP and XTAP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BSEP or XTAP?

BSEP and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between BSEP and XTAP?

BSEP is categorized as Defined Outcome, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.90 vs 2.15), 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.