BSTP vs. APRT

Last updated Jun 4, 2026

BSTP (Innovator Buffer Step-Up Strategy ETF) and APRT (AllianzIM U.S. Large Cap Buffer10 Apr ETF) are both Options Trading funds. BSTP is passively managed, while APRT is actively managed. Over the past 3 years, BSTP returned 14.35%/yr vs 14.42%/yr for APRT. With a 0.96 correlation, they move nearly in lockstep. BSTP charges 0.89%/yr vs 0.74%/yr for APRT.

Performance

BSTP vs. APRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Buffer Step-Up Strategy ETF (BSTP) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSTP achieves a 6.07% return, which is significantly lower than APRT's 9.89% return.

BSTP

• 1D: -0.32%
• 1M: 3.05%
• YTD: 6.07%
• 6M: 6.56%
• 1Y: 16.71%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

APRT

• 1D: -0.20%
• 1M: 2.07%
• YTD: 9.89%
• 6M: 10.85%
• 1Y: 19.10%
• 3Y*: 14.42%
• 5Y*: 10.64%
• 10Y*: —

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

BSTP vs. APRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BSTP Innovator Buffer Step-Up Strategy ETF	6.07%	11.80%	16.70%	18.14%	-4.95%
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	9.89%	7.99%	15.15%	22.13%	-1.50%

Correlation

The correlation between BSTP and APRT is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	0.96

The correlation between BSTP and APRT has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

BSTP vs. APRT - Sectors Allocation Comparison

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

Return for Risk

BSTP vs. APRT — Risk / Return Rank

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

BSTP

BSTP Risk / Return Rank: 65
BSTP Sharpe Ratio Rank: 63
BSTP Sortino Ratio Rank: 65
BSTP Omega Ratio Rank: 69
BSTP Calmar Ratio Rank: 55
BSTP Martin Ratio Rank: 71

APRT

APRT Risk / Return Rank: 97
APRT Sharpe Ratio Rank: 95
APRT Sortino Ratio Rank: 98
APRT Omega Ratio Rank: 97
APRT Calmar Ratio Rank: 97
APRT 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.

BSTP vs. APRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Buffer Step-Up Strategy ETF (BSTP) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). 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.

	BSTP	APRT	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.83	-1.71
Sortino ratio: Return per unit of downside risk	3.01	6.77	-3.76
Omega ratio: Gain probability vs. loss probability	1.41	1.97	-0.56
Calmar ratio: Return relative to maximum drawdown	2.69	12.06	-9.37
Martin ratio: Return relative to average drawdown	13.18	65.68	-52.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSTP vs. APRT - Sharpe Ratio Comparison

The current BSTP Sharpe Ratio is 2.12, which is lower than the APRT Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of BSTP and APRT, 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

	BSTP	APRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	3.83	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.11	-0.20

Drawdowns

BSTP vs. APRT - Drawdown Comparison

The maximum BSTP drawdown since its inception was -16.69%, which is greater than APRT's maximum drawdown of -14.98%. Use the drawdown chart below to compare losses from any high point for BSTP and APRT.

Drawdown Indicators

	BSTP	APRT	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-14.98%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-1.59%	-4.64%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-14.98%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.98%	—
Current Drawdown Current decline from peak	-0.32%	-0.20%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.52%	-2.05%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.29%	+0.98%

Volatility

BSTP vs. APRT - Volatility Comparison

Innovator Buffer Step-Up Strategy ETF (BSTP) has a higher volatility of 1.52% compared to AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) at 1.01%. This indicates that BSTP's price experiences larger fluctuations and is considered to be riskier than APRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSTP	APRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	1.01%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	3.99%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	7.93%	5.02%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	10.78%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	10.29%	+1.82%

BSTP vs. APRT - Expense Ratio Comparison

BSTP has a 0.89% expense ratio, which is higher than APRT's 0.74% expense ratio.

Dividends

BSTP vs. APRT - Dividend Comparison

Neither BSTP nor APRT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.67%
BSTP Innovator Buffer Step-Up Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSTP and APRT in my portfolio?

With a correlation of 0.93, BSTP and APRT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BSTP or APRT?

BSTP has higher volatility (1.52%) compared to APRT (1.01%). In terms of maximum drawdown, BSTP dropped -16.69% vs APRT's -14.98%.

Which ETF is better, BSTP or APRT?

On 3-year performance, APRT leads with 14.42% vs 14.35% for BSTP. On fees, APRT is cheaper at 0.74% per year. On volatility, APRT has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSTP or APRT?

Over the 3-year period, APRT has performed better with a 14.42% return vs 14.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSTP or APRT?

APRT is cheaper with a 0.74% expense ratio, compared with 0.89% for BSTP.

Which ETF pays a higher dividend yield, BSTP or APRT?

BSTP and APRT have nearly identical dividend yields, around 0.00%.

What is the main difference between BSTP and APRT?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.89% for BSTP and 0.74% for APRT.

Which has better risk-adjusted returns?

APRT currently has the higher Sharpe Ratio (3.83 vs 2.12), 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.