DLFE vs. BAPR

Last updated Jun 6, 2026

DLFE (FT Vest U.S. Equity Dual Directional Buffer ETF - February) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds - DLFE tracks the SPDR S&P 500 ETF Trust (SPY) while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. DLFE charges 0.85%/yr vs 0.79%/yr for BAPR.

Performance

DLFE vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DLFE

• 1D: -0.74%
• 1M: 0.34%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: -0.97%
• 1M: 0.44%
• YTD: 9.90%
• 6M: 10.57%
• 1Y: 19.49%
• 3Y*: 14.92%
• 5Y*: 10.99%
• 10Y*: —

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

DLFE vs. BAPR - Yearly Performance Comparison

	2026 (YTD)
DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February	4.27%
BAPR Innovator U.S. Equity Buffer ETF - April	9.04%

Correlation

The correlation between DLFE and BAPR is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026	0.92

Return for Risk

DLFE vs. BAPR — 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: 96
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 97
BAPR 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.

DLFE vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DLFE	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.42	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.98	0.82	+1.16

Drawdowns

DLFE vs. BAPR - Drawdown Comparison

The maximum DLFE drawdown since its inception was -5.03%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for DLFE and BAPR.

Drawdown Indicators

	DLFE	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-5.03%	-23.91%	+18.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-0.88%	-1.05%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.98%	-2.59%	+1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.36%	—

Volatility

Volatility by Period

	DLFE	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	5.73%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.01%	11.49%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.01%	13.12%	-5.11%

DLFE vs. BAPR - Expense Ratio Comparison

DLFE has a 0.85% expense ratio, which is higher than BAPR's 0.79% expense ratio.

Dividends

DLFE vs. BAPR - Dividend Comparison

Neither DLFE nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLFE and BAPR in my portfolio?

With a correlation of 0.92, DLFE and BAPR 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 ETF is better, DLFE or BAPR?

On fees, BAPR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLFE or BAPR?

BAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for DLFE.

Which ETF pays a higher dividend yield, DLFE or BAPR?

DLFE and BAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between DLFE and BAPR?

DLFE tracks SPDR S&P 500 ETF Trust (SPY), while BAPR tracks Cboe S&P 500 Buffer Protect Index April. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for DLFE and 0.79% for BAPR.