FAPR vs. BAPR

Last updated Aug 2, 2026

FAPR (FT Vest U.S. Equity Buffer ETF - April) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds - FAPR tracks the S&P 500 while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, FAPR returned 8.57%/yr vs 10.92%/yr for BAPR. Their correlation of 0.94 means they have usually moved in the same direction. FAPR charges 0.85%/yr vs 0.79%/yr for BAPR.

Performance

FAPR vs. BAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, FAPR achieves a 5.72% return, which is significantly lower than BAPR's 11.91% return.

FAPR

• 1D: 0.50%
• 1M: 0.63%
• 6M: 5.27%
• YTD: 5.72%
• 1Y: 10.62%
• 3Y*: 12.06%
• 5Y*: 8.57%
• 10Y*: —
• ALL TIME*: 8.81%

BAPR

• 1D: 0.55%
• 1M: 0.89%
• 6M: 11.13%
• YTD: 11.91%
• 1Y: 18.11%
• 3Y*: 13.78%
• 5Y*: 10.92%
• 10Y*: —
• ALL TIME*: 10.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BAPR Innovator U.S. Equity Buffer ETF - April	$248.94K	$604.46K	$476.54K
FAPR FT Vest U.S. Equity Buffer ETF - April	$718.11K	$703.92K	$2.65M

FAPR vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAPR FT Vest U.S. Equity Buffer ETF - April	5.72%	7.58%	18.14%	19.50%	-10.33%	8.50%
BAPR Innovator U.S. Equity Buffer ETF - April	11.91%	8.28%	15.95%	23.16%	-7.04%	7.92%

Correlation

The correlation between FAPR and BAPR is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Apr 19, 2021	0.94

The correlation between FAPR and BAPR has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

FAPR vs. BAPR - Sectors Allocation Comparison

Sectors	FAPR	BAPR
Technology	38.5%	37.9%
Financial Services	11.6%	11.7%
Communication Services	9.9%	10.0%
Consumer Cyclical	9.5%	9.6%
Healthcare	8.9%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.5%	4.6%
Energy	3.0%	3.0%
Utilities	2.2%	2.3%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

FAPR vs. BAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAPR

FAPR Risk / Return Rank: 92
FAPR Sharpe Ratio Rank: 88
FAPR Sortino Ratio Rank: 90
FAPR Omega Ratio Rank: 92
FAPR Calmar Ratio Rank: 94
FAPR Martin Ratio Rank: 96

BAPR

BAPR Risk / Return Rank: 97
BAPR Sharpe Ratio Rank: 96
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 98
BAPR Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAPR vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - April (FAPR) 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.

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.

	FAPR	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.95	-0.81
Sortino ratio: Return per unit of downside risk	3.16	4.80	-1.64
Omega ratio: Gain probability vs. loss probability	1.46	1.67	-0.21
Calmar ratio: Return relative to maximum drawdown	4.65	9.02	-4.37
Martin ratio: Return relative to average drawdown	24.42	41.44	-17.02

FAPR vs. BAPR - Sharpe Ratio Comparison

The current FAPR Sharpe Ratio is 2.14, which is comparable to the BAPR Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of FAPR and BAPR, 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

FAPR vs. BAPR - Drawdown Comparison

The maximum FAPR drawdown since its inception was -15.96%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for FAPR and BAPR.

Drawdown Indicators

	FAPR	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-23.91%	+7.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-1.93%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-15.58%	+3.94%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-15.58%	-0.38%
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.65%	-2.55%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.42%	0.00%

Volatility

FAPR vs. BAPR - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - April (FAPR) has a higher volatility of 2.20% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 1.71%. This indicates that FAPR'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

	FAPR	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	1.71%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	5.16%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.82%	5.93%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	11.51%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.37%	13.01%	-2.64%

FAPR vs. BAPR - Expense Ratio Comparison

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

Dividends

FAPR vs. BAPR - Dividend Comparison

Neither FAPR nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAPR and BAPR in my portfolio?

FAPR and BAPR have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAPR or BAPR?

FAPR has higher volatility (2.20%) compared to BAPR (1.71%). In terms of maximum drawdown, FAPR dropped -15.96% vs BAPR's -23.91%.

Which ETF is better, FAPR or BAPR?

On 5-year performance, BAPR leads with 10.92% vs 8.57% for FAPR. On fees, BAPR is cheaper at 0.79% per year. On volatility, BAPR has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAPR or BAPR?

Over the 5-year period, BAPR has performed better with a 10.92% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAPR or BAPR?

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

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

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

What is the main difference between FAPR and BAPR?

FAPR tracks S&P 500, while BAPR tracks Cboe S&P 500 Buffer Protect Index April. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FAPR and 0.79% for BAPR.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (2.95 vs 2.14), 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.