FAPR vs. BMAY

Last updated Jun 23, 2026

FAPR (FT Vest U.S. Equity Buffer ETF - April) and BMAY (Innovator U.S. Equity Buffer ETF - May) are both Defined Outcome funds - FAPR tracks the S&P 500 while BMAY tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, FAPR returned 8.79%/yr vs 8.94%/yr for BMAY. Their correlation of 0.94 suggests significant overlap in exposure. FAPR charges 0.85%/yr vs 0.79%/yr for BMAY.

Performance

FAPR vs. BMAY - 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 - May (BMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAPR achieves a 4.86% return, which is significantly lower than BMAY's 5.51% return.

FAPR

• 1D: -0.19%
• 1M: 0.28%
• YTD: 4.86%
• 6M: 5.02%
• 1Y: 12.29%
• 3Y*: 12.98%
• 5Y*: 8.79%
• 10Y*: —

BMAY

• 1D: -0.26%
• 1M: 0.24%
• YTD: 5.51%
• 6M: 5.58%
• 1Y: 14.44%
• 3Y*: 14.81%
• 5Y*: 8.94%
• 10Y*: —

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

FAPR vs. BMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAPR FT Vest U.S. Equity Buffer ETF - April	4.86%	7.58%	18.14%	19.50%	-10.33%	8.50%
BMAY Innovator U.S. Equity Buffer ETF - May	5.51%	11.16%	19.06%	16.73%	-12.54%	9.24%

Correlation

The correlation between FAPR and BMAY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 19, 2021	0.94

The correlation between FAPR and BMAY has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

FAPR vs. BMAY - Sectors Allocation Comparison

Sectors	FAPR	BMAY
Technology	39.0%	38.4%
Financial Services	11.1%	11.0%
Communication Services	10.6%	10.8%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FAPR vs. BMAY — Risk / Return Rank

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

FAPR

FAPR Risk / Return Rank: 93
FAPR Sharpe Ratio Rank: 89
FAPR Sortino Ratio Rank: 93
FAPR Omega Ratio Rank: 94
FAPR Calmar Ratio Rank: 91
FAPR Martin Ratio Rank: 96

BMAY

BMAY Risk / Return Rank: 88
BMAY Sharpe Ratio Rank: 81
BMAY Sortino Ratio Rank: 86
BMAY Omega Ratio Rank: 90
BMAY Calmar Ratio Rank: 88
BMAY Martin Ratio Rank: 94

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.

FAPR vs. BMAY - 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 - May (BMAY). 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	BMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.50	+0.36
Sortino ratio: Return per unit of downside risk	4.34	3.66	+0.68
Omega ratio: Gain probability vs. loss probability	1.65	1.56	+0.09
Calmar ratio: Return relative to maximum drawdown	5.58	4.92	+0.66
Martin ratio: Return relative to average drawdown	36.56	25.24	+11.32

FAPR vs. BMAY - Sharpe Ratio Comparison

The current FAPR Sharpe Ratio is 2.86, which is comparable to the BMAY Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of FAPR and BMAY, 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. BMAY - Drawdown Comparison

The maximum FAPR drawdown since its inception was -15.96%, smaller than the maximum BMAY drawdown of -17.66%. Use the drawdown chart below to compare losses from any high point for FAPR and BMAY.

Drawdown Indicators

	FAPR	BMAY	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-17.66%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-2.95%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-12.75%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-17.66%	+1.70%
Current Drawdown Current decline from peak	-0.55%	-0.72%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.69%	-3.07%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.57%	-0.23%

Volatility

FAPR vs. BMAY - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - April (FAPR) is 2.46%, while Innovator U.S. Equity Buffer ETF - May (BMAY) has a volatility of 3.02%. This indicates that FAPR experiences smaller price fluctuations and is considered to be less risky than BMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAPR	BMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	3.02%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	4.94%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	5.81%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	11.33%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	11.01%	-0.58%

FAPR vs. BMAY - Expense Ratio Comparison

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

Dividends

FAPR vs. BMAY - Dividend Comparison

Neither FAPR nor BMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAPR and BMAY in my portfolio?

FAPR and BMAY have a correlation of 0.89, 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 BMAY?

BMAY has higher volatility (3.02%) compared to FAPR (2.46%). In terms of maximum drawdown, FAPR dropped -15.96% vs BMAY's -17.66%.

Which ETF is better, FAPR or BMAY?

On 5-year performance, BMAY leads with 8.94% vs 8.79% for FAPR. On fees, BMAY is cheaper at 0.79% per year. On volatility, FAPR has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAPR or BMAY?

Over the 5-year period, BMAY has performed better with a 8.94% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAPR or BMAY?

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

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

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

What is the main difference between FAPR and BMAY?

FAPR tracks S&P 500, while BMAY tracks S&P 500 Price Return Index. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FAPR and 0.79% for BMAY.

Which has better risk-adjusted returns?

FAPR currently has the higher Sharpe Ratio (2.86 vs 2.50), 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.