IAPR vs. BMAY

Last updated Jun 23, 2026

IAPR (Innovator International Developed Power Buffer ETF - April) and BMAY (Innovator U.S. Equity Buffer ETF - May) are both Defined Outcome funds from Innovator - IAPR tracks the MSCI EAFE while BMAY tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, IAPR returned 5.37%/yr vs 8.94%/yr for BMAY. A 0.67 correlation means they provide meaningful diversification when combined. IAPR charges 0.85%/yr vs 0.79%/yr for BMAY.

Performance

IAPR vs. BMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - April (IAPR) 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, IAPR achieves a 8.24% return, which is significantly higher than BMAY's 5.51% return.

IAPR

• 1D: 0.21%
• 1M: 1.38%
• YTD: 8.24%
• 6M: 8.45%
• 1Y: 16.19%
• 3Y*: 10.80%
• 5Y*: 5.37%
• 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)

IAPR vs. BMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IAPR Innovator International Developed Power Buffer ETF - April	8.24%	15.51%	3.76%	7.67%	-7.61%	3.09%
BMAY Innovator U.S. Equity Buffer ETF - May	5.51%	11.16%	19.06%	16.73%	-12.54%	9.45%

Correlation

The correlation between IAPR and BMAY is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.67

The correlation between IAPR and BMAY has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Return for Risk

IAPR vs. BMAY — Risk / Return Rank

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

IAPR

IAPR Risk / Return Rank: 87
IAPR Sharpe Ratio Rank: 77
IAPR Sortino Ratio Rank: 86
IAPR Omega Ratio Rank: 84
IAPR Calmar Ratio Rank: 93
IAPR Martin Ratio Rank: 94

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.

IAPR vs. BMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - April (IAPR) 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.

	IAPR	BMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.50	-0.15
Sortino ratio: Return per unit of downside risk	3.66	3.66	0.00
Omega ratio: Gain probability vs. loss probability	1.48	1.56	-0.07
Calmar ratio: Return relative to maximum drawdown	6.34	4.92	+1.42
Martin ratio: Return relative to average drawdown	24.42	25.24	-0.82

IAPR vs. BMAY - Sharpe Ratio Comparison

The current IAPR Sharpe Ratio is 2.36, which is comparable to the BMAY Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of IAPR 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

IAPR vs. BMAY - Drawdown Comparison

The maximum IAPR drawdown since its inception was -17.73%, roughly equal to the maximum BMAY drawdown of -17.66%. Use the drawdown chart below to compare losses from any high point for IAPR and BMAY.

Drawdown Indicators

	IAPR	BMAY	Difference
Max Drawdown Largest peak-to-trough decline	-17.73%	-17.66%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-2.95%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-9.46%	-12.75%	+3.29%
Max Drawdown (5Y) Largest decline over 5 years	-17.73%	-17.66%	-0.07%
Current Drawdown Current decline from peak	0.00%	-0.72%	+0.72%
Average Drawdown Average peak-to-trough decline	-3.84%	-3.07%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.57%	+0.09%

Volatility

IAPR vs. BMAY - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF - April (IAPR) is 2.47%, while Innovator U.S. Equity Buffer ETF - May (BMAY) has a volatility of 3.02%. This indicates that IAPR 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

	IAPR	BMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	3.02%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	5.75%	4.94%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	5.81%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	11.33%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.78%	11.01%	-2.23%

IAPR vs. BMAY - Expense Ratio Comparison

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

Dividends

IAPR vs. BMAY - Dividend Comparison

Neither IAPR nor BMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAPR and BMAY in my portfolio?

IAPR and BMAY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAPR or BMAY?

BMAY has higher volatility (3.02%) compared to IAPR (2.47%). In terms of maximum drawdown, IAPR dropped -17.73% vs BMAY's -17.66%.

Which ETF is better, IAPR or BMAY?

On 5-year performance, BMAY leads with 8.94% vs 5.37% for IAPR. On fees, BMAY is cheaper at 0.79% per year. On volatility, IAPR has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAPR or BMAY?

Over the 5-year period, BMAY has performed better with a 8.94% return vs 5.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAPR or BMAY?

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

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

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

What is the main difference between IAPR and BMAY?

IAPR tracks MSCI EAFE, while BMAY tracks S&P 500 Price Return Index. Their fees differ too: 0.85% for IAPR and 0.79% for BMAY.

Which has better risk-adjusted returns?

BMAY currently has the higher Sharpe Ratio (2.50 vs 2.36), 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.