IBFR vs. XBAP

Last updated Jun 27, 2026

IBFR (Innovator International Developed Managed 10 Buffer ETF) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds from Innovator. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. IBFR charges 0.85%/yr vs 0.79%/yr for XBAP.

Performance

IBFR vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Managed 10 Buffer ETF (IBFR) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBFR

• 1D: -0.28%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XBAP

• 1D: 0.20%
• 1M: -0.09%
• YTD: 7.77%
• 6M: 7.84%
• 1Y: 13.80%
• 3Y*: 13.14%
• 5Y*: 9.49%
• 10Y*: —

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

IBFR vs. XBAP - Yearly Performance Comparison

	2026 (YTD)
IBFR Innovator International Developed Managed 10 Buffer ETF	-0.69%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.21%

Correlation

The correlation between IBFR and XBAP is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026	0.64

Return for Risk

IBFR vs. XBAP — Risk / Return Rank

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

IBFR

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

XBAP

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

IBFR vs. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Managed 10 Buffer ETF (IBFR) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	IBFR	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.90	—
Sortino ratio: Return per unit of downside risk	—	6.94	—
Omega ratio: Gain probability vs. loss probability	—	1.99	—
Calmar ratio: Return relative to maximum drawdown	—	10.70	—
Martin ratio: Return relative to average drawdown	—	58.07	—

Drawdowns

IBFR vs. XBAP - Drawdown Comparison

The maximum IBFR drawdown since its inception was -5.70%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for IBFR and XBAP.

Drawdown Indicators

	IBFR	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-5.70%	-14.57%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.57%	—
Current Drawdown Current decline from peak	-1.20%	-0.51%	-0.69%
Average Drawdown Average peak-to-trough decline	-2.78%	-1.73%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	IBFR	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.57%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	3.56%	+5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.52%	9.97%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.52%	9.83%	-0.31%

IBFR vs. XBAP - Expense Ratio Comparison

IBFR has a 0.85% expense ratio, which is higher than XBAP's 0.79% expense ratio.

Dividends

IBFR vs. XBAP - Dividend Comparison

IBFR's dividend yield for the trailing twelve months is around 0.23%, while XBAP has not paid dividends to shareholders.

Position	TTM
IBFR Innovator International Developed Managed 10 Buffer ETF	0.23%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	0.00%

Frequently Asked Questions

Can I hold both IBFR and XBAP in my portfolio?

IBFR and XBAP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBFR or XBAP?

On fees, XBAP 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, IBFR or XBAP?

XBAP is cheaper with a 0.79% expense ratio, compared with 0.85% for IBFR.

Which ETF pays a higher dividend yield, IBFR or XBAP?

IBFR has the higher dividend yield at 0.23%, compared with 0.00% for XBAP.

What is the main difference between IBFR and XBAP?

Their fees differ too: 0.85% for IBFR and 0.79% for XBAP.