MAYZ vs. BAPR

Last updated Aug 2, 2026

MAYZ (TrueShares Structured Outcome (May) ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds - MAYZ tracks the S&P 500 Price Index while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, MAYZ returned 8.86%/yr vs 10.92%/yr for BAPR. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

MAYZ vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (May) ETF (MAYZ) 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, MAYZ achieves a 7.81% return, which is significantly lower than BAPR's 11.91% return.

MAYZ

• 1D: 0.72%
• 1M: 0.23%
• 6M: 6.72%
• YTD: 7.81%
• 1Y: 16.44%
• 3Y*: 14.31%
• 5Y*: 8.86%
• 10Y*: —
• ALL TIME*: 9.16%

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
MAYZ TrueShares Structured Outcome (May) ETF	$17.31K	$18.56K	$174.11K

MAYZ vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAYZ TrueShares Structured Outcome (May) ETF	7.81%	13.70%	17.68%	15.90%	-13.98%	10.08%
BAPR Innovator U.S. Equity Buffer ETF - April	11.91%	8.28%	15.95%	23.16%	-7.04%	7.79%

Correlation

The correlation between MAYZ and BAPR is 0.92, 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.	0.92
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 May 3, 2021	0.94

The correlation between MAYZ and BAPR has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

MAYZ vs. BAPR - Sectors Allocation Comparison

Sectors	MAYZ	BAPR
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

MAYZ vs. BAPR — Risk / Return Rank

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

MAYZ

MAYZ Risk / Return Rank: 55
MAYZ Sharpe Ratio Rank: 58
MAYZ Sortino Ratio Rank: 56
MAYZ Omega Ratio Rank: 55
MAYZ Calmar Ratio Rank: 48
MAYZ Martin Ratio Rank: 61

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.

MAYZ vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (May) ETF (MAYZ) 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.

	MAYZ	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.95	-1.57
Sortino ratio: Return per unit of downside risk	1.96	4.80	-2.84
Omega ratio: Gain probability vs. loss probability	1.24	1.67	-0.43
Calmar ratio: Return relative to maximum drawdown	1.73	9.02	-7.29
Martin ratio: Return relative to average drawdown	7.43	41.44	-34.01

MAYZ vs. BAPR - Sharpe Ratio Comparison

The current MAYZ Sharpe Ratio is 1.38, which is lower than the BAPR Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of MAYZ 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

MAYZ vs. BAPR - Drawdown Comparison

The maximum MAYZ drawdown since its inception was -19.23%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for MAYZ and BAPR.

Drawdown Indicators

	MAYZ	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-23.91%	+4.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-1.93%	-6.80%
Max Drawdown (3Y) Largest decline over 3 years	-13.88%	-15.58%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-15.58%	-3.65%
Current Drawdown Current decline from peak	-1.14%	0.00%	-1.14%
Average Drawdown Average peak-to-trough decline	-4.66%	-2.55%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	0.42%	+1.61%

Volatility

MAYZ vs. BAPR - Volatility Comparison

TrueShares Structured Outcome (May) ETF (MAYZ) has a higher volatility of 2.84% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 1.71%. This indicates that MAYZ'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

	MAYZ	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	1.71%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	8.78%	5.16%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	5.93%	+5.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.16%	11.51%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.01%	13.01%	-1.00%

MAYZ vs. BAPR - Expense Ratio Comparison

Both MAYZ and BAPR have an expense ratio of 0.79%.

Dividends

MAYZ vs. BAPR - Dividend Comparison

MAYZ's dividend yield for the trailing twelve months is around 2.00%, while BAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MAYZ TrueShares Structured Outcome (May) ETF	2.00%	2.15%	1.95%	2.75%	0.69%	1.90%

Frequently Asked Questions

Can I hold both MAYZ and BAPR in my portfolio?

With a correlation of 0.92, MAYZ 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 is riskier, MAYZ or BAPR?

MAYZ has higher volatility (2.84%) compared to BAPR (1.71%). In terms of maximum drawdown, MAYZ dropped -19.23% vs BAPR's -23.91%.

Which ETF is better, MAYZ or BAPR?

On 5-year performance, BAPR leads with 10.92% vs 8.86% for MAYZ. Both ETFs have the same 0.79% expense ratio. 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, MAYZ or BAPR?

Over the 5-year period, BAPR has performed better with a 10.92% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYZ or BAPR?

MAYZ and BAPR have the same expense ratio: 0.79% per year.

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

MAYZ has the higher dividend yield at 2.00%, compared with 0.00% for BAPR.

What is the main difference between MAYZ and BAPR?

MAYZ tracks S&P 500 Price Index, while BAPR tracks Cboe S&P 500 Buffer Protect Index April. They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (2.95 vs 1.38), 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.