NAPR vs. BDRY

Last updated Jun 24, 2026

NAPR (Innovator Nasdaq-100 Power Buffer ETF - April) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - NAPR is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, NAPR returned 9.49%/yr vs -16.41%/yr for BDRY. At a correlation of -0.00, they often move in opposite directions. NAPR charges 0.79%/yr vs 3.76%/yr for BDRY.

Performance

NAPR vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NAPR achieves a 9.27% return, which is significantly lower than BDRY's 34.21% return.

NAPR

• 1D: -0.82%
• 1M: -0.61%
• YTD: 9.27%
• 6M: 9.31%
• 1Y: 16.17%
• 3Y*: 12.30%
• 5Y*: 9.49%
• 10Y*: —

BDRY

• 1D: 1.64%
• 1M: -7.14%
• YTD: 34.21%
• 6M: 34.67%
• 1Y: 103.63%
• 3Y*: 24.09%
• 5Y*: -16.41%
• 10Y*: —

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

NAPR vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NAPR Innovator Nasdaq-100 Power Buffer ETF - April	9.27%	6.56%	13.29%	30.60%	-12.13%	9.09%	14.67%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	44.24%	-47.40%	25.79%	-68.84%	282.99%	20.50%

Correlation

The correlation between NAPR and BDRY is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 1, 2020	-0.00

The correlation between NAPR and BDRY shifts across timeframes, from -0.14 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NAPR vs. BDRY — Risk / Return Rank

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

NAPR

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

BDRY

BDRY Risk / Return Rank: 75
BDRY Sharpe Ratio Rank: 82
BDRY Sortino Ratio Rank: 67
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 88
BDRY Martin Ratio Rank: 76

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.

NAPR vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	NAPR	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	3.76	2.48	+1.29
Sortino ratio: Return per unit of downside risk	6.03	2.90	+3.12
Omega ratio: Gain probability vs. loss probability	1.89	1.36	+0.54
Calmar ratio: Return relative to maximum drawdown	9.08	4.82	+4.26
Martin ratio: Return relative to average drawdown	53.80	13.59	+40.21

NAPR vs. BDRY - Sharpe Ratio Comparison

The current NAPR Sharpe Ratio is 3.76, which is higher than the BDRY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of NAPR and BDRY, 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

NAPR vs. BDRY - Drawdown Comparison

The maximum NAPR drawdown since its inception was -16.53%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for NAPR and BDRY.

Drawdown Indicators

	NAPR	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-16.53%	-89.16%	+72.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-21.60%	+19.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-69.71%	+55.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-89.16%	+72.63%
Current Drawdown Current decline from peak	-1.24%	-71.65%	+70.41%
Average Drawdown Average peak-to-trough decline	-2.26%	-58.43%	+56.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	7.65%	-7.35%

Volatility

NAPR vs. BDRY - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) is 2.27%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that NAPR experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAPR	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	7.30%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	3.55%	29.14%	-25.59%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	42.10%	-37.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.31%	60.24%	-48.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	62.40%	-51.80%

NAPR vs. BDRY - Expense Ratio Comparison

NAPR has a 0.79% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

NAPR vs. BDRY - Dividend Comparison

Neither NAPR nor BDRY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NAPR and BDRY in my portfolio?

NAPR and BDRY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAPR or BDRY?

BDRY has higher volatility (7.30%) compared to NAPR (2.27%). In terms of maximum drawdown, NAPR dropped -16.53% vs BDRY's -89.16%.

Which ETF is better, NAPR or BDRY?

On 5-year performance, NAPR leads with 9.49% vs -16.41% for BDRY. On fees, NAPR is cheaper at 0.79% per year. On volatility, NAPR has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NAPR or BDRY?

Over the 5-year period, NAPR has performed better with a 9.49% return vs -16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NAPR or BDRY?

NAPR is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, NAPR or BDRY?

NAPR and BDRY have nearly identical dividend yields, around 0.00%.

What is the main difference between NAPR and BDRY?

NAPR is categorized as Nasdaq-100, while BDRY is Commodities. NAPR tracks NASDAQ-100 Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: Innovator and ETFMG. Their fees differ too: 0.79% for NAPR and 3.76% for BDRY.

Which has better risk-adjusted returns?

NAPR currently has the higher Sharpe Ratio (3.76 vs 2.48), 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.