NBFR vs. BAPR

Last updated Jun 6, 2026

NBFR (Innovator Nasdaq-100 Managed 10 Buffer ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator. NBFR is actively managed, while BAPR is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NBFR vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Managed 10 Buffer ETF (NBFR) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NBFR

• 1D: -4.05%
• 1M: 0.92%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: -0.97%
• 1M: 0.44%
• YTD: 9.90%
• 6M: 10.57%
• 1Y: 19.49%
• 3Y*: 14.92%
• 5Y*: 10.99%
• 10Y*: —

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

NBFR vs. BAPR - Yearly Performance Comparison

	2026 (YTD)
NBFR Innovator Nasdaq-100 Managed 10 Buffer ETF	3.19%
BAPR Innovator U.S. Equity Buffer ETF - April	8.66%

Correlation

The correlation between NBFR and BAPR is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.82

Return for Risk

NBFR vs. BAPR — Risk / Return Rank

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

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 96
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 97
BAPR 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.

NBFR vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Managed 10 Buffer ETF (NBFR) 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.

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

Sharpe Ratios by Period

	NBFR	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.42	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.82	+0.08

Drawdowns

NBFR vs. BAPR - Drawdown Comparison

The maximum NBFR drawdown since its inception was -5.68%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for NBFR and BAPR.

Drawdown Indicators

	NBFR	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-5.68%	-23.91%	+18.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-4.55%	-1.05%	-3.50%
Average Drawdown Average peak-to-trough decline	-1.33%	-2.59%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.36%	—

Volatility

Volatility by Period

	NBFR	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	5.73%	+7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.14%	11.49%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.14%	13.12%	+0.02%

NBFR vs. BAPR - Expense Ratio Comparison

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

Dividends

NBFR vs. BAPR - Dividend Comparison

NBFR's dividend yield for the trailing twelve months is around 0.02%, while BAPR has not paid dividends to shareholders.

Position	TTM
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%
NBFR Innovator Nasdaq-100 Managed 10 Buffer ETF	0.02%

Frequently Asked Questions

Can I hold both NBFR and BAPR in my portfolio?

NBFR and BAPR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NBFR or BAPR?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NBFR or BAPR?

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

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

NBFR has the higher dividend yield at 0.02%, compared with 0.00% for BAPR.