NOCT vs. BAPR

Last updated Jun 4, 2026

NOCT (Innovator Growth-100 Power Buffer ETF - October) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator. NOCT is actively managed, while BAPR is passively managed. Over the past 5 years, NOCT returned 10.46%/yr vs 11.17%/yr for BAPR. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NOCT vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - October (NOCT) 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, NOCT achieves a 7.61% return, which is significantly lower than BAPR's 10.81% return.

NOCT

• 1D: -0.12%
• 1M: 2.54%
• YTD: 7.61%
• 6M: 7.69%
• 1Y: 17.36%
• 3Y*: 14.98%
• 5Y*: 10.46%
• 10Y*: —

BAPR

• 1D: -0.23%
• 1M: 2.21%
• YTD: 10.81%
• 6M: 11.74%
• 1Y: 20.12%
• 3Y*: 15.31%
• 5Y*: 11.17%
• 10Y*: —

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

NOCT vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NOCT Innovator Growth-100 Power Buffer ETF - October	7.61%	12.81%	12.10%	30.67%	-13.42%	12.10%	11.64%	5.54%
BAPR Innovator U.S. Equity Buffer ETF - April	10.81%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	7.31%

Correlation

The correlation between NOCT and BAPR is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.81

The correlation between NOCT and BAPR has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

NOCT vs. BAPR - Sectors Allocation Comparison

Sectors	NOCT	BAPR
Technology	54.2%	36.2%
Communication Services	15.5%	10.9%
Consumer Cyclical	12.2%	10.1%
Consumer Defensive	7.6%	4.9%
Healthcare	4.2%	8.4%
Industrials	2.8%	8.1%
Utilities	1.4%	2.3%
Basic Materials	1.2%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.9%
Real Estate	0.1%	1.9%

Return for Risk

NOCT vs. BAPR — Risk / Return Rank

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

NOCT

NOCT Risk / Return Rank: 71
NOCT Sharpe Ratio Rank: 71
NOCT Sortino Ratio Rank: 72
NOCT Omega Ratio Rank: 78
NOCT Calmar Ratio Rank: 60
NOCT Martin Ratio Rank: 74

BAPR

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

NOCT vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - October (NOCT) 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.

	NOCT	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.31	3.59	-1.28
Sortino ratio: Return per unit of downside risk	3.26	6.11	-2.85
Omega ratio: Gain probability vs. loss probability	1.46	1.87	-0.41
Calmar ratio: Return relative to maximum drawdown	2.99	10.46	-7.47
Martin ratio: Return relative to average drawdown	13.90	57.55	-43.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOCT vs. BAPR - Sharpe Ratio Comparison

The current NOCT Sharpe Ratio is 2.31, which is lower than the BAPR Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of NOCT 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.

Sharpe Ratios by Period

	NOCT	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	3.59	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.98	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.84	+0.17

Drawdowns

NOCT vs. BAPR - Drawdown Comparison

The maximum NOCT drawdown since its inception was -16.21%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for NOCT and BAPR.

Drawdown Indicators

	NOCT	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.21%	-23.91%	+7.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-1.93%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-15.58%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	-15.58%	-0.63%
Current Drawdown Current decline from peak	-0.16%	-0.23%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.34%	-2.59%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.35%	+0.90%

Volatility

NOCT vs. BAPR - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - October (NOCT) and Innovator U.S. Equity Buffer ETF - April (BAPR) have volatilities of 1.01% and 1.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOCT	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.06%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	4.53%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	5.64%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.93%	11.49%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	13.12%	-1.93%

NOCT vs. BAPR - Expense Ratio Comparison

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

Dividends

NOCT vs. BAPR - Dividend Comparison

Neither NOCT nor BAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOCT Innovator Growth-100 Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%

Frequently Asked Questions

Can I hold both NOCT and BAPR in my portfolio?

NOCT and BAPR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOCT or BAPR?

BAPR has higher volatility (1.06%) compared to NOCT (1.01%). In terms of maximum drawdown, NOCT dropped -16.21% vs BAPR's -23.91%.

Which ETF is better, NOCT or BAPR?

On 5-year performance, BAPR leads with 11.17% vs 10.46% for NOCT. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOCT or BAPR?

Over the 5-year period, BAPR has performed better with a 11.17% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOCT or BAPR?

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

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

NOCT and BAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.59 vs 2.31), 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.