PSCX vs. BAPR

Last updated Aug 2, 2026

PSCX (Pacer Swan SOS Conservative (December) ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds. PSCX is actively managed, while BAPR is passively managed. Over the past 5 years, PSCX returned 8.41%/yr vs 10.92%/yr for BAPR. Their correlation of 0.86 means they have usually moved in the same direction. PSCX charges 0.75%/yr vs 0.79%/yr for BAPR.

Performance

PSCX vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Conservative (December) ETF (PSCX) 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, PSCX achieves a 5.97% return, which is significantly lower than BAPR's 11.91% return.

PSCX

• 1D: 0.42%
• 1M: 0.79%
• 6M: 5.38%
• YTD: 5.97%
• 1Y: 13.16%
• 3Y*: 11.95%
• 5Y*: 8.41%
• 10Y*: —
• ALL TIME*: 8.64%

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
PSCX Pacer Swan SOS Conservative (December) ETF	$30.18K	$20.77K	$40.17K

PSCX vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PSCX Pacer Swan SOS Conservative (December) ETF	5.97%	12.08%	13.27%	16.57%	-7.35%	9.03%	0.43%
BAPR Innovator U.S. Equity Buffer ETF - April	11.91%	8.28%	15.95%	23.16%	-7.04%	12.58%	0.36%

Correlation

The correlation between PSCX and BAPR is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.86

The correlation between PSCX and BAPR has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

PSCX vs. BAPR - Sectors Allocation Comparison

Sectors	PSCX	BAPR
Technology	38.5%	37.9%
Financial Services	11.6%	11.7%
Communication Services	9.9%	10.0%
Consumer Cyclical	9.5%	9.6%
Healthcare	8.9%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.5%	4.6%
Energy	3.0%	3.0%
Utilities	2.2%	2.3%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

PSCX vs. BAPR — Risk / Return Rank

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

PSCX

PSCX Risk / Return Rank: 88
PSCX Sharpe Ratio Rank: 88
PSCX Sortino Ratio Rank: 90
PSCX Omega Ratio Rank: 90
PSCX Calmar Ratio Rank: 80
PSCX Martin Ratio Rank: 90

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.

PSCX vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Conservative (December) ETF (PSCX) 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.

	PSCX	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.95	-0.81
Sortino ratio: Return per unit of downside risk	3.15	4.80	-1.65
Omega ratio: Gain probability vs. loss probability	1.42	1.67	-0.25
Calmar ratio: Return relative to maximum drawdown	2.92	9.02	-6.10
Martin ratio: Return relative to average drawdown	14.53	41.44	-26.91

PSCX vs. BAPR - Sharpe Ratio Comparison

The current PSCX Sharpe Ratio is 2.14, which is comparable to the BAPR Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of PSCX 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

PSCX vs. BAPR - Drawdown Comparison

The maximum PSCX drawdown since its inception was -10.20%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for PSCX and BAPR.

Drawdown Indicators

	PSCX	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-10.20%	-23.91%	+13.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	-1.93%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-9.61%	-15.58%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-10.20%	-15.58%	+5.38%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.82%	-2.55%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.42%	+0.43%

Volatility

PSCX vs. BAPR - Volatility Comparison

The current volatility for Pacer Swan SOS Conservative (December) ETF (PSCX) is 1.55%, while Innovator U.S. Equity Buffer ETF - April (BAPR) has a volatility of 1.71%. This indicates that PSCX experiences smaller price fluctuations and is considered to be less risky than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCX	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.71%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	5.16%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	5.93%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	11.51%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	13.01%	-6.07%

PSCX vs. BAPR - Expense Ratio Comparison

PSCX has a 0.75% expense ratio, which is lower than BAPR's 0.79% expense ratio.

Dividends

PSCX vs. BAPR - Dividend Comparison

Neither PSCX nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSCX and BAPR in my portfolio?

With a correlation of 0.91, PSCX 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, PSCX or BAPR?

BAPR has higher volatility (1.71%) compared to PSCX (1.55%). In terms of maximum drawdown, PSCX dropped -10.20% vs BAPR's -23.91%.

Which ETF is better, PSCX or BAPR?

On 5-year performance, BAPR leads with 10.92% vs 8.41% for PSCX. On fees, PSCX is cheaper at 0.75% per year. On volatility, PSCX has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCX or BAPR?

Over the 5-year period, BAPR has performed better with a 10.92% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCX or BAPR?

PSCX is cheaper with a 0.75% expense ratio, compared with 0.79% for BAPR.

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

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

What is the main difference between PSCX and BAPR?

They also come from different issuers: Pacer and Innovator. Their fees differ too: 0.75% for PSCX and 0.79% for BAPR.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (2.95 vs 2.14), 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.