QFLR vs. BAPR

Last updated Jun 4, 2026

QFLR (Innovator Nasdaq-100 Managed Floor ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both exchange-traded funds - QFLR is a Nasdaq-100 fund actively managed by Innovator, while BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April. QFLR is actively managed, while BAPR is passively managed. Over the past year, QFLR returned 26.98% vs 20.12% for BAPR. Their correlation of 0.81 suggests significant overlap in exposure. QFLR charges 0.89%/yr vs 0.79%/yr for BAPR.

Performance

QFLR vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Managed Floor ETF (QFLR) 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, QFLR achieves a 6.90% return, which is significantly lower than BAPR's 10.81% return.

QFLR

• 1D: 0.01%
• 1M: 3.99%
• YTD: 6.90%
• 6M: 5.88%
• 1Y: 26.98%
• 3Y*: —
• 5Y*: —
• 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)

QFLR vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.90%	17.27%	16.64%
BAPR Innovator U.S. Equity Buffer ETF - April	10.81%	8.28%	13.85%

Correlation

The correlation between QFLR and BAPR is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 26, 2024	0.81

The correlation between QFLR and BAPR has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

QFLR vs. BAPR - Sectors Allocation Comparison

Sectors	QFLR	BAPR
Technology	50.8%	36.2%
Communication Services	18.4%	10.9%
Consumer Cyclical	12.1%	10.1%
Consumer Defensive	9.2%	4.9%
Healthcare	3.2%	8.4%
Industrials	2.8%	8.1%
Utilities	1.5%	2.3%
Energy	1.1%	3.5%
Financial Services	0.9%	11.9%
Basic Materials	0.0%	1.8%
Real Estate	-	1.9%

Return for Risk

QFLR vs. BAPR — Risk / Return Rank

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

QFLR

QFLR Risk / Return Rank: 74
QFLR Sharpe Ratio Rank: 73
QFLR Sortino Ratio Rank: 71
QFLR Omega Ratio Rank: 74
QFLR Calmar Ratio Rank: 71
QFLR Martin Ratio Rank: 78

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.

QFLR vs. BAPR - Risk-Adjusted Trends Comparison

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

	QFLR	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.41	3.59	-1.18
Sortino ratio: Return per unit of downside risk	3.26	6.11	-2.85
Omega ratio: Gain probability vs. loss probability	1.44	1.87	-0.43
Calmar ratio: Return relative to maximum drawdown	3.56	10.46	-6.90
Martin ratio: Return relative to average drawdown	15.19	57.55	-42.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QFLR vs. BAPR - Sharpe Ratio Comparison

The current QFLR Sharpe Ratio is 2.41, which is lower than the BAPR Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of QFLR 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

	QFLR	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	3.59	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.84	+0.56

Drawdowns

QFLR vs. BAPR - Drawdown Comparison

The maximum QFLR drawdown since its inception was -13.97%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for QFLR and BAPR.

Drawdown Indicators

	QFLR	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.97%	-23.91%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-1.93%	-5.68%
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	-0.48%	-0.23%	-0.25%
Average Drawdown Average peak-to-trough decline	-2.50%	-2.59%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.35%	+1.43%

Volatility

QFLR vs. BAPR - Volatility Comparison

Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a higher volatility of 2.53% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 1.06%. This indicates that QFLR'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

	QFLR	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	1.06%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	4.53%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	5.64%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	11.49%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.62%	13.12%	-0.50%

QFLR vs. BAPR - Expense Ratio Comparison

QFLR has a 0.89% expense ratio, which is higher than BAPR's 0.79% expense ratio.

Dividends

QFLR vs. BAPR - Dividend Comparison

Neither QFLR nor BAPR has paid dividends to shareholders.

Position	TTM	2025	2024
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%	0.00%
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%

Frequently Asked Questions

Can I hold both QFLR and BAPR in my portfolio?

QFLR and BAPR have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QFLR or BAPR?

QFLR has higher volatility (2.53%) compared to BAPR (1.06%). In terms of maximum drawdown, QFLR dropped -13.97% vs BAPR's -23.91%.

Which ETF is better, QFLR or BAPR?

On 1-year performance, QFLR leads with 26.98% vs 20.12% for BAPR. On fees, BAPR is cheaper at 0.79% per year. On volatility, BAPR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QFLR or BAPR?

Over the 1-year period, QFLR has performed better with a 26.98% return vs 20.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QFLR or BAPR?

BAPR is cheaper with a 0.79% expense ratio, compared with 0.89% for QFLR.

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

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

What is the main difference between QFLR and BAPR?

QFLR is categorized as Nasdaq-100, while BAPR is Defined Outcome. Their fees differ too: 0.89% for QFLR and 0.79% for BAPR.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.59 vs 2.41), 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.