STEN vs. BAPR

Last updated Jun 5, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds. STEN is actively managed, while BAPR is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. STEN charges 0.50%/yr vs 0.79%/yr for BAPR.

Performance

STEN vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Sep ETF (STEN) 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, STEN achieves a 8.04% return, which is significantly lower than BAPR's 10.98% return.

STEN

• 1D: 0.23%
• 1M: 2.98%
• YTD: 8.04%
• 6M: 8.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: 0.16%
• 1M: 2.02%
• YTD: 10.98%
• 6M: 11.84%
• 1Y: 20.29%
• 3Y*: 15.39%
• 5Y*: 11.21%
• 10Y*: —

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

STEN vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	8.04%	2.05%
BAPR Innovator U.S. Equity Buffer ETF - April	10.98%	2.19%

Correlation

The correlation between STEN and BAPR is 0.93, 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 Oct 2, 2025	0.93

Return for Risk

STEN 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: 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.

STEN vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) 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

	STEN	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.62	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	0.84	+0.87

Drawdowns

STEN vs. BAPR - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for STEN and BAPR.

Drawdown Indicators

	STEN	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-23.91%	+17.70%
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	-0.07%	-0.07%	0.00%
Average Drawdown Average peak-to-trough decline	-0.92%	-2.59%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	STEN	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.22%	5.63%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.22%	11.49%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	13.12%	-3.90%

STEN vs. BAPR - Expense Ratio Comparison

STEN has a 0.50% expense ratio, which is lower than BAPR's 0.79% expense ratio.

Dividends

STEN vs. BAPR - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, while BAPR has not paid dividends to shareholders.

Position	TTM	2025
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both STEN and BAPR in my portfolio?

With a correlation of 0.93, STEN 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 ETF is better, STEN or BAPR?

On fees, STEN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STEN or BAPR?

STEN is cheaper with a 0.50% expense ratio, compared with 0.79% for BAPR.

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

STEN has the higher dividend yield at 0.29%, compared with 0.00% for BAPR.

What is the main difference between STEN and BAPR?

They also come from different issuers: BlackRock and Innovator. Their fees differ too: 0.50% for STEN and 0.79% for BAPR.