TENM vs. BAPR
TENM (iShares Large Cap 10% Target Buffer Mar ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds. TENM is actively managed, while BAPR is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. TENM charges 0.50%/yr vs 0.79%/yr for BAPR.
Performance
TENM vs. BAPR - Performance Comparison
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Returns By Period
In the year-to-date period, TENM achieves a 5.48% return, which is significantly lower than BAPR's 10.04% return.
TENM
- 1D
- -0.48%
- 1M
- -0.14%
- YTD
- 5.48%
- 6M
- 5.10%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BAPR
- 1D
- -0.67%
- 1M
- -0.06%
- YTD
- 10.04%
- 6M
- 10.03%
- 1Y
- 18.64%
- 3Y*
- 14.48%
- 5Y*
- 10.86%
- 10Y*
- —
TENM vs. BAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TENM iShares Large Cap 10% Target Buffer Mar ETF | 5.48% | 2.04% |
BAPR Innovator U.S. Equity Buffer ETF - April | 10.04% | 1.80% |
Correlation
The correlation between TENM and BAPR is 0.91, 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 22, 2025 | 0.91 |
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Return for Risk
TENM vs. BAPR — Risk / Return Rank
TENM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BAPR
TENM vs. BAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Mar ETF (TENM) 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.
| TENM | BAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.76 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 9.69 | — |
| Martin ratioReturn relative to average drawdown | — | 47.41 | — |
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Drawdowns
TENM vs. BAPR - Drawdown Comparison
The maximum TENM drawdown since its inception was -3.61%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for TENM and BAPR.
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Drawdown Indicators
| TENM | BAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.61% | -23.91% | +20.30% |
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 DrawdownCurrent decline from peak | -0.91% | -0.93% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -2.58% | +1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.39% | — |
Volatility
TENM vs. BAPR - Volatility Comparison
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Volatility by Period
| TENM | BAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.06% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 4.91% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 5.79% | +0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 11.51% | -4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.73% | 13.09% | -6.36% |
TENM vs. BAPR - Expense Ratio Comparison
TENM has a 0.50% expense ratio, which is lower than BAPR's 0.79% expense ratio.
Dividends
TENM vs. BAPR - Dividend Comparison
TENM's dividend yield for the trailing twelve months is around 0.28%, while BAPR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BAPR Innovator U.S. Equity Buffer ETF - April | 0.00% | 0.00% |
TENM iShares Large Cap 10% Target Buffer Mar ETF | 0.28% | 0.29% |
Frequently Asked Questions
With a correlation of 0.91, TENM 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.
On fees, TENM is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TENM is cheaper with a 0.50% expense ratio, compared with 0.79% for BAPR.
TENM has the higher dividend yield at 0.28%, compared with 0.00% for BAPR.
They also come from different issuers: BlackRock and Innovator. Their fees differ too: 0.50% for TENM and 0.79% for BAPR.
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