TOCT vs. BAPR

Last updated Aug 1, 2026

TOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2027) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator. TOCT is actively managed, while BAPR is passively managed. Their correlation of 0.80 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

TOCT vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) 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, TOCT achieves a 2.24% return, which is significantly lower than BAPR's 11.91% return.

TOCT

• 1D: 0.11%
• 1M: 0.27%
• 6M: 1.94%
• YTD: 2.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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
TOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2027	$37.22K	$581.51K	$248.85K

TOCT vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025
TOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2027	2.24%	0.34%
BAPR Innovator U.S. Equity Buffer ETF - April	11.91%	2.29%

Correlation

The correlation between TOCT and BAPR is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.80

Return for Risk

TOCT vs. BAPR — Risk / Return Rank

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

TOCT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TOCT vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) 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.

	TOCT	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.95	—
Sortino ratio: Return per unit of downside risk	—	4.80	—
Omega ratio: Gain probability vs. loss probability	—	1.67	—
Calmar ratio: Return relative to maximum drawdown	—	9.02	—
Martin ratio: Return relative to average drawdown	—	41.44	—

Drawdowns

TOCT vs. BAPR - Drawdown Comparison

The maximum TOCT drawdown since its inception was -2.02%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for TOCT and BAPR.

Drawdown Indicators

	TOCT	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-2.02%	-23.91%	+21.89%
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	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.37%	-2.55%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.42%	—

Volatility

Volatility by Period

	TOCT	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	5.93%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	11.51%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	13.01%	-10.05%

TOCT vs. BAPR - Expense Ratio Comparison

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

Dividends

TOCT vs. BAPR - Dividend Comparison

Neither TOCT nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOCT and BAPR in my portfolio?

TOCT and BAPR have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOCT or BAPR?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOCT or BAPR?

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

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

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