UAPR vs. BMAY

Last updated Jun 4, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and BMAY (Innovator U.S. Equity Buffer ETF - May) are both Defined Outcome funds from Innovator - UAPR tracks the S&P 500 while BMAY tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, UAPR returned 6.54%/yr vs 9.09%/yr for BMAY. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UAPR vs. BMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Innovator U.S. Equity Buffer ETF - May (BMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAPR achieves a 6.99% return, which is significantly higher than BMAY's 5.94% return.

UAPR

• 1D: -0.10%
• 1M: 1.43%
• YTD: 6.99%
• 6M: 7.70%
• 1Y: 14.02%
• 3Y*: 11.14%
• 5Y*: 6.54%
• 10Y*: —

BMAY

• 1D: -0.32%
• 1M: 3.01%
• YTD: 5.94%
• 6M: 6.79%
• 1Y: 15.18%
• 3Y*: 15.44%
• 5Y*: 9.09%
• 10Y*: —

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

UAPR vs. BMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.99%	6.27%	12.38%	10.60%	-5.67%	5.32%	5.99%
BMAY Innovator U.S. Equity Buffer ETF - May	5.94%	11.16%	19.06%	16.73%	-12.54%	11.76%	17.82%

Correlation

The correlation between UAPR and BMAY is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.85

The correlation between UAPR and BMAY has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

UAPR vs. BMAY - Sectors Allocation Comparison

Sectors	UAPR	BMAY
Technology	33.6%	36.2%
Financial Services	12.2%	11.9%
Communication Services	10.5%	10.9%
Consumer Cyclical	10.0%	10.1%
Healthcare	9.5%	8.4%
Industrials	8.5%	8.1%
Consumer Defensive	5.3%	4.9%
Energy	4.0%	3.5%
Utilities	2.6%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.9%	1.8%

Return for Risk

UAPR vs. BMAY — Risk / Return Rank

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

UAPR

UAPR Risk / Return Rank: 98
UAPR Sharpe Ratio Rank: 96
UAPR Sortino Ratio Rank: 98
UAPR Omega Ratio Rank: 98
UAPR Calmar Ratio Rank: 98
UAPR Martin Ratio Rank: 98

BMAY

BMAY Risk / Return Rank: 91
BMAY Sharpe Ratio Rank: 87
BMAY Sortino Ratio Rank: 92
BMAY Omega Ratio Rank: 93
BMAY Calmar Ratio Rank: 88
BMAY Martin Ratio Rank: 95

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.

UAPR vs. BMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Innovator U.S. Equity Buffer ETF - May (BMAY). 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.

	UAPR	BMAY	Difference
Sharpe ratio: Return per unit of total volatility	4.40	2.90	+1.49
Sortino ratio: Return per unit of downside risk	7.63	4.44	+3.19
Omega ratio: Gain probability vs. loss probability	2.06	1.64	+0.42
Calmar ratio: Return relative to maximum drawdown	14.51	5.17	+9.35
Martin ratio: Return relative to average drawdown	71.55	30.22	+41.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UAPR vs. BMAY - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 4.40, which is higher than the BMAY Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of UAPR and BMAY, 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

	UAPR	BMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.40	2.90	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.81	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.00	-0.40

Drawdowns

UAPR vs. BMAY - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, smaller than the maximum BMAY drawdown of -17.66%. Use the drawdown chart below to compare losses from any high point for UAPR and BMAY.

Drawdown Indicators

	UAPR	BMAY	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-17.66%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.97%	-2.95%	+1.98%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-12.75%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-17.66%	+6.82%
Current Drawdown Current decline from peak	-0.10%	-0.32%	+0.22%
Average Drawdown Average peak-to-trough decline	-3.31%	-3.08%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.50%	-0.30%

Volatility

UAPR vs. BMAY - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) is 0.78%, while Innovator U.S. Equity Buffer ETF - May (BMAY) has a volatility of 1.65%. This indicates that UAPR experiences smaller price fluctuations and is considered to be less risky than BMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAPR	BMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.65%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	4.04%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	5.26%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	11.27%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	10.99%	-2.57%

UAPR vs. BMAY - Expense Ratio Comparison

Both UAPR and BMAY have an expense ratio of 0.79%.

Dividends

UAPR vs. BMAY - Dividend Comparison

Neither UAPR nor BMAY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BMAY Innovator U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%

Frequently Asked Questions

Can I hold both UAPR and BMAY in my portfolio?

UAPR and BMAY have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAPR or BMAY?

BMAY has higher volatility (1.65%) compared to UAPR (0.78%). In terms of maximum drawdown, UAPR dropped -14.61% vs BMAY's -17.66%.

Which ETF is better, UAPR or BMAY?

On 5-year performance, BMAY leads with 9.09% vs 6.54% for UAPR. Both ETFs have the same 0.79% expense ratio. On volatility, UAPR has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAPR or BMAY?

Over the 5-year period, BMAY has performed better with a 9.09% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAPR or BMAY?

UAPR and BMAY have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UAPR or BMAY?

UAPR and BMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between UAPR and BMAY?

UAPR tracks S&P 500, while BMAY tracks S&P 500 Price Return Index.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (4.40 vs 2.90), 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.