AAPR vs. HIGH

Last updated Aug 1, 2026

AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) and HIGH (Simplify Enhanced Income ETF) are both exchange-traded funds - AAPR is a Options Trading fund actively managed by Innovator, while HIGH is a Derivative Income fund actively managed by Simplify. Both are actively managed. Over the past year, AAPR returned 8.09% vs -1.25% for HIGH. Their 0.57 correlation means they have sometimes moved together and sometimes differently. AAPR charges 0.79%/yr vs 0.50%/yr for HIGH.

Performance

AAPR vs. HIGH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) and Simplify Enhanced Income ETF (HIGH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPR achieves a 4.10% return, which is significantly higher than HIGH's -1.00% return.

AAPR

• 1D: 0.23%
• 1M: 0.25%
• 6M: 3.60%
• YTD: 4.10%
• 1Y: 8.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.87%

HIGH

• 1D: 0.30%
• 1M: -0.44%
• 6M: -0.14%
• YTD: -1.00%
• 1Y: -1.25%
• 3Y*: 2.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.43%

*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)
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	$121.00K	$98.98K	$432.94K
HIGH Simplify Enhanced Income ETF	$264.89K	$245.02K	$537.34K

AAPR vs. HIGH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	4.10%	7.79%	6.33%
HIGH Simplify Enhanced Income ETF	-1.00%	4.35%	-0.12%

Correlation

The correlation between AAPR and HIGH is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.57

The correlation between AAPR and HIGH has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

Return for Risk

AAPR vs. HIGH — Risk / Return Rank

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

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 97

HIGH

HIGH Risk / Return Rank: 8
HIGH Sharpe Ratio Rank: 8
HIGH Sortino Ratio Rank: 7
HIGH Omega Ratio Rank: 7
HIGH Calmar Ratio Rank: 8
HIGH Martin Ratio Rank: 8

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.

AAPR vs. HIGH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) and Simplify Enhanced Income ETF (HIGH). 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.

	AAPR	HIGH	Difference
Sharpe ratio: Return per unit of total volatility	3.12	-0.21	+3.33
Sortino ratio: Return per unit of downside risk	4.99	-0.26	+5.25
Omega ratio: Gain probability vs. loss probability	1.68	0.97	+0.71
Calmar ratio: Return relative to maximum drawdown	8.08	-0.21	+8.29
Martin ratio: Return relative to average drawdown	35.77	-0.34	+36.11

AAPR vs. HIGH - Sharpe Ratio Comparison

The current AAPR Sharpe Ratio is 3.12, which is higher than the HIGH Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of AAPR and HIGH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPR vs. HIGH - Drawdown Comparison

The maximum AAPR drawdown since its inception was -5.99%, smaller than the maximum HIGH drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for AAPR and HIGH.

Drawdown Indicators

	AAPR	HIGH	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-9.50%	+3.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.96%	-7.08%	+6.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.50%	—
Current Drawdown Current decline from peak	-0.01%	-7.69%	+7.68%
Average Drawdown Average peak-to-trough decline	-0.44%	-2.59%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	4.46%	-4.24%

Volatility

AAPR vs. HIGH - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) is 0.72%, while Simplify Enhanced Income ETF (HIGH) has a volatility of 2.16%. This indicates that AAPR experiences smaller price fluctuations and is considered to be less risky than HIGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPR	HIGH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	2.16%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	3.90%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	7.23%	-4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.71%	9.46%	-4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	9.46%	-4.75%

AAPR vs. HIGH - Expense Ratio Comparison

AAPR has a 0.79% expense ratio, which is higher than HIGH's 0.50% expense ratio.

Dividends

AAPR vs. HIGH - Dividend Comparison

AAPR has not paid dividends to shareholders, while HIGH's dividend yield for the trailing twelve months is around 6.88%.

Position	TTM	2025	2024	2023	2022
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%	0.00%
HIGH Simplify Enhanced Income ETF	6.88%	7.71%	8.34%	9.40%	0.62%

Frequently Asked Questions

Can I hold both AAPR and HIGH in my portfolio?

AAPR and HIGH have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPR or HIGH?

HIGH has higher volatility (2.16%) compared to AAPR (0.72%). In terms of maximum drawdown, AAPR dropped -5.99% vs HIGH's -9.50%.

Which ETF is better, AAPR or HIGH?

On 1-year performance, AAPR leads with 8.09% vs -1.25% for HIGH. On fees, HIGH is cheaper at 0.50% per year. On volatility, AAPR has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPR or HIGH?

Over the 1-year period, AAPR has performed better with a 8.09% return vs -1.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPR or HIGH?

HIGH is cheaper with a 0.50% expense ratio, compared with 0.79% for AAPR.

Which ETF pays a higher dividend yield, AAPR or HIGH?

HIGH has the higher dividend yield at 6.88%, compared with 0.00% for AAPR.

What is the main difference between AAPR and HIGH?

AAPR is categorized as Options Trading, while HIGH is Derivative Income. They also come from different issuers: Innovator and Simplify. Their fees differ too: 0.79% for AAPR and 0.50% for HIGH.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (3.12 vs -0.21), 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.