AAPR vs. JULJ

Last updated Jun 4, 2026

AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) and JULJ (Innovator Premium Income 30 Barrier ETF - July) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, AAPR returned 9.83% vs 5.56% for JULJ. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

AAPR vs. JULJ - 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 Innovator Premium Income 30 Barrier ETF - July (JULJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPR achieves a 3.82% return, which is significantly higher than JULJ's 1.82% return.

AAPR

• 1D: -0.14%
• 1M: 0.68%
• YTD: 3.82%
• 6M: 4.48%
• 1Y: 9.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JULJ

• 1D: -0.02%
• 1M: 0.28%
• YTD: 1.82%
• 6M: 2.32%
• 1Y: 5.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPR vs. JULJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.82%	7.79%	6.25%
JULJ Innovator Premium Income 30 Barrier ETF - July	1.82%	5.91%	4.56%

Correlation

The correlation between AAPR and JULJ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.65

The correlation between AAPR and JULJ has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

AAPR vs. JULJ — Risk / Return Rank

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

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 98
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 98

JULJ

JULJ Risk / Return Rank: 96
JULJ Sharpe Ratio Rank: 94
JULJ Sortino Ratio Rank: 97
JULJ Omega Ratio Rank: 97
JULJ Calmar Ratio Rank: 96
JULJ Martin Ratio Rank: 97

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.

AAPR vs. JULJ - 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 Innovator Premium Income 30 Barrier ETF - July (JULJ). 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.

	AAPR	JULJ	Difference
Sharpe ratio Return per unit of total volatility	4.18	3.62	+0.56
Sortino ratio Return per unit of downside risk	7.21	6.05	+1.16
Omega ratio Gain probability vs. loss probability	1.99	1.88	+0.11
Calmar ratio Return relative to maximum drawdown	12.12	9.21	+2.91
Martin ratio Return relative to average drawdown	62.99	47.78	+15.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPR vs. JULJ - Sharpe Ratio Comparison

The current AAPR Sharpe Ratio is 4.18, which is comparable to the JULJ Sharpe Ratio of 3.62. The chart below compares the historical Sharpe Ratios of AAPR and JULJ, 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

	AAPR	JULJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.18	3.62	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.96	-0.23

Drawdowns

AAPR vs. JULJ - Drawdown Comparison

The maximum AAPR drawdown since its inception was -5.99%, which is greater than JULJ's maximum drawdown of -3.62%. Use the drawdown chart below to compare losses from any high point for AAPR and JULJ.

Drawdown Indicators

	AAPR	JULJ	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-3.62%	-2.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-0.61%	-0.20%
Current Drawdown Current decline from peak	-0.15%	-0.02%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.45%	-0.10%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.12%	+0.04%

Volatility

AAPR vs. JULJ - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) has a higher volatility of 0.68% compared to Innovator Premium Income 30 Barrier ETF - July (JULJ) at 0.17%. This indicates that AAPR's price experiences larger fluctuations and is considered to be riskier than JULJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPR	JULJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.17%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	0.94%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.36%	1.54%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.81%	3.08%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	3.08%	+1.73%

AAPR vs. JULJ - Expense Ratio Comparison

Both AAPR and JULJ have an expense ratio of 0.79%.

Dividends

AAPR vs. JULJ - Dividend Comparison

AAPR has not paid dividends to shareholders, while JULJ's dividend yield for the trailing twelve months is around 5.66%.

Position	TTM	2025	2024	2023
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%
JULJ Innovator Premium Income 30 Barrier ETF - July	5.66%	5.76%	5.96%	3.21%

Frequently Asked Questions

Can I hold both AAPR and JULJ in my portfolio?

AAPR and JULJ have a correlation of 0.67, 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 JULJ?

AAPR has higher volatility (0.68%) compared to JULJ (0.17%). In terms of maximum drawdown, AAPR dropped -5.99% vs JULJ's -3.62%.

Which ETF is better, AAPR or JULJ?

On 1-year performance, AAPR leads with 9.83% vs 5.56% for JULJ. Both ETFs have the same 0.79% expense ratio. On volatility, JULJ has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPR or JULJ?

Over the 1-year period, AAPR has performed better with a 9.83% return vs 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPR or JULJ?

AAPR and JULJ have the same expense ratio: 0.79% per year.

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

JULJ has the higher dividend yield at 5.66%, compared with 0.00% for AAPR.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (4.18 vs 3.62), 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.