AAPR vs. SIXO

Last updated Jun 23, 2026

AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) and SIXO (AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF) are both Options Trading funds. AAPR is actively managed, while SIXO is passively managed. Over the past year, AAPR returned 9.11% vs 9.55% for SIXO. Their correlation of 0.82 suggests significant overlap in exposure. AAPR charges 0.79%/yr vs 0.74%/yr for SIXO.

Performance

AAPR vs. SIXO - 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 AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF (SIXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPR achieves a 3.40% return, which is significantly higher than SIXO's 3.05% return.

AAPR

• 1D: -0.14%
• 1M: -0.25%
• YTD: 3.40%
• 6M: 3.56%
• 1Y: 9.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SIXO

• 1D: 0.02%
• 1M: 0.65%
• YTD: 3.05%
• 6M: 3.05%
• 1Y: 9.55%
• 3Y*: 9.39%
• 5Y*: —
• 10Y*: —

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

AAPR vs. SIXO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.40%	7.79%	6.33%
SIXO AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF	3.05%	7.19%	9.58%

Correlation

The correlation between AAPR and SIXO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.82

The correlation between AAPR and SIXO has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

AAPR vs. SIXO — 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: 95
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 98

SIXO

SIXO Risk / Return Rank: 56
SIXO Sharpe Ratio Rank: 56
SIXO Sortino Ratio Rank: 55
SIXO Omega Ratio Rank: 66
SIXO Calmar Ratio Rank: 48
SIXO Martin Ratio Rank: 53

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. SIXO - 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 AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF (SIXO). 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	SIXO	Difference
Sharpe ratio: Return per unit of total volatility	3.69	1.84	+1.85
Sortino ratio: Return per unit of downside risk	6.03	2.55	+3.48
Omega ratio: Gain probability vs. loss probability	1.86	1.38	+0.47
Calmar ratio: Return relative to maximum drawdown	9.48	2.32	+7.16
Martin ratio: Return relative to average drawdown	47.98	8.80	+39.18

AAPR vs. SIXO - Sharpe Ratio Comparison

The current AAPR Sharpe Ratio is 3.69, which is higher than the SIXO Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of AAPR and SIXO, 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. SIXO - Drawdown Comparison

The maximum AAPR drawdown since its inception was -5.99%, smaller than the maximum SIXO drawdown of -12.04%. Use the drawdown chart below to compare losses from any high point for AAPR and SIXO.

Drawdown Indicators

	AAPR	SIXO	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-12.04%	+6.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.96%	-4.13%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.95%	—
Current Drawdown Current decline from peak	-0.56%	0.00%	-0.56%
Average Drawdown Average peak-to-trough decline	-0.45%	-1.99%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	1.09%	-0.90%

Volatility

AAPR vs. SIXO - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) and AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF (SIXO) have volatilities of 1.06% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPR	SIXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.02%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	4.08%	-2.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	5.21%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.80%	9.04%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	9.04%	-4.24%

AAPR vs. SIXO - Expense Ratio Comparison

AAPR has a 0.79% expense ratio, which is higher than SIXO's 0.74% expense ratio.

Dividends

AAPR vs. SIXO - Dividend Comparison

Neither AAPR nor SIXO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAPR and SIXO in my portfolio?

AAPR and SIXO have a correlation of 0.76, 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 SIXO?

AAPR has higher volatility (1.06%) compared to SIXO (1.02%). In terms of maximum drawdown, AAPR dropped -5.99% vs SIXO's -12.04%.

Which ETF is better, AAPR or SIXO?

On 1-year performance, SIXO leads with 9.55% vs 9.11% for AAPR. On fees, SIXO is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPR or SIXO?

Over the 1-year period, SIXO has performed better with a 9.55% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPR or SIXO?

SIXO is cheaper with a 0.74% expense ratio, compared with 0.79% for AAPR.

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

AAPR and SIXO have nearly identical dividend yields, around 0.00%.

What is the main difference between AAPR and SIXO?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for AAPR and 0.74% for SIXO.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (3.69 vs 1.84), 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.