AAPR vs. XTAP

Last updated Jul 14, 2026

AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - AAPR is a Options Trading fund actively managed by Innovator, while XTAP is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. Over the past year, AAPR returned 7.91% vs 18.46% for XTAP. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

AAPR vs. XTAP - 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 U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPR achieves a 3.77% return, which is significantly lower than XTAP's 11.77% return.

AAPR

• 1D: -0.22%
• 1M: 0.24%
• 6M: 3.44%
• YTD: 3.77%
• 1Y: 7.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.27%
• 1M: 1.21%
• 6M: 11.36%
• YTD: 11.77%
• 1Y: 18.46%
• 3Y*: 16.75%
• 5Y*: 10.72%
• 10Y*: —

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

AAPR vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.77%	7.79%	6.33%
XTAP Innovator U.S. Equity Accelerated Plus ETF	11.77%	17.58%	11.81%

Correlation

The correlation between AAPR and XTAP 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 (All Time) Calculated using the full available price history since Apr 1, 2024	0.85

The correlation between AAPR and XTAP has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

AAPR vs. XTAP — 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: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 97

XTAP

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

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. XTAP - 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 U.S. Equity Accelerated Plus ETF (XTAP). 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	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	3.25	3.90	-0.64
Sortino ratio: Return per unit of downside risk	5.24	6.49	-1.24
Omega ratio: Gain probability vs. loss probability	1.73	2.00	-0.26
Calmar ratio: Return relative to maximum drawdown	8.23	10.80	-2.57
Martin ratio: Return relative to average drawdown	38.31	57.33	-19.02

AAPR vs. XTAP - Sharpe Ratio Comparison

The current AAPR Sharpe Ratio is 3.25, which is comparable to the XTAP Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of AAPR and XTAP, 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. XTAP - Drawdown Comparison

The maximum AAPR drawdown since its inception was -5.99%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for AAPR and XTAP.

Drawdown Indicators

	AAPR	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-22.13%	+16.14%
Max Drawdown (1Y) Largest decline over 1 year	-0.96%	-1.72%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-0.24%	-0.27%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.45%	-3.39%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.32%	-0.11%

Volatility

AAPR vs. XTAP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) is 0.91%, while Innovator U.S. Equity Accelerated Plus ETF (XTAP) has a volatility of 1.77%. This indicates that AAPR experiences smaller price fluctuations and is considered to be less risky than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPR	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	1.77%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	3.81%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.44%	4.77%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	14.55%	-9.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	14.29%	-9.54%

AAPR vs. XTAP - Expense Ratio Comparison

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

Dividends

AAPR vs. XTAP - Dividend Comparison

Neither AAPR nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAPR and XTAP in my portfolio?

AAPR and XTAP 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, AAPR or XTAP?

XTAP has higher volatility (1.77%) compared to AAPR (0.91%). In terms of maximum drawdown, AAPR dropped -5.99% vs XTAP's -22.13%.

Which ETF is better, AAPR or XTAP?

On 1-year performance, XTAP leads with 18.46% vs 7.91% for AAPR. Both ETFs have the same 0.79% expense ratio. On volatility, AAPR has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPR or XTAP?

Over the 1-year period, XTAP has performed better with a 18.46% return vs 7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPR or XTAP?

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

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

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

What is the main difference between AAPR and XTAP?

AAPR is categorized as Options Trading, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.90 vs 3.25), 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.