AJAN vs. BSTP

Last updated Jun 24, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and BSTP (Innovator Buffer Step-Up Strategy ETF) are both Options Trading funds from Innovator. AJAN is actively managed, while BSTP is passively managed. Over the past year, AJAN returned 5.20% vs 14.54% for BSTP. A 0.78 correlation means they provide meaningful diversification when combined. AJAN charges 0.79%/yr vs 0.89%/yr for BSTP.

Performance

AJAN vs. BSTP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and Innovator Buffer Step-Up Strategy ETF (BSTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJAN achieves a 1.63% return, which is significantly lower than BSTP's 4.83% return.

AJAN

• 1D: -0.17%
• 1M: -0.12%
• YTD: 1.63%
• 6M: 1.72%
• 1Y: 5.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSTP

• 1D: -0.74%
• 1M: -0.49%
• YTD: 4.83%
• 6M: 4.35%
• 1Y: 14.54%
• 3Y*: 13.39%
• 5Y*: —
• 10Y*: —

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

AJAN vs. BSTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.63%	6.12%	7.61%
BSTP Innovator Buffer Step-Up Strategy ETF	4.83%	11.80%	16.70%

Correlation

The correlation between AJAN and BSTP is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.78

The correlation between AJAN and BSTP has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

AJAN vs. BSTP — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 70
AJAN Sharpe Ratio Rank: 71
AJAN Sortino Ratio Rank: 79
AJAN Omega Ratio Rank: 83
AJAN Calmar Ratio Rank: 51
AJAN Martin Ratio Rank: 67

BSTP

BSTP Risk / Return Rank: 58
BSTP Sharpe Ratio Rank: 56
BSTP Sortino Ratio Rank: 56
BSTP Omega Ratio Rank: 60
BSTP Calmar Ratio Rank: 51
BSTP Martin Ratio Rank: 66

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.

AJAN vs. BSTP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and Innovator Buffer Step-Up Strategy ETF (BSTP). 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.

	AJAN	BSTP	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.76	+0.35
Sortino ratio: Return per unit of downside risk	3.21	2.48	+0.73
Omega ratio: Gain probability vs. loss probability	1.46	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	2.33	2.34	-0.02
Martin ratio: Return relative to average drawdown	11.47	11.17	+0.30

AJAN vs. BSTP - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 2.11, which is comparable to the BSTP Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of AJAN and BSTP, 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

AJAN vs. BSTP - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum BSTP drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for AJAN and BSTP.

Drawdown Indicators

	AJAN	BSTP	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-16.69%	+12.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-6.23%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.69%	—
Current Drawdown Current decline from peak	-0.49%	-1.48%	+0.99%
Average Drawdown Average peak-to-trough decline	-0.30%	-3.49%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	1.31%	-0.86%

Volatility

AJAN vs. BSTP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 1.11%, while Innovator Buffer Step-Up Strategy ETF (BSTP) has a volatility of 2.92%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than BSTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	BSTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	2.92%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	6.61%	-4.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	8.30%	-5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	12.10%	-8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	12.10%	-8.28%

AJAN vs. BSTP - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is lower than BSTP's 0.89% expense ratio.

Dividends

AJAN vs. BSTP - Dividend Comparison

Neither AJAN nor BSTP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AJAN and BSTP in my portfolio?

AJAN and BSTP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AJAN or BSTP?

BSTP has higher volatility (2.92%) compared to AJAN (1.11%). In terms of maximum drawdown, AJAN dropped -4.11% vs BSTP's -16.69%.

Which ETF is better, AJAN or BSTP?

On 1-year performance, BSTP leads with 14.54% vs 5.20% for AJAN. On fees, AJAN is cheaper at 0.79% per year. On volatility, AJAN has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJAN or BSTP?

Over the 1-year period, BSTP has performed better with a 14.54% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or BSTP?

AJAN is cheaper with a 0.79% expense ratio, compared with 0.89% for BSTP.

Which ETF pays a higher dividend yield, AJAN or BSTP?

AJAN and BSTP have nearly identical dividend yields, around 0.00%.

What is the main difference between AJAN and BSTP?

Their fees differ too: 0.79% for AJAN and 0.89% for BSTP.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (2.11 vs 1.76), 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.