AJAN vs. HYS
AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). AJAN is actively managed, while HYS is passively managed. Over the past year, AJAN returned 6.13% vs 6.88% for HYS. A 0.55 correlation means they provide meaningful diversification when combined. AJAN charges 0.79%/yr vs 0.56%/yr for HYS.
Performance
AJAN vs. HYS - Performance Comparison
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Returns By Period
In the year-to-date period, AJAN achieves a 2.03% return, which is significantly higher than HYS's 1.34% return.
AJAN
- 1D
- 0.09%
- 1M
- 0.58%
- YTD
- 2.03%
- 6M
- 2.43%
- 1Y
- 6.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYS
- 1D
- 0.01%
- 1M
- 0.50%
- YTD
- 1.34%
- 6M
- 1.89%
- 1Y
- 6.88%
- 3Y*
- 8.65%
- 5Y*
- 5.08%
- 10Y*
- 5.31%
AJAN vs. HYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026 | 2.03% | 6.12% | 7.78% |
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.34% | 8.80% | 8.75% |
Correlation
The correlation between AJAN and HYS is 0.51, 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 | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024 | 0.55 |
The correlation between AJAN and HYS has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.
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Return for Risk
AJAN vs. HYS — Risk / Return Rank
AJAN
HYS
AJAN vs. HYS - 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 PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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.
| AJAN | HYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.38 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 3.67 | -0.93 |
| Martin ratioReturn relative to average drawdown | 13.81 | 14.96 | -1.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AJAN | HYS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.61 | 1.99 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.82 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.74 | 0.81 | +0.93 |
Drawdowns
AJAN vs. HYS - Drawdown Comparison
The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for AJAN and HYS.
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Drawdown Indicators
| AJAN | HYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -20.91% | +16.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -1.88% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.98% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.91% | — |
Current DrawdownCurrent decline from peak | -0.09% | -0.13% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -1.53% | +1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.46% | -0.02% |
Volatility
AJAN vs. HYS - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 0.65%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.23%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AJAN | HYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 1.23% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 2.72% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 3.47% | -1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 6.26% | -2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 6.84% | -3.04% |
AJAN vs. HYS - Expense Ratio Comparison
AJAN has a 0.79% expense ratio, which is higher than HYS's 0.56% expense ratio.
Dividends
AJAN vs. HYS - Dividend Comparison
AJAN has not paid dividends to shareholders, while HYS's dividend yield for the trailing twelve months is around 7.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 7.36% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
Frequently Asked Questions
AJAN and HYS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYS has higher volatility (1.23%) compared to AJAN (0.65%). In terms of maximum drawdown, AJAN dropped -4.11% vs HYS's -20.91%.
On 1-year performance, HYS leads with 6.88% vs 6.13% for AJAN. On fees, HYS is cheaper at 0.56% per year. On volatility, AJAN has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYS has performed better with a 6.88% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYS is cheaper with a 0.56% expense ratio, compared with 0.79% for AJAN.
HYS has the higher dividend yield at 7.36%, compared with 0.00% for AJAN.
AJAN is categorized as Options Trading, while HYS is High Yield Bonds. They also come from different issuers: Innovator and PIMCO. Their fees differ too: 0.79% for AJAN and 0.56% for HYS.
AJAN currently has the higher Sharpe Ratio (2.61 vs 1.99), 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.
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