AJAN vs. NVDY

Last updated Jun 5, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while NVDY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AJAN returned 6.13% vs 47.85% for NVDY. At a 0.49 correlation, their price movements are largely independent. AJAN charges 0.79%/yr vs 0.99%/yr for NVDY.

Performance

AJAN vs. NVDY - 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 YieldMax NVDA Option Income Strategy ETF (NVDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJAN achieves a 2.03% return, which is significantly lower than NVDY's 14.49% return.

AJAN

• 1D: 0.09%
• 1M: 0.58%
• YTD: 2.03%
• 6M: 2.43%
• 1Y: 6.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDY

• 1D: 1.27%
• 1M: 7.84%
• YTD: 14.49%
• 6M: 17.01%
• 1Y: 47.85%
• 3Y*: 55.07%
• 5Y*: —
• 10Y*: —

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

AJAN vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.03%	6.12%	7.78%
NVDY YieldMax NVDA Option Income Strategy ETF	14.49%	27.38%	118.88%

Correlation

The correlation between AJAN and NVDY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.49

Return for Risk

AJAN vs. NVDY — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 81
AJAN Sortino Ratio Rank: 89
AJAN Omega Ratio Rank: 91
AJAN Calmar Ratio Rank: 57
AJAN Martin Ratio Rank: 74

NVDY

NVDY Risk / Return Rank: 56
NVDY Sharpe Ratio Rank: 52
NVDY Sortino Ratio Rank: 48
NVDY Omega Ratio Rank: 48
NVDY Calmar Ratio Rank: 76
NVDY Martin Ratio Rank: 54

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. NVDY - 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 YieldMax NVDA Option Income Strategy ETF (NVDY). 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	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.76	+0.85
Sortino ratio: Return per unit of downside risk	4.08	2.34	+1.74
Omega ratio: Gain probability vs. loss probability	1.58	1.29	+0.29
Calmar ratio: Return relative to maximum drawdown	2.74	3.75	-1.01
Martin ratio: Return relative to average drawdown	13.81	9.22	+4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AJAN vs. NVDY - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 2.61, which is higher than the NVDY Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of AJAN and NVDY, 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

	AJAN	NVDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.76	+0.85
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	1.65	+0.09

Drawdowns

AJAN vs. NVDY - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for AJAN and NVDY.

Drawdown Indicators

	AJAN	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-34.08%	+29.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-12.81%	+10.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.09%	-5.47%	+5.38%
Average Drawdown Average peak-to-trough decline	-0.29%	-6.15%	+5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	5.21%	-4.77%

Volatility

AJAN vs. NVDY - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 0.65%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.43%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	9.43%	-8.78%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	20.71%	-18.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.36%	27.33%	-24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	38.22%	-34.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	38.22%	-34.42%

AJAN vs. NVDY - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is lower than NVDY's 0.99% expense ratio.

Dividends

AJAN vs. NVDY - Dividend Comparison

AJAN has not paid dividends to shareholders, while NVDY's dividend yield for the trailing twelve months is around 62.14%.

Position	TTM	2025	2024	2023
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	62.14%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both AJAN and NVDY in my portfolio?

AJAN and NVDY have a correlation of 0.45, 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 NVDY?

NVDY has higher volatility (9.43%) compared to AJAN (0.65%). In terms of maximum drawdown, AJAN dropped -4.11% vs NVDY's -34.08%.

Which ETF is better, AJAN or NVDY?

On 1-year performance, NVDY leads with 47.85% vs 6.13% for AJAN. On fees, AJAN is cheaper at 0.79% 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.

Which ETF has performed better, AJAN or NVDY?

Over the 1-year period, NVDY has performed better with a 47.85% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or NVDY?

AJAN is cheaper with a 0.79% expense ratio, compared with 0.99% for NVDY.

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

NVDY has the higher dividend yield at 62.14%, compared with 0.00% for AJAN.

What is the main difference between AJAN and NVDY?

AJAN is categorized as Options Trading, while NVDY is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for AJAN and 0.99% for NVDY.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (2.61 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.