AJAN vs. QQQY

Last updated Aug 5, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, AJAN returned 4.98% vs 25.95% for QQQY. Their 0.70 correlation means they have sometimes moved together and sometimes differently. AJAN charges 0.79%/yr vs 0.99%/yr for QQQY.

Performance

AJAN vs. QQQY - 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 Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJAN achieves a 2.59% return, which is significantly lower than QQQY's 17.47% return.

AJAN

• 1D: 0.30%
• 1M: 0.61%
• 6M: 2.18%
• YTD: 2.59%
• 1Y: 4.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.30%

QQQY

• 1D: 3.25%
• 1M: 1.46%
• 6M: 17.52%
• YTD: 17.47%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	$92.46K	$76.38K	$85.38K
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	$2.03M	$2.15M	$2.90M

AJAN vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.59%	6.12%	7.61%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	17.47%	14.96%	7.70%

Correlation

The correlation between AJAN and QQQY is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.70

The correlation between AJAN and QQQY has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

AJAN vs. QQQY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AJAN

AJAN Risk / Return Rank: 75
AJAN Sharpe Ratio Rank: 76
AJAN Sortino Ratio Rank: 81
AJAN Omega Ratio Rank: 87
AJAN Calmar Ratio Rank: 55
AJAN Martin Ratio Rank: 75

QQQY

QQQY Risk / Return Rank: 56
QQQY Sharpe Ratio Rank: 53
QQQY Sortino Ratio Rank: 51
QQQY Omega Ratio Rank: 55
QQQY Calmar Ratio Rank: 59
QQQY Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AJAN vs. QQQY - 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 Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.48	+0.47
Sortino ratio: Return per unit of downside risk	2.92	2.02	+0.90
Omega ratio: Gain probability vs. loss probability	1.42	1.27	+0.14
Calmar ratio: Return relative to maximum drawdown	2.23	2.34	-0.11
Martin ratio: Return relative to average drawdown	10.69	8.22	+2.48

AJAN vs. QQQY - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 1.95, which is higher than the QQQY Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of AJAN and QQQY, 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. QQQY - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for AJAN and QQQY.

Drawdown Indicators

	AJAN	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-19.05%	+14.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-11.14%	+8.90%
Current Drawdown Current decline from peak	0.00%	-1.71%	+1.71%
Average Drawdown Average peak-to-trough decline	-0.30%	-2.96%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	3.17%	-2.70%

Volatility

AJAN vs. QQQY - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 0.88%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 7.24%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	7.24%	-6.36%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	15.55%	-13.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.57%	17.65%	-15.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.77%	15.86%	-12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.77%	15.86%	-12.09%

AJAN vs. QQQY - Expense Ratio Comparison

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

Dividends

AJAN vs. QQQY - Dividend Comparison

AJAN has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 35.76%.

Position	TTM	2025	2024	2023
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	35.76%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both AJAN and QQQY in my portfolio?

AJAN and QQQY have a correlation of 0.68, 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 QQQY?

QQQY has higher volatility (7.24%) compared to AJAN (0.88%). In terms of maximum drawdown, AJAN dropped -4.11% vs QQQY's -19.05%.

Which ETF is better, AJAN or QQQY?

On 1-year performance, QQQY leads with 25.95% vs 4.98% for AJAN. On fees, AJAN is cheaper at 0.79% per year. On volatility, AJAN has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJAN or QQQY?

Over the 1-year period, QQQY has performed better with a 25.95% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or QQQY?

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

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

QQQY has the higher dividend yield at 35.76%, compared with 0.00% for AJAN.

What is the main difference between AJAN and QQQY?

AJAN is categorized as Options Trading, while QQQY is Nasdaq-100. They also come from different issuers: Innovator and Defiance. Their fees differ too: 0.79% for AJAN and 0.99% for QQQY.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (1.95 vs 1.48), 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.