AJAN vs. SHV

Last updated Jun 24, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. AJAN is actively managed, while SHV is passively managed. Over the past year, AJAN returned 5.20% vs 3.83% for SHV. At a 0.10 correlation, their price movements are largely independent. AJAN charges 0.79%/yr vs 0.15%/yr for SHV.

Performance

AJAN vs. SHV - 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 iShares 0-1 Year Treasury Bond ETF (SHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AJAN having a 1.63% return and SHV slightly lower at 1.60%.

AJAN

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

SHV

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.60%
• 6M: 1.70%
• 1Y: 3.83%
• 3Y*: 4.61%
• 5Y*: 3.35%
• 10Y*: 2.23%

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

AJAN vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.63%	6.12%	7.61%
SHV iShares 0-1 Year Treasury Bond ETF	1.60%	4.21%	5.12%

Correlation

The correlation between AJAN and SHV is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.10

Return for Risk

AJAN vs. SHV — 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

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV Martin Ratio Rank: 100

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. SHV - 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 iShares 0-1 Year Treasury Bond ETF (SHV). 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	SHV	Difference
Sharpe ratio: Return per unit of total volatility	2.11	18.56	-16.45
Sortino ratio: Return per unit of downside risk	3.21	98.01	-94.80
Omega ratio: Gain probability vs. loss probability	1.46	35.59	-34.13
Calmar ratio: Return relative to maximum drawdown	2.33	141.48	-139.15
Martin ratio: Return relative to average drawdown	11.47	1,585.41	-1,573.94

AJAN vs. SHV - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 2.11, which is lower than the SHV Sharpe Ratio of 18.56. The chart below compares the historical Sharpe Ratios of AJAN and SHV, 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. SHV - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for AJAN and SHV.

Drawdown Indicators

	AJAN	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-0.45%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-0.03%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	-0.49%	0.00%	-0.49%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.03%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.00%	+0.45%

Volatility

AJAN vs. SHV - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) has a higher volatility of 1.11% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that AJAN's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.07%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	0.13%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	0.21%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	0.29%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	0.28%	+3.54%

AJAN vs. SHV - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is higher than SHV's 0.15% expense ratio.

Dividends

AJAN vs. SHV - Dividend Comparison

AJAN has not paid dividends to shareholders, while SHV's dividend yield for the trailing twelve months is around 3.83%.

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%
SHV iShares 0-1 Year Treasury Bond ETF	3.83%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both AJAN and SHV in my portfolio?

AJAN and SHV have a correlation of 0.05, 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 SHV?

AJAN has higher volatility (1.11%) compared to SHV (0.07%). In terms of maximum drawdown, AJAN dropped -4.11% vs SHV's -0.45%.

Which ETF is better, AJAN or SHV?

On 1-year performance, AJAN leads with 5.20% vs 3.83% for SHV. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJAN or SHV?

Over the 1-year period, AJAN has performed better with a 5.20% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or SHV?

SHV is cheaper with a 0.15% expense ratio, compared with 0.79% for AJAN.

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

SHV has the higher dividend yield at 3.83%, compared with 0.00% for AJAN.

What is the main difference between AJAN and SHV?

AJAN is categorized as Options Trading, while SHV is Government Bonds. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for AJAN and 0.15% for SHV.

Which has better risk-adjusted returns?

SHV currently has the higher Sharpe Ratio (18.56 vs 2.11), 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.