AJAN vs. USFR
AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. AJAN is actively managed, while USFR is passively managed. Over the past year, AJAN returned 5.56% vs 3.97% for USFR. At a correlation of -0.01, they often move in opposite directions. AJAN charges 0.79%/yr vs 0.15%/yr for USFR.
Performance
AJAN vs. USFR - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with AJAN having a 1.79% return and USFR slightly lower at 1.78%.
AJAN
- 1D
- -0.00%
- 1M
- 0.04%
- YTD
- 1.79%
- 6M
- 1.93%
- 1Y
- 5.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
AJAN vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026 | 1.79% | 6.12% | 7.61% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% |
Correlation
The correlation between AJAN and USFR is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024 | -0.01 |
The correlation between AJAN and USFR shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AJAN vs. USFR — Risk / Return Rank
AJAN
USFR
AJAN vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.39 | ||
| Sortino ratioReturn per unit of downside risk | -46.43 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 13.24 | -11.74 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 200.29 | -197.80 |
| Martin ratioReturn relative to average drawdown | 12.30 | 775.73 | -763.43 |
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Drawdowns
AJAN vs. USFR - Drawdown Comparison
The maximum AJAN drawdown since its inception was -4.11%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for AJAN and USFR.
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Drawdown Indicators
| AJAN | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -1.36% | -2.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -0.02% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -0.33% | 0.00% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.15% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.01% | +0.44% |
Volatility
AJAN vs. USFR - Volatility Comparison
Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) has a higher volatility of 1.10% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that AJAN's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AJAN | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.08% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 0.19% | +2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.47% | 0.27% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.82% | 0.40% | +3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.82% | 0.78% | +3.04% |
AJAN vs. USFR - Expense Ratio Comparison
AJAN has a 0.79% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
AJAN vs. USFR - Dividend Comparison
AJAN has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
AJAN and USFR have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AJAN has higher volatility (1.10%) compared to USFR (0.08%). In terms of maximum drawdown, AJAN dropped -4.11% vs USFR's -1.36%.
On 1-year performance, AJAN leads with 5.56% vs 3.97% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AJAN has performed better with a 5.56% return vs 3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.79% for AJAN.
USFR has the higher dividend yield at 3.91%, compared with 0.00% for AJAN.
AJAN is categorized as Options Trading, while USFR is Government Bonds. They also come from different issuers: Innovator and WisdomTree. Their fees differ too: 0.79% for AJAN and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 vs 2.26), 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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