AJAN vs. VOO
AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while VOO is a S&P 500 fund tracking the S&P 500 Index. AJAN is actively managed, while VOO is passively managed. Over the past year, AJAN returned 4.82% vs 21.58% for VOO. Their 0.78 correlation means they have sometimes moved together and sometimes differently. AJAN charges 0.79%/yr vs 0.03%/yr for VOO.
Performance
AJAN vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, AJAN achieves a 2.19% return, which is significantly lower than VOO's 10.16% return.
AJAN
- 1D
- 0.28%
- 1M
- 0.22%
- 6M
- 1.71%
- YTD
- 2.19%
- 1Y
- 4.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.17%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.65K | $63.63K | $78.33K | |
| $3.82B | $3.78B | $5.44B |
AJAN vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026 | 2.19% | 6.12% | 7.61% |
VOO Vanguard S&P 500 ETF | 10.16% | 17.82% | 24.98% |
Correlation
The correlation between AJAN and VOO is 0.75, 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. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024 | 0.78 |
The correlation between AJAN and VOO has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
AJAN vs. VOO — Risk / Return Rank
AJAN
VOO
AJAN vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.28 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.21 | -0.12 |
| Martin ratioReturn relative to average drawdown | 10.04 | 9.44 | +0.60 |
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Drawdowns
AJAN vs. VOO - Drawdown Comparison
The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for AJAN and VOO.
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Drawdown Indicators
| AJAN | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -33.99% | +29.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -8.90% | +6.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.69% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.52% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -0.07% | -1.38% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -3.67% | +3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 2.08% | -1.61% |
Volatility
AJAN vs. VOO - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 0.84%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AJAN | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 3.54% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 10.10% | -7.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.56% | 12.82% | -10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.77% | 16.93% | -13.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.77% | 18.01% | -14.24% |
AJAN vs. VOO - Expense Ratio Comparison
AJAN has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
AJAN vs. VOO - Dividend Comparison
AJAN has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
AJAN and VOO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (3.54%) compared to AJAN (0.84%). In terms of maximum drawdown, AJAN dropped -4.11% vs VOO's -33.99%.
On 1-year performance, VOO leads with 21.58% vs 4.82% for AJAN. On fees, VOO is cheaper at 0.03% per year. On volatility, AJAN has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VOO has performed better with a 21.58% return vs 4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.79% for AJAN.
VOO has the higher dividend yield at 1.07%, compared with 0.00% for AJAN.
AJAN is categorized as Options Trading, while VOO is S&P 500. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for AJAN and 0.03% for VOO.
AJAN currently has the higher Sharpe Ratio (1.84 vs 1.53), 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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