AJAN vs. XLRI

Last updated Jun 26, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and XLRI (State Street Real Estate Select Sector SPDR Premium Income ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while XLRI is a Derivative Income fund actively managed by State Street. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. AJAN charges 0.79%/yr vs 0.35%/yr for XLRI.

Performance

AJAN vs. XLRI - 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 State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJAN achieves a 1.53% return, which is significantly lower than XLRI's 6.57% return.

AJAN

• 1D: 0.02%
• 1M: -0.28%
• YTD: 1.53%
• 6M: 1.62%
• 1Y: 4.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XLRI

• 1D: 0.17%
• 1M: 0.77%
• YTD: 6.57%
• 6M: 6.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AJAN vs. XLRI - Yearly Performance Comparison

	2026 (YTD)	2025
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.53%	2.32%
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	6.57%	-0.57%

Correlation

The correlation between AJAN and XLRI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.23

Return for Risk

AJAN vs. XLRI — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 68
AJAN Sharpe Ratio Rank: 69
AJAN Sortino Ratio Rank: 76
AJAN Omega Ratio Rank: 82
AJAN Calmar Ratio Rank: 49
AJAN Martin Ratio Rank: 66

XLRI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XLRI - 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 State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). 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	XLRI	Difference
Sharpe ratio: Return per unit of total volatility	1.96	—	—
Sortino ratio: Return per unit of downside risk	2.97	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return relative to average drawdown	10.53	—	—

Drawdowns

AJAN vs. XLRI - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum XLRI drawdown of -7.12%. Use the drawdown chart below to compare losses from any high point for AJAN and XLRI.

Drawdown Indicators

	AJAN	XLRI	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-7.12%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	—	—
Current Drawdown Current decline from peak	-0.59%	-0.67%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.30%	-1.64%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	AJAN	XLRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.46%	10.95%	-8.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.81%	10.95%	-7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.81%	10.95%	-7.14%

AJAN vs. XLRI - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is higher than XLRI's 0.35% expense ratio.

Dividends

AJAN vs. XLRI - Dividend Comparison

AJAN has not paid dividends to shareholders, while XLRI's dividend yield for the trailing twelve months is around 12.25%.

Position	TTM	2025
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	12.25%	6.85%

Frequently Asked Questions

Can I hold both AJAN and XLRI in my portfolio?

AJAN and XLRI have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AJAN or XLRI?

On fees, XLRI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AJAN or XLRI?

XLRI is cheaper with a 0.35% expense ratio, compared with 0.79% for AJAN.

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

XLRI has the higher dividend yield at 12.25%, compared with 0.00% for AJAN.

What is the main difference between AJAN and XLRI?

AJAN is categorized as Options Trading, while XLRI is Derivative Income. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for AJAN and 0.35% for XLRI.