APLY vs. AAPR

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax AAPL Option Income Strategy ETF (APLY) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR).

APLY and AAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APLY is an actively managed fund by YieldMax. It was launched on Apr 17, 2023. AAPR is an actively managed fund by Innovator. It was launched on Mar 28, 2024.

Performance

APLY vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

APLY vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APLY YieldMax AAPL Option Income Strategy ETF	-5.57%	4.69%	28.33%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	1.32%	7.79%	6.25%

Returns By Period

In the year-to-date period, APLY achieves a -5.57% return, which is significantly lower than AAPR's 1.32% return.

APLY

• 1D: 3.07%
• 1M: -2.08%
• YTD: -5.57%
• 6M: -0.24%
• 1Y: 10.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPR

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.32%
• 6M: 3.06%
• 1Y: 10.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APLY vs. AAPR - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is higher than AAPR's 0.79% expense ratio.

APLY

YieldMax AAPL Option Income Strategy ETF

AAPR

Innovator Equity Defined Protection ETF - 2 Yr To April 2026

Return for Risk

APLY vs. AAPR — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 26
APLY Sharpe Ratio Rank: 24
APLY Sortino Ratio Rank: 27
APLY Omega Ratio Rank: 28
APLY Calmar Ratio Rank: 26
APLY Martin Ratio Rank: 26

AAPR

AAPR Risk / Return Rank: 91
AAPR Sharpe Ratio Rank: 88
AAPR Sortino Ratio Rank: 92
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 83
AAPR Martin Ratio Rank: 95

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.

APLY vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	APLY	AAPR	Difference
Sharpe ratio Return per unit of total volatility	0.37	1.86	-1.49
Sortino ratio Return per unit of downside risk	0.73	2.79	-2.05
Omega ratio Gain probability vs. loss probability	1.11	1.60	-0.49
Calmar ratio Return relative to maximum drawdown	0.56	2.41	-1.85
Martin ratio Return relative to average drawdown	1.93	16.22	-14.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLY vs. AAPR - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 0.37, which is lower than the AAPR Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of APLY and AAPR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APLY	AAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	1.86	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.58	-1.12

Correlation

The correlation between APLY and AAPR is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

APLY vs. AAPR - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 38.63%, while AAPR has not paid dividends to shareholders.

	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	38.63%	36.38%	24.95%	14.36%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%

Drawdowns

APLY vs. AAPR - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for APLY and AAPR.

Drawdown Indicators

	APLY	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-5.99%	-24.42%
Max Drawdown (1Y) Largest decline over 1 year	-21.07%	-4.22%	-16.85%
Current Drawdown Current decline from peak	-8.85%	0.00%	-8.85%
Average Drawdown Average peak-to-trough decline	-7.14%	-0.48%	-6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	0.63%	+5.42%

Volatility

APLY vs. AAPR - Volatility Comparison

YieldMax AAPL Option Income Strategy ETF (APLY) has a higher volatility of 4.88% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 0.62%. This indicates that APLY's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	0.62%	+4.26%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	1.50%	+11.10%
Volatility (1Y) Calculated over the trailing 1-year period	26.93%	5.41%	+21.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	4.94%	+16.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.16%	4.94%	+16.22%