APRH vs. SHDG

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Premium Income 20 Barrier ETF - April (APRH) and Soundwatch Hedged Equity ETF (SHDG).

APRH and SHDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APRH is an actively managed fund by Innovator. It was launched on Mar 31, 2023. SHDG is an actively managed fund by SoundWatch Capital. It was launched on Nov 30, 2016.

Performance

APRH vs. SHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - April (APRH) and Soundwatch Hedged Equity ETF (SHDG). The values are adjusted to include any dividend payments, if applicable.

APRH vs. SHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APRH Innovator Premium Income 20 Barrier ETF - April	0.87%	5.84%	6.91%	6.96%
SHDG Soundwatch Hedged Equity ETF	-4.91%	11.46%	19.66%	10.10%

Returns By Period

In the year-to-date period, APRH achieves a 0.87% return, which is significantly higher than SHDG's -4.91% return.

APRH

• 1D: -0.00%
• 1M: 0.28%
• YTD: 0.87%
• 6M: 1.15%
• 1Y: 5.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHDG

• 1D: 0.19%
• 1M: -5.49%
• YTD: -4.91%
• 6M: -2.56%
• 1Y: 10.92%
• 3Y*: 11.83%
• 5Y*: —
• 10Y*: —

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

APRH vs. SHDG - Expense Ratio Comparison

APRH has a 0.79% expense ratio, which is higher than SHDG's 0.53% expense ratio.

APRH

Innovator Premium Income 20 Barrier ETF - April

SHDG

Soundwatch Hedged Equity ETF

Return for Risk

APRH vs. SHDG — Risk / Return Rank

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

APRH

APRH Risk / Return Rank: 53
APRH Sharpe Ratio Rank: 42
APRH Sortino Ratio Rank: 44
APRH Omega Ratio Rank: 79
APRH Calmar Ratio Rank: 36
APRH Martin Ratio Rank: 63

SHDG

SHDG Risk / Return Rank: 50
SHDG Sharpe Ratio Rank: 46
SHDG Sortino Ratio Rank: 47
SHDG Omega Ratio Rank: 53
SHDG Calmar Ratio Rank: 45
SHDG Martin Ratio Rank: 58

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.

APRH vs. SHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - April (APRH) and Soundwatch Hedged Equity ETF (SHDG). 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.

	APRH	SHDG	Difference
Sharpe ratio Return per unit of total volatility	0.81	0.84	-0.04
Sortino ratio Return per unit of downside risk	1.26	1.30	-0.04
Omega ratio Gain probability vs. loss probability	1.31	1.20	+0.11
Calmar ratio Return relative to maximum drawdown	0.96	1.19	-0.23
Martin ratio Return relative to average drawdown	6.35	5.73	+0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRH vs. SHDG - Sharpe Ratio Comparison

The current APRH Sharpe Ratio is 0.81, which is comparable to the SHDG Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of APRH and SHDG, 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

	APRH	SHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.84	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.19	+0.31

Correlation

The correlation between APRH and SHDG is 0.64, 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

APRH vs. SHDG - Dividend Comparison

APRH's dividend yield for the trailing twelve months is around 5.55%, more than SHDG's 0.52% yield.

	TTM	2025	2024	2023	2022
APRH Innovator Premium Income 20 Barrier ETF - April	5.55%	5.49%	6.87%	5.90%	0.00%
SHDG Soundwatch Hedged Equity ETF	0.52%	0.49%	0.62%	1.24%	0.90%

Drawdowns

APRH vs. SHDG - Drawdown Comparison

The maximum APRH drawdown since its inception was -5.87%, smaller than the maximum SHDG drawdown of -15.82%. Use the drawdown chart below to compare losses from any high point for APRH and SHDG.

Drawdown Indicators

	APRH	SHDG	Difference
Max Drawdown Largest peak-to-trough decline	-5.87%	-15.82%	+9.95%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-9.00%	+3.17%
Current Drawdown Current decline from peak	-0.21%	-6.45%	+6.24%
Average Drawdown Average peak-to-trough decline	-0.22%	-1.71%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.87%	-0.98%

Volatility

APRH vs. SHDG - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - April (APRH) is 0.59%, while Soundwatch Hedged Equity ETF (SHDG) has a volatility of 2.78%. This indicates that APRH experiences smaller price fluctuations and is considered to be less risky than SHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRH	SHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	2.78%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	6.70%	-5.14%
Volatility (1Y) Calculated over the trailing 1-year period	6.89%	12.99%	-6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	11.22%	-6.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.62%	11.22%	-6.60%