APRJ vs. AAPR

Last updated Jun 4, 2026

APRJ (Innovator Premium Income 30 Barrier ETF - April) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, APRJ returned 6.91% vs 9.83% for AAPR. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

APRJ vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - April (APRJ) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRJ achieves a 3.18% return, which is significantly lower than AAPR's 3.82% return.

APRJ

• 1D: -0.10%
• 1M: 0.70%
• YTD: 3.18%
• 6M: 3.64%
• 1Y: 6.91%
• 3Y*: 6.35%
• 5Y*: —
• 10Y*: —

AAPR

• 1D: -0.14%
• 1M: 0.68%
• YTD: 3.82%
• 6M: 4.48%
• 1Y: 9.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRJ vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRJ Innovator Premium Income 30 Barrier ETF - April	3.18%	5.71%	5.05%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.82%	7.79%	6.25%

Correlation

The correlation between APRJ and AAPR is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.53

The correlation between APRJ and AAPR has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

APRJ vs. AAPR — Risk / Return Rank

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

APRJ

APRJ Risk / Return Rank: 98
APRJ Sharpe Ratio Rank: 97
APRJ Sortino Ratio Rank: 99
APRJ Omega Ratio Rank: 98
APRJ Calmar Ratio Rank: 99
APRJ Martin Ratio Rank: 99

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 98
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 98

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.

APRJ vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - April (APRJ) 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.

	APRJ	AAPR	Difference
Sharpe ratio Return per unit of total volatility	4.63	4.18	+0.44
Sortino ratio Return per unit of downside risk	9.47	7.21	+2.26
Omega ratio Gain probability vs. loss probability	2.20	1.99	+0.21
Calmar ratio Return relative to maximum drawdown	34.55	12.12	+22.43
Martin ratio Return relative to average drawdown	103.47	62.99	+40.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRJ vs. AAPR - Sharpe Ratio Comparison

The current APRJ Sharpe Ratio is 4.63, which is comparable to the AAPR Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of APRJ and AAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APRJ	AAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.63	4.18	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	1.73	+0.07

Drawdowns

APRJ vs. AAPR - Drawdown Comparison

The maximum APRJ drawdown since its inception was -4.68%, smaller than the maximum AAPR drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for APRJ and AAPR.

Drawdown Indicators

	APRJ	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-4.68%	-5.99%	+1.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-0.81%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-4.68%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.15%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.45%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.16%	-0.09%

Volatility

APRJ vs. AAPR - Volatility Comparison

The current volatility for Innovator Premium Income 30 Barrier ETF - April (APRJ) is 0.47%, while Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) has a volatility of 0.68%. This indicates that APRJ experiences smaller price fluctuations and is considered to be less risky than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRJ	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.68%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	1.57%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	1.50%	2.36%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.63%	4.81%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	4.81%	-1.18%

APRJ vs. AAPR - Expense Ratio Comparison

Both APRJ and AAPR have an expense ratio of 0.79%.

Dividends

APRJ vs. AAPR - Dividend Comparison

APRJ's dividend yield for the trailing twelve months is around 5.27%, while AAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%
APRJ Innovator Premium Income 30 Barrier ETF - April	5.27%	5.46%	5.88%	4.88%

Frequently Asked Questions

Can I hold both APRJ and AAPR in my portfolio?

APRJ and AAPR have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRJ or AAPR?

AAPR has higher volatility (0.68%) compared to APRJ (0.47%). In terms of maximum drawdown, APRJ dropped -4.68% vs AAPR's -5.99%.

Which ETF is better, APRJ or AAPR?

On 1-year performance, AAPR leads with 9.83% vs 6.91% for APRJ. Both ETFs have the same 0.79% expense ratio. On volatility, APRJ has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRJ or AAPR?

Over the 1-year period, AAPR has performed better with a 9.83% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRJ or AAPR?

APRJ and AAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, APRJ or AAPR?

APRJ has the higher dividend yield at 5.27%, compared with 0.00% for AAPR.

Which has better risk-adjusted returns?

APRJ currently has the higher Sharpe Ratio (4.63 vs 4.18), 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.