APRJ vs. FMNY
APRJ (Innovator Premium Income 30 Barrier ETF - April) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - APRJ is a Options Trading fund actively managed by Innovator, while FMNY is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. Over the past 3 years, APRJ returned 6.35%/yr vs 4.11%/yr for FMNY. At a 0.05 correlation, their price movements are largely independent. APRJ charges 0.79%/yr vs 0.65%/yr for FMNY.
Performance
APRJ vs. FMNY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, APRJ achieves a 3.18% return, which is significantly higher than FMNY's 1.93% return.
APRJ
- 1D
- -0.10%
- 1M
- 0.70%
- YTD
- 3.18%
- 6M
- 3.64%
- 1Y
- 6.91%
- 3Y*
- 6.35%
- 5Y*
- —
- 10Y*
- —
FMNY
- 1D
- -0.00%
- 1M
- 0.72%
- YTD
- 1.93%
- 6M
- 2.20%
- 1Y
- 7.77%
- 3Y*
- 4.11%
- 5Y*
- 0.60%
- 10Y*
- —
APRJ vs. FMNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
APRJ Innovator Premium Income 30 Barrier ETF - April | 3.18% | 5.71% | 6.24% | 5.38% |
FMNY First Trust New York High Income Municipal ETF | 1.93% | 3.94% | 1.74% | 3.79% |
Correlation
The correlation between APRJ and FMNY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023 | 0.05 |
The correlation between APRJ and FMNY shifts across timeframes, from -0.08 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
APRJ vs. FMNY — Risk / Return Rank
APRJ
FMNY
APRJ vs. FMNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - April (APRJ) and First Trust New York High Income Municipal ETF (FMNY). 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 | FMNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +6.02 | ||
| Omega ratioGain probability vs. loss probability | 2.20 | 1.49 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 34.55 | 2.76 | +31.80 |
| Martin ratioReturn relative to average drawdown | 103.47 | 8.93 | +94.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| APRJ | FMNY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.63 | 2.37 | +2.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.80 | 0.19 | +1.61 |
Drawdowns
APRJ vs. FMNY - Drawdown Comparison
The maximum APRJ drawdown since its inception was -4.68%, smaller than the maximum FMNY drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for APRJ and FMNY.
Loading charts...
Drawdown Indicators
| APRJ | FMNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.68% | -15.90% | +11.22% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -2.83% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -4.68% | -5.88% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.90% | — |
Current DrawdownCurrent decline from peak | -0.12% | -0.65% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -5.69% | +5.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 0.87% | -0.80% |
Volatility
APRJ vs. FMNY - Volatility Comparison
The current volatility for Innovator Premium Income 30 Barrier ETF - April (APRJ) is 0.47%, while First Trust New York High Income Municipal ETF (FMNY) has a volatility of 0.82%. This indicates that APRJ experiences smaller price fluctuations and is considered to be less risky than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| APRJ | FMNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.82% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 2.37% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 3.29% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 4.00% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.63% | 3.99% | -0.36% |
APRJ vs. FMNY - Expense Ratio Comparison
APRJ has a 0.79% expense ratio, which is higher than FMNY's 0.65% expense ratio.
Dividends
APRJ vs. FMNY - Dividend Comparison
APRJ's dividend yield for the trailing twelve months is around 5.27%, more than FMNY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
APRJ Innovator Premium Income 30 Barrier ETF - April | 5.27% | 5.46% | 5.88% | 4.88% | 0.00% | 0.00% |
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
Frequently Asked Questions
APRJ and FMNY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMNY has higher volatility (0.82%) compared to APRJ (0.47%). In terms of maximum drawdown, APRJ dropped -4.68% vs FMNY's -15.90%.
On 3-year performance, APRJ leads with 6.35% vs 4.11% for FMNY. On fees, FMNY is cheaper at 0.65% per year. 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.
Over the 3-year period, APRJ has performed better with a 6.35% return vs 4.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMNY is cheaper with a 0.65% expense ratio, compared with 0.79% for APRJ.
APRJ has the higher dividend yield at 5.27%, compared with 3.68% for FMNY.
APRJ is categorized as Options Trading, while FMNY is Municipal Bonds. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for APRJ and 0.65% for FMNY.
APRJ currently has the higher Sharpe Ratio (4.63 vs 2.37), 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.
Find the right allocation for APRJ and FMNY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer