APRJ vs. IBGB

Last updated Jun 4, 2026

APRJ (Innovator Premium Income 30 Barrier ETF - April) and IBGB (iShares iBonds Dec 2045 Term Treasury ETF) are both exchange-traded funds - APRJ is a Options Trading fund actively managed by Innovator, while IBGB is a Government Bonds fund tracking the ICE 2045 Maturity US Treasury Index. APRJ is actively managed, while IBGB is passively managed. Over the past year, APRJ returned 6.91% vs 5.38% for IBGB. At a 0.05 correlation, their price movements are largely independent. APRJ charges 0.79%/yr vs 0.07%/yr for IBGB.

Performance

APRJ vs. IBGB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - April (APRJ) and iShares iBonds Dec 2045 Term Treasury ETF (IBGB). 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 higher than IBGB's -0.40% return.

APRJ

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

IBGB

• 1D: -0.37%
• 1M: 0.61%
• YTD: -0.40%
• 6M: -1.50%
• 1Y: 5.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRJ vs. IBGB - Yearly Performance Comparison

	2026 (YTD)	2025
APRJ Innovator Premium Income 30 Barrier ETF - April	3.18%	4.63%
IBGB iShares iBonds Dec 2045 Term Treasury ETF	-0.40%	2.71%

Correlation

The correlation between APRJ and IBGB is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.05

Return for Risk

APRJ vs. IBGB — 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

IBGB

IBGB Risk / Return Rank: 20
IBGB Sharpe Ratio Rank: 20
IBGB Sortino Ratio Rank: 20
IBGB Omega Ratio Rank: 19
IBGB Calmar Ratio Rank: 19
IBGB Martin Ratio Rank: 20

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. IBGB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - April (APRJ) and iShares iBonds Dec 2045 Term Treasury ETF (IBGB). 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	IBGB	Difference
Sharpe ratio Return per unit of total volatility	4.63	0.64	+3.99
Sortino ratio Return per unit of downside risk	9.47	0.98	+8.49
Omega ratio Gain probability vs. loss probability	2.20	1.11	+1.09
Calmar ratio Return relative to maximum drawdown	34.55	0.80	+33.76
Martin ratio Return relative to average drawdown	103.47	2.15	+101.32
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. IBGB - Sharpe Ratio Comparison

The current APRJ Sharpe Ratio is 4.63, which is higher than the IBGB Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of APRJ and IBGB, 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	IBGB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.63	0.64	+3.99
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	0.20	+1.60

Drawdowns

APRJ vs. IBGB - Drawdown Comparison

The maximum APRJ drawdown since its inception was -4.68%, smaller than the maximum IBGB drawdown of -8.09%. Use the drawdown chart below to compare losses from any high point for APRJ and IBGB.

Drawdown Indicators

	APRJ	IBGB	Difference
Max Drawdown Largest peak-to-trough decline	-4.68%	-8.09%	+3.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-6.79%	+6.59%
Max Drawdown (3Y) Largest decline over 3 years	-4.68%	—	—
Current Drawdown Current decline from peak	-0.12%	-4.18%	+4.06%
Average Drawdown Average peak-to-trough decline	-0.12%	-3.17%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	2.51%	-2.44%

Volatility

APRJ vs. IBGB - Volatility Comparison

The current volatility for Innovator Premium Income 30 Barrier ETF - April (APRJ) is 0.47%, while iShares iBonds Dec 2045 Term Treasury ETF (IBGB) has a volatility of 2.61%. This indicates that APRJ experiences smaller price fluctuations and is considered to be less risky than IBGB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRJ	IBGB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	2.61%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	5.79%	-4.65%
Volatility (1Y) Calculated over the trailing 1-year period	1.50%	8.44%	-6.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.63%	9.53%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	9.53%	-5.90%

APRJ vs. IBGB - Expense Ratio Comparison

APRJ has a 0.79% expense ratio, which is higher than IBGB's 0.07% expense ratio.

Dividends

APRJ vs. IBGB - Dividend Comparison

APRJ's dividend yield for the trailing twelve months is around 5.27%, more than IBGB's 4.63% yield.

Position	TTM	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	5.27%	5.46%	5.88%	4.88%
IBGB iShares iBonds Dec 2045 Term Treasury ETF	4.63%	3.53%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRJ and IBGB in my portfolio?

APRJ and IBGB have a correlation of -0.01, 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 IBGB?

IBGB has higher volatility (2.61%) compared to APRJ (0.47%). In terms of maximum drawdown, APRJ dropped -4.68% vs IBGB's -8.09%.

Which ETF is better, APRJ or IBGB?

On 1-year performance, APRJ leads with 6.91% vs 5.38% for IBGB. On fees, IBGB is cheaper at 0.07% 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.

Which ETF has performed better, APRJ or IBGB?

Over the 1-year period, APRJ has performed better with a 6.91% return vs 5.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRJ or IBGB?

IBGB is cheaper with a 0.07% expense ratio, compared with 0.79% for APRJ.

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

APRJ has the higher dividend yield at 5.27%, compared with 4.63% for IBGB.

What is the main difference between APRJ and IBGB?

APRJ is categorized as Options Trading, while IBGB is Government Bonds. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for APRJ and 0.07% for IBGB.

Which has better risk-adjusted returns?

APRJ currently has the higher Sharpe Ratio (4.63 vs 0.64), 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.