APRJ vs. LOCT

Last updated Jun 23, 2026

APRJ (Innovator Premium Income 30 Barrier ETF - April) and LOCT (Innovator Premium Income 15 Buffer ETF - October) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, APRJ returned 6.94% vs 5.80% for LOCT. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

APRJ vs. LOCT - 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 Premium Income 15 Buffer ETF - October (LOCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRJ achieves a 3.32% return, which is significantly higher than LOCT's 2.55% return.

APRJ

• 1D: 0.08%
• 1M: 0.26%
• YTD: 3.32%
• 6M: 3.49%
• 1Y: 6.94%
• 3Y*: 6.21%
• 5Y*: —
• 10Y*: —

LOCT

• 1D: 0.00%
• 1M: 0.39%
• YTD: 2.55%
• 6M: 2.56%
• 1Y: 5.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRJ vs. LOCT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	3.32%	5.71%	6.24%	1.75%
LOCT Innovator Premium Income 15 Buffer ETF - October	2.55%	5.56%	5.21%	2.86%

Correlation

The correlation between APRJ and LOCT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.44

Return for Risk

APRJ vs. LOCT — 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: 98
APRJ Omega Ratio Rank: 98
APRJ Calmar Ratio Rank: 98
APRJ Martin Ratio Rank: 99

LOCT

LOCT Risk / Return Rank: 91
LOCT Sharpe Ratio Rank: 86
LOCT Sortino Ratio Rank: 91
LOCT Omega Ratio Rank: 94
LOCT Calmar Ratio Rank: 87
LOCT Martin Ratio Rank: 94

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. LOCT - 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 Premium Income 15 Buffer ETF - October (LOCT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APRJ	LOCT	Difference
Sharpe ratio: Return per unit of total volatility	4.50	2.70	+1.80
Sortino ratio: Return per unit of downside risk	8.53	4.15	+4.38
Omega ratio: Gain probability vs. loss probability	2.17	1.67	+0.50
Calmar ratio: Return relative to maximum drawdown	17.52	4.74	+12.78
Martin ratio: Return relative to average drawdown	89.55	25.31	+64.23

APRJ vs. LOCT - Sharpe Ratio Comparison

The current APRJ Sharpe Ratio is 4.50, which is higher than the LOCT Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of APRJ and LOCT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APRJ vs. LOCT - Drawdown Comparison

The maximum APRJ drawdown since its inception was -4.68%, roughly equal to the maximum LOCT drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for APRJ and LOCT.

Drawdown Indicators

	APRJ	LOCT	Difference
Max Drawdown Largest peak-to-trough decline	-4.68%	-4.69%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-1.23%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-4.68%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.14%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.23%	-0.15%

Volatility

APRJ vs. LOCT - Volatility Comparison

Innovator Premium Income 30 Barrier ETF - April (APRJ) has a higher volatility of 0.74% compared to Innovator Premium Income 15 Buffer ETF - October (LOCT) at 0.31%. This indicates that APRJ's price experiences larger fluctuations and is considered to be riskier than LOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRJ	LOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.31%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.27%	1.66%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.55%	2.16%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.62%	3.57%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	3.57%	+0.05%

APRJ vs. LOCT - Expense Ratio Comparison

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

Dividends

APRJ vs. LOCT - Dividend Comparison

APRJ's dividend yield for the trailing twelve months is around 5.26%, more than LOCT's 5.13% yield.

Position	TTM	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	5.26%	5.46%	5.88%	4.88%
LOCT Innovator Premium Income 15 Buffer ETF - October	5.13%	5.12%	6.27%	1.64%

Frequently Asked Questions

Can I hold both APRJ and LOCT in my portfolio?

APRJ and LOCT have a correlation of 0.42, 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 LOCT?

APRJ has higher volatility (0.74%) compared to LOCT (0.31%). In terms of maximum drawdown, APRJ dropped -4.68% vs LOCT's -4.69%.

Which ETF is better, APRJ or LOCT?

On 1-year performance, APRJ leads with 6.94% vs 5.80% for LOCT. Both ETFs have the same 0.79% expense ratio. On volatility, LOCT has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRJ or LOCT?

Over the 1-year period, APRJ has performed better with a 6.94% return vs 5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRJ or LOCT?

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

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

APRJ has the higher dividend yield at 5.26%, compared with 5.13% for LOCT.

Which has better risk-adjusted returns?

APRJ currently has the higher Sharpe Ratio (4.50 vs 2.70), 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.