APRJ vs. PHEQ

Last updated Jun 24, 2026

APRJ (Innovator Premium Income 30 Barrier ETF - April) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, APRJ returned 6.61% vs 14.61% for PHEQ. At a 0.44 correlation, their price movements are largely independent. APRJ charges 0.79%/yr vs 0.29%/yr for PHEQ.

Performance

APRJ vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - April (APRJ) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRJ achieves a 3.20% return, which is significantly lower than PHEQ's 5.21% return.

APRJ

• 1D: -0.12%
• 1M: 0.14%
• YTD: 3.20%
• 6M: 3.43%
• 1Y: 6.61%
• 3Y*: 6.17%
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.45%
• 1M: -0.33%
• YTD: 5.21%
• 6M: 4.64%
• 1Y: 14.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRJ vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	3.20%	5.71%	6.24%	1.62%
PHEQ Parametric Hedged Equity ETF	5.21%	11.76%	14.94%	6.39%

Correlation

The correlation between APRJ and PHEQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.44

Return for Risk

APRJ vs. PHEQ — 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: 99
APRJ Martin Ratio Rank: 99

PHEQ

PHEQ Risk / Return Rank: 81
PHEQ Sharpe Ratio Rank: 80
PHEQ Sortino Ratio Rank: 85
PHEQ Omega Ratio Rank: 83
PHEQ Calmar Ratio Rank: 72
PHEQ Martin Ratio Rank: 82

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. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - April (APRJ) and Parametric Hedged Equity ETF (PHEQ). 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	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	4.29	2.39	+1.90
Sortino ratio: Return per unit of downside risk	8.04	3.58	+4.46
Omega ratio: Gain probability vs. loss probability	2.10	1.47	+0.63
Calmar ratio: Return relative to maximum drawdown	16.68	3.44	+13.24
Martin ratio: Return relative to average drawdown	83.93	15.59	+68.34

APRJ vs. PHEQ - Sharpe Ratio Comparison

The current APRJ Sharpe Ratio is 4.29, which is higher than the PHEQ Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of APRJ and PHEQ, 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. PHEQ - Drawdown Comparison

The maximum APRJ drawdown since its inception was -4.68%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for APRJ and PHEQ.

Drawdown Indicators

	APRJ	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-4.68%	-12.55%	+7.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-4.26%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-4.68%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.67%	+0.45%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.98%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.94%	-0.86%

Volatility

APRJ vs. PHEQ - Volatility Comparison

The current volatility for Innovator Premium Income 30 Barrier ETF - April (APRJ) is 0.71%, while Parametric Hedged Equity ETF (PHEQ) has a volatility of 1.72%. This indicates that APRJ experiences smaller price fluctuations and is considered to be less risky than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRJ	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	1.72%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	4.82%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	6.17%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.62%	8.60%	-4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	8.60%	-4.98%

APRJ vs. PHEQ - Expense Ratio Comparison

APRJ has a 0.79% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

APRJ vs. PHEQ - Dividend Comparison

APRJ's dividend yield for the trailing twelve months is around 5.27%, more than PHEQ's 0.95% yield.

Position	TTM	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	5.27%	5.46%	5.88%	4.88%
PHEQ Parametric Hedged Equity ETF	0.95%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both APRJ and PHEQ in my portfolio?

APRJ and PHEQ have a correlation of 0.40, 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 PHEQ?

PHEQ has higher volatility (1.72%) compared to APRJ (0.71%). In terms of maximum drawdown, APRJ dropped -4.68% vs PHEQ's -12.55%.

Which ETF is better, APRJ or PHEQ?

On 1-year performance, PHEQ leads with 14.61% vs 6.61% for APRJ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, APRJ has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRJ or PHEQ?

Over the 1-year period, PHEQ has performed better with a 14.61% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRJ or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.79% for APRJ.

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

APRJ has the higher dividend yield at 5.27%, compared with 0.95% for PHEQ.

What is the main difference between APRJ and PHEQ?

They also come from different issuers: Innovator and Parametric. Their fees differ too: 0.79% for APRJ and 0.29% for PHEQ.

Which has better risk-adjusted returns?

APRJ currently has the higher Sharpe Ratio (4.29 vs 2.39), 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.