APRP vs. AJAN

Last updated Aug 1, 2026

APRP (PGIM US Large-Cap Buffer 12 ETF - April) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both Options Trading funds. Both are actively managed. Over the past year, APRP returned 16.03% vs 4.82% for AJAN. Their 0.78 correlation means they have sometimes moved together and sometimes differently. APRP charges 0.50%/yr vs 0.79%/yr for AJAN.

Performance

APRP vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - April (APRP) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRP achieves a 10.37% return, which is significantly higher than AJAN's 2.19% return.

APRP

• 1D: 0.40%
• 1M: 0.80%
• 6M: 9.79%
• YTD: 10.37%
• 1Y: 16.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.27%

AJAN

• 1D: 0.28%
• 1M: 0.22%
• 6M: 1.71%
• YTD: 2.19%
• 1Y: 4.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	$57.65K	$63.63K	$78.33K
APRP PGIM US Large-Cap Buffer 12 ETF - April	$91.31K	$121.65K	$127.34K

APRP vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRP PGIM US Large-Cap Buffer 12 ETF - April	10.37%	7.80%	10.06%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.19%	6.12%	5.40%

Correlation

The correlation between APRP and AJAN is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.78

The correlation between APRP and AJAN has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

Return for Risk

APRP vs. AJAN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APRP

APRP Risk / Return Rank: 82
APRP Sharpe Ratio Rank: 71
APRP Sortino Ratio Rank: 76
APRP Omega Ratio Rank: 96
APRP Calmar Ratio Rank: 72
APRP Martin Ratio Rank: 97

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 80
AJAN Sortino Ratio Rank: 83
AJAN Omega Ratio Rank: 87
AJAN Calmar Ratio Rank: 59
AJAN Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APRP vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - April (APRP) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). 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.

	APRP	AJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.84	-0.19
Sortino ratio: Return per unit of downside risk	2.48	2.74	-0.25
Omega ratio: Gain probability vs. loss probability	1.61	1.39	+0.23
Calmar ratio: Return relative to maximum drawdown	2.54	2.09	+0.45
Martin ratio: Return relative to average drawdown	31.67	10.04	+21.63

APRP vs. AJAN - Sharpe Ratio Comparison

The current APRP Sharpe Ratio is 1.65, which is comparable to the AJAN Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of APRP and AJAN, 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

APRP vs. AJAN - Drawdown Comparison

The maximum APRP drawdown since its inception was -13.66%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for APRP and AJAN.

Drawdown Indicators

	APRP	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-13.66%	-4.11%	-9.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-2.24%	-3.83%
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-1.19%	-0.30%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.47%	+0.02%

Volatility

APRP vs. AJAN - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - April (APRP) has a higher volatility of 1.38% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.84%. This indicates that APRP's price experiences larger fluctuations and is considered to be riskier than AJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRP	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	0.84%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	2.38%	+6.68%
Volatility (1Y) Calculated over the trailing 1-year period	9.38%	2.56%	+6.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.70%	3.77%	+6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.70%	3.77%	+6.93%

APRP vs. AJAN - Expense Ratio Comparison

APRP has a 0.50% expense ratio, which is lower than AJAN's 0.79% expense ratio.

Dividends

APRP vs. AJAN - Dividend Comparison

Neither APRP nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APRP and AJAN in my portfolio?

APRP and AJAN have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRP or AJAN?

APRP has higher volatility (1.38%) compared to AJAN (0.84%). In terms of maximum drawdown, APRP dropped -13.66% vs AJAN's -4.11%.

Which ETF is better, APRP or AJAN?

On 1-year performance, APRP leads with 16.03% vs 4.82% for AJAN. On fees, APRP is cheaper at 0.50% per year. On volatility, AJAN has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRP or AJAN?

Over the 1-year period, APRP has performed better with a 16.03% return vs 4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRP or AJAN?

APRP is cheaper with a 0.50% expense ratio, compared with 0.79% for AJAN.

Which ETF pays a higher dividend yield, APRP or AJAN?

APRP and AJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between APRP and AJAN?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for APRP and 0.79% for AJAN.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (1.84 vs 1.65), 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.