BSTP vs. AJAN

Last updated Aug 2, 2026

BSTP (Innovator Buffer Step-Up Strategy ETF) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both Options Trading funds from Innovator. BSTP is passively managed, while AJAN is actively managed. Over the past year, BSTP returned 13.82% vs 4.82% for AJAN. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BSTP charges 0.89%/yr vs 0.79%/yr for AJAN.

Performance

BSTP vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Buffer Step-Up Strategy ETF (BSTP) 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, BSTP achieves a 6.36% return, which is significantly higher than AJAN's 2.19% return.

BSTP

• 1D: 0.59%
• 1M: 0.65%
• 6M: 5.36%
• YTD: 6.36%
• 1Y: 13.82%
• 3Y*: 12.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.59%

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
BSTP Innovator Buffer Step-Up Strategy ETF	$73.89K	$125.57K	$154.80K

BSTP vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSTP Innovator Buffer Step-Up Strategy ETF	6.36%	11.80%	16.70%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.19%	6.12%	7.61%

Correlation

The correlation between BSTP and AJAN is 0.75, 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.	0.75
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.78

The correlation between BSTP and AJAN has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

Return for Risk

BSTP vs. AJAN — Risk / Return Rank

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

BSTP

BSTP Risk / Return Rank: 65
BSTP Sharpe Ratio Rank: 64
BSTP Sortino Ratio Rank: 63
BSTP Omega Ratio Rank: 66
BSTP Calmar Ratio Rank: 57
BSTP Martin Ratio Rank: 75

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.

BSTP vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Buffer Step-Up Strategy ETF (BSTP) 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.

	BSTP	AJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.84	-0.35
Sortino ratio: Return per unit of downside risk	2.11	2.74	-0.62
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.03	2.09	-0.06
Martin ratio: Return relative to average drawdown	9.47	10.04	-0.57

BSTP vs. AJAN - Sharpe Ratio Comparison

The current BSTP Sharpe Ratio is 1.48, which is comparable to the AJAN Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of BSTP 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

BSTP vs. AJAN - Drawdown Comparison

The maximum BSTP drawdown since its inception was -16.69%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for BSTP and AJAN.

Drawdown Indicators

	BSTP	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-4.11%	-12.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-2.24%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.07%	-0.25%
Average Drawdown Average peak-to-trough decline	-3.43%	-0.30%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.47%	+0.87%

Volatility

BSTP vs. AJAN - Volatility Comparison

Innovator Buffer Step-Up Strategy ETF (BSTP) has a higher volatility of 2.32% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.84%. This indicates that BSTP'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

	BSTP	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	0.84%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	2.38%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.55%	2.56%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.02%	3.77%	+8.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.02%	3.77%	+8.25%

BSTP vs. AJAN - Expense Ratio Comparison

BSTP has a 0.89% expense ratio, which is higher than AJAN's 0.79% expense ratio.

Dividends

BSTP vs. AJAN - Dividend Comparison

Neither BSTP nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BSTP and AJAN in my portfolio?

BSTP and AJAN have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSTP or AJAN?

BSTP has higher volatility (2.32%) compared to AJAN (0.84%). In terms of maximum drawdown, BSTP dropped -16.69% vs AJAN's -4.11%.

Which ETF is better, BSTP or AJAN?

On 1-year performance, BSTP leads with 13.82% vs 4.82% for AJAN. On fees, AJAN is cheaper at 0.79% 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, BSTP or AJAN?

Over the 1-year period, BSTP has performed better with a 13.82% return vs 4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSTP or AJAN?

AJAN is cheaper with a 0.79% expense ratio, compared with 0.89% for BSTP.

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

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

What is the main difference between BSTP and AJAN?

Their fees differ too: 0.89% for BSTP and 0.79% for AJAN.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (1.84 vs 1.48), 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.