HIGH vs. AAPR

Last updated Jun 26, 2026

HIGH (Simplify Enhanced Income ETF) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while AAPR is a Options Trading fund actively managed by Innovator. Both are actively managed. Over the past year, HIGH returned -2.00% vs 8.31% for AAPR. A 0.56 correlation means they provide meaningful diversification when combined. HIGH charges 0.51%/yr vs 0.79%/yr for AAPR.

Performance

HIGH vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Enhanced Income ETF (HIGH) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIGH achieves a -0.79% return, which is significantly lower than AAPR's 3.35% return.

HIGH

• 1D: -0.09%
• 1M: -0.09%
• YTD: -0.79%
• 6M: -2.06%
• 1Y: -2.00%
• 3Y*: 2.73%
• 5Y*: —
• 10Y*: —

AAPR

• 1D: 0.05%
• 1M: -0.36%
• YTD: 3.35%
• 6M: 3.36%
• 1Y: 8.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIGH vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIGH Simplify Enhanced Income ETF	-0.79%	4.35%	-0.12%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.35%	7.79%	6.33%

Correlation

The correlation between HIGH and AAPR is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.56

The correlation between HIGH and AAPR has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.

Return for Risk

HIGH vs. AAPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIGH

HIGH Risk / Return Rank: 7
HIGH Sharpe Ratio Rank: 7
HIGH Sortino Ratio Rank: 6
HIGH Omega Ratio Rank: 6
HIGH Calmar Ratio Rank: 7
HIGH Martin Ratio Rank: 8

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 97

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.

HIGH vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	HIGH	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	3.42	-3.65
Sortino ratio: Return per unit of downside risk	-0.27	5.50	-5.77
Omega ratio: Gain probability vs. loss probability	0.97	1.78	-0.81
Calmar ratio: Return relative to maximum drawdown	-0.21	8.65	-8.86
Martin ratio: Return relative to average drawdown	-0.30	41.02	-41.32

HIGH vs. AAPR - Sharpe Ratio Comparison

The current HIGH Sharpe Ratio is -0.23, which is lower than the AAPR Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of HIGH and AAPR, 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

HIGH vs. AAPR - Drawdown Comparison

The maximum HIGH drawdown since its inception was -9.50%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for HIGH and AAPR.

Drawdown Indicators

	HIGH	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-5.99%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-0.96%	-8.54%
Max Drawdown (3Y) Largest decline over 3 years	-9.50%	—	—
Current Drawdown Current decline from peak	-7.50%	-0.61%	-6.89%
Average Drawdown Average peak-to-trough decline	-2.45%	-0.45%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.76%	0.20%	+6.56%

Volatility

HIGH vs. AAPR - Volatility Comparison

Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.91% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 1.06%. This indicates that HIGH's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIGH	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.06%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	3.79%	1.84%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	8.74%	2.44%	+6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.52%	4.79%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.52%	4.79%	+4.73%

HIGH vs. AAPR - Expense Ratio Comparison

HIGH has a 0.51% expense ratio, which is lower than AAPR's 0.79% expense ratio.

Dividends

HIGH vs. AAPR - Dividend Comparison

HIGH's dividend yield for the trailing twelve months is around 7.12%, while AAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%	0.00%
HIGH Simplify Enhanced Income ETF	7.12%	7.71%	8.34%	9.40%	0.62%

Frequently Asked Questions

Can I hold both HIGH and AAPR in my portfolio?

HIGH and AAPR have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIGH or AAPR?

HIGH has higher volatility (1.91%) compared to AAPR (1.06%). In terms of maximum drawdown, HIGH dropped -9.50% vs AAPR's -5.99%.

Which ETF is better, HIGH or AAPR?

On 1-year performance, AAPR leads with 8.31% vs -2.00% for HIGH. On fees, HIGH is cheaper at 0.51% per year. On volatility, AAPR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIGH or AAPR?

Over the 1-year period, AAPR has performed better with a 8.31% return vs -2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIGH or AAPR?

HIGH is cheaper with a 0.51% expense ratio, compared with 0.79% for AAPR.

Which ETF pays a higher dividend yield, HIGH or AAPR?

HIGH has the higher dividend yield at 7.12%, compared with 0.00% for AAPR.

What is the main difference between HIGH and AAPR?

HIGH is categorized as Derivative Income, while AAPR is Options Trading. They also come from different issuers: Simplify and Innovator. Their fees differ too: 0.51% for HIGH and 0.79% for AAPR.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (3.42 vs -0.23), 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.