JAJL vs. BAPR

Last updated Jun 3, 2026

JAJL (Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator. JAJL is actively managed, while BAPR is passively managed. Over the past year, JAJL returned 7.99% vs 20.78% for BAPR. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

JAJL vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAJL achieves a 2.53% return, which is significantly lower than BAPR's 11.07% return.

JAJL

• 1D: -0.03%
• 1M: 0.62%
• YTD: 2.53%
• 6M: 2.95%
• 1Y: 7.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: 0.05%
• 1M: 2.18%
• YTD: 11.07%
• 6M: 12.12%
• 1Y: 20.78%
• 3Y*: 15.40%
• 5Y*: 11.35%
• 10Y*: —

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

JAJL vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	2.53%	6.56%	4.48%
BAPR Innovator U.S. Equity Buffer ETF - April	11.07%	8.28%	6.57%

Correlation

The correlation between JAJL and BAPR is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.73

The correlation between JAJL and BAPR has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

JAJL vs. BAPR - Sectors Allocation Comparison

Sectors	JAJL	BAPR
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

JAJL vs. BAPR — Risk / Return Rank

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

JAJL

JAJL Risk / Return Rank: 95
JAJL Sharpe Ratio Rank: 92
JAJL Sortino Ratio Rank: 96
JAJL Omega Ratio Rank: 96
JAJL Calmar Ratio Rank: 95
JAJL Martin Ratio Rank: 96

BAPR

BAPR Risk / Return Rank: 97
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

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.

JAJL vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	JAJL	BAPR	Difference
Sharpe ratio Return per unit of total volatility	3.46	3.71	-0.25
Sortino ratio Return per unit of downside risk	5.81	6.31	-0.50
Omega ratio Gain probability vs. loss probability	1.85	1.91	-0.05
Calmar ratio Return relative to maximum drawdown	8.07	10.95	-2.88
Martin ratio Return relative to average drawdown	39.79	60.46	-20.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAJL vs. BAPR - Sharpe Ratio Comparison

The current JAJL Sharpe Ratio is 3.46, which is comparable to the BAPR Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of JAJL and BAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JAJL	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.46	3.71	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.69	0.84	+1.85

Drawdowns

JAJL vs. BAPR - Drawdown Comparison

The maximum JAJL drawdown since its inception was -2.16%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for JAJL and BAPR.

Drawdown Indicators

	JAJL	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-2.16%	-23.91%	+21.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.01%	-1.93%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.28%	-2.60%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.35%	-0.15%

Volatility

JAJL vs. BAPR - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) is 0.41%, while Innovator U.S. Equity Buffer ETF - April (BAPR) has a volatility of 1.07%. This indicates that JAJL experiences smaller price fluctuations and is considered to be less risky than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAJL	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	1.07%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	4.52%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	5.63%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	11.49%	-8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	13.12%	-10.45%

JAJL vs. BAPR - Expense Ratio Comparison

Both JAJL and BAPR have an expense ratio of 0.79%.

Dividends

JAJL vs. BAPR - Dividend Comparison

Neither JAJL nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JAJL and BAPR in my portfolio?

JAJL and BAPR have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAJL or BAPR?

BAPR has higher volatility (1.07%) compared to JAJL (0.41%). In terms of maximum drawdown, JAJL dropped -2.16% vs BAPR's -23.91%.

Which ETF is better, JAJL or BAPR?

On 1-year performance, BAPR leads with 20.78% vs 7.99% for JAJL. Both ETFs have the same 0.79% expense ratio. On volatility, JAJL has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAJL or BAPR?

Over the 1-year period, BAPR has performed better with a 20.78% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAJL or BAPR?

JAJL and BAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, JAJL or BAPR?

JAJL and BAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.71 vs 3.46), 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.