JANH vs. AAPR

Last updated Jun 23, 2026

JANH (Innovator Premium Income 20 Barrier ETF - January) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, JANH returned 7.63% vs 9.11% for AAPR. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

JANH vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - January (JANH) 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

The year-to-date returns for both stocks are quite close, with JANH having a 3.50% return and AAPR slightly lower at 3.40%.

JANH

• 1D: -0.04%
• 1M: 0.38%
• YTD: 3.50%
• 6M: 3.49%
• 1Y: 7.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPR

• 1D: -0.14%
• 1M: -0.25%
• YTD: 3.40%
• 6M: 3.56%
• 1Y: 9.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANH vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANH Innovator Premium Income 20 Barrier ETF - January	3.50%	6.34%	4.39%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.40%	7.79%	6.33%

Correlation

The correlation between JANH and AAPR is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.71

The correlation between JANH and AAPR has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.

Return for Risk

JANH vs. AAPR — Risk / Return Rank

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

JANH

JANH Risk / Return Rank: 75
JANH Sharpe Ratio Rank: 70
JANH Sortino Ratio Rank: 79
JANH Omega Ratio Rank: 92
JANH Calmar Ratio Rank: 52
JANH Martin Ratio Rank: 80

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 95
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR 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.

JANH vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - January (JANH) 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.

	JANH	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.19	3.69	-1.51
Sortino ratio: Return per unit of downside risk	3.36	6.03	-2.68
Omega ratio: Gain probability vs. loss probability	1.59	1.86	-0.26
Calmar ratio: Return relative to maximum drawdown	2.52	9.48	-6.96
Martin ratio: Return relative to average drawdown	15.40	47.98	-32.58

JANH vs. AAPR - Sharpe Ratio Comparison

The current JANH Sharpe Ratio is 2.19, which is lower than the AAPR Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of JANH 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

JANH vs. AAPR - Drawdown Comparison

The maximum JANH drawdown since its inception was -8.00%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for JANH and AAPR.

Drawdown Indicators

	JANH	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.00%	-5.99%	-2.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-0.96%	-2.08%
Current Drawdown Current decline from peak	-0.10%	-0.56%	+0.46%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.45%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.19%	+0.31%

Volatility

JANH vs. AAPR - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - January (JANH) is 0.84%, while Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) has a volatility of 1.06%. This indicates that JANH experiences smaller price fluctuations and is considered to be less risky than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANH	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.06%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	1.85%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	2.48%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	4.80%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	4.80%	+1.54%

JANH vs. AAPR - Expense Ratio Comparison

Both JANH and AAPR have an expense ratio of 0.79%.

Dividends

JANH vs. AAPR - Dividend Comparison

JANH's dividend yield for the trailing twelve months is around 6.12%, while AAPR has not paid dividends to shareholders.

Position	TTM	2025	2024
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%
JANH Innovator Premium Income 20 Barrier ETF - January	6.12%	6.20%	6.71%

Frequently Asked Questions

Can I hold both JANH and AAPR in my portfolio?

JANH and AAPR have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANH or AAPR?

AAPR has higher volatility (1.06%) compared to JANH (0.84%). In terms of maximum drawdown, JANH dropped -8.00% vs AAPR's -5.99%.

Which ETF is better, JANH or AAPR?

On 1-year performance, AAPR leads with 9.11% vs 7.63% for JANH. Both ETFs have the same 0.79% expense ratio. On volatility, JANH 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, JANH or AAPR?

Over the 1-year period, AAPR has performed better with a 9.11% return vs 7.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANH or AAPR?

JANH and AAPR have the same expense ratio: 0.79% per year.

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

JANH has the higher dividend yield at 6.12%, compared with 0.00% for AAPR.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (3.69 vs 2.19), 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.