JANU vs. BAPR

Last updated Aug 1, 2026

JANU (AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds. JANU is actively managed, while BAPR is passively managed. Over the past year, JANU returned 15.09% vs 18.11% for BAPR. Their correlation of 0.92 means they have usually moved in the same direction. JANU charges 0.74%/yr vs 0.79%/yr for BAPR.

Performance

JANU vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) 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, JANU achieves a 6.72% return, which is significantly lower than BAPR's 11.91% return.

JANU

• 1D: 0.70%
• 1M: 0.13%
• 6M: 5.85%
• YTD: 6.72%
• 1Y: 15.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.01%

BAPR

• 1D: 0.55%
• 1M: 0.89%
• 6M: 11.13%
• YTD: 11.91%
• 1Y: 18.11%
• 3Y*: 13.78%
• 5Y*: 10.92%
• 10Y*: —
• ALL TIME*: 10.81%

*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)
BAPR Innovator U.S. Equity Buffer ETF - April	$248.94K	$604.46K	$476.54K
JANU AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF	$72.00K	$85.08K	$293.05K

JANU vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025
JANU AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF	6.72%	12.02%
BAPR Innovator U.S. Equity Buffer ETF - April	11.91%	8.28%

Correlation

The correlation between JANU and BAPR is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.92

The correlation between JANU and BAPR has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

JANU vs. BAPR — Risk / Return Rank

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

JANU

JANU Risk / Return Rank: 57
JANU Sharpe Ratio Rank: 54
JANU Sortino Ratio Rank: 52
JANU Omega Ratio Rank: 51
JANU Calmar Ratio Rank: 65
JANU Martin Ratio Rank: 65

BAPR

BAPR Risk / Return Rank: 97
BAPR Sharpe Ratio Rank: 96
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 98
BAPR Martin Ratio Rank: 98

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.

JANU vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) 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.

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.

	JANU	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.95	-1.63
Sortino ratio: Return per unit of downside risk	1.87	4.80	-2.93
Omega ratio: Gain probability vs. loss probability	1.23	1.67	-0.44
Calmar ratio: Return relative to maximum drawdown	2.31	9.02	-6.71
Martin ratio: Return relative to average drawdown	7.95	41.44	-33.49

JANU vs. BAPR - Sharpe Ratio Comparison

The current JANU Sharpe Ratio is 1.31, which is lower than the BAPR Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of JANU 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.

Drawdowns

JANU vs. BAPR - Drawdown Comparison

The maximum JANU drawdown since its inception was -11.84%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for JANU and BAPR.

Drawdown Indicators

	JANU	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.84%	-23.91%	+12.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-1.93%	-4.05%
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	-1.74%	0.00%	-1.74%
Average Drawdown Average peak-to-trough decline	-1.88%	-2.55%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	0.42%	+1.31%

Volatility

JANU vs. BAPR - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) has a higher volatility of 3.02% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 1.71%. This indicates that JANU's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANU	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	1.71%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	7.76%	5.16%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	10.54%	5.93%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	11.51%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	13.01%	-1.45%

JANU vs. BAPR - Expense Ratio Comparison

JANU has a 0.74% expense ratio, which is lower than BAPR's 0.79% expense ratio.

Dividends

JANU vs. BAPR - Dividend Comparison

Neither JANU nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANU and BAPR in my portfolio?

With a correlation of 0.92, JANU and BAPR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JANU or BAPR?

JANU has higher volatility (3.02%) compared to BAPR (1.71%). In terms of maximum drawdown, JANU dropped -11.84% vs BAPR's -23.91%.

Which ETF is better, JANU or BAPR?

On 1-year performance, BAPR leads with 18.11% vs 15.09% for JANU. On fees, JANU is cheaper at 0.74% per year. On volatility, BAPR has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANU or BAPR?

Over the 1-year period, BAPR has performed better with a 18.11% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANU or BAPR?

JANU is cheaper with a 0.74% expense ratio, compared with 0.79% for BAPR.

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

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

What is the main difference between JANU and BAPR?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for JANU and 0.79% for BAPR.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (2.95 vs 1.31), 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.