JPO vs. AJAN

Last updated Jun 3, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both Options Trading funds. Both are actively managed. Over the past year, JPO returned 12.42% vs 6.25% for AJAN. At a 0.40 correlation, their price movements are largely independent. JPO charges 1.19%/yr vs 0.79%/yr for AJAN.

Performance

JPO vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) 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, JPO achieves a -4.00% return, which is significantly lower than AJAN's 2.05% return.

JPO

• 1D: 1.66%
• 1M: -2.71%
• YTD: -4.00%
• 6M: -0.79%
• 1Y: 12.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.04%
• 1M: 0.55%
• YTD: 2.05%
• 6M: 2.46%
• 1Y: 6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPO vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPO YieldMax JPM Option Income Strategy ETF	-4.00%	22.26%	13.20%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.05%	6.12%	7.78%

Correlation

The correlation between JPO and AJAN is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.40

Return for Risk

JPO vs. AJAN — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 20
JPO Sharpe Ratio Rank: 20
JPO Sortino Ratio Rank: 19
JPO Omega Ratio Rank: 20
JPO Calmar Ratio Rank: 20
JPO Martin Ratio Rank: 20

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 81
AJAN Sortino Ratio Rank: 89
AJAN Omega Ratio Rank: 91
AJAN Calmar Ratio Rank: 56
AJAN Martin Ratio Rank: 73

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.

JPO vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) 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.

	JPO	AJAN	Difference
Sharpe ratio Return per unit of total volatility	0.67	2.66	-1.99
Sortino ratio Return per unit of downside risk	0.97	4.16	-3.19
Omega ratio Gain probability vs. loss probability	1.13	1.60	-0.47
Calmar ratio Return relative to maximum drawdown	0.91	2.82	-1.90
Martin ratio Return relative to average drawdown	2.29	14.21	-11.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPO vs. AJAN - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.67, which is lower than the AJAN Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of JPO 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.

Sharpe Ratios by Period

	JPO	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	2.66	-1.99
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.75	-1.05

Drawdowns

JPO vs. AJAN - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for JPO and AJAN.

Drawdown Indicators

	JPO	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-4.11%	-20.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-2.24%	-12.00%
Current Drawdown Current decline from peak	-6.81%	-0.07%	-6.74%
Average Drawdown Average peak-to-trough decline	-4.59%	-0.29%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	0.44%	+5.24%

Volatility

JPO vs. AJAN - Volatility Comparison

YieldMax JPM Option Income Strategy ETF (JPO) has a higher volatility of 6.13% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.71%. This indicates that JPO'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

	JPO	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	0.71%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	2.04%	+13.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	2.35%	+16.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	3.80%	+15.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	3.80%	+15.26%

JPO vs. AJAN - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than AJAN's 0.79% expense ratio.

Dividends

JPO vs. AJAN - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 34.21%, while AJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%	0.00%
JPO YieldMax JPM Option Income Strategy ETF	34.21%	34.13%	25.15%	4.84%

Frequently Asked Questions

Can I hold both JPO and AJAN in my portfolio?

JPO and AJAN have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or AJAN?

JPO has higher volatility (6.13%) compared to AJAN (0.71%). In terms of maximum drawdown, JPO dropped -24.80% vs AJAN's -4.11%.

Which ETF is better, JPO or AJAN?

On 1-year performance, JPO leads with 12.42% vs 6.25% for AJAN. On fees, AJAN is cheaper at 0.79% per year. On volatility, AJAN has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or AJAN?

Over the 1-year period, JPO has performed better with a 12.42% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or AJAN?

AJAN is cheaper with a 0.79% expense ratio, compared with 1.19% for JPO.

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

JPO has the higher dividend yield at 34.21%, compared with 0.00% for AJAN.

What is the main difference between JPO and AJAN?

They also come from different issuers: Tidal and Innovator. Their fees differ too: 1.19% for JPO and 0.79% for AJAN.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (2.66 vs 0.67), 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.