JULZ vs. AAPR

Last updated Jun 4, 2026

JULZ (Trueshares Structured Outcome (July) ETF) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds. JULZ is passively managed, while AAPR is actively managed. Over the past year, JULZ returned 22.07% vs 9.83% for AAPR. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

JULZ vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trueshares Structured Outcome (July) ETF (JULZ) 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, JULZ achieves a 8.79% return, which is significantly higher than AAPR's 3.82% return.

JULZ

• 1D: -0.52%
• 1M: 4.36%
• YTD: 8.79%
• 6M: 8.56%
• 1Y: 22.07%
• 3Y*: 16.86%
• 5Y*: 11.28%
• 10Y*: —

AAPR

• 1D: -0.14%
• 1M: 0.68%
• YTD: 3.82%
• 6M: 4.48%
• 1Y: 9.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULZ vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JULZ Trueshares Structured Outcome (July) ETF	8.79%	13.23%	9.84%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.82%	7.79%	6.25%

Correlation

The correlation between JULZ and AAPR is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.86

The correlation between JULZ and AAPR has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

JULZ vs. AAPR — Risk / Return Rank

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

JULZ

JULZ Risk / Return Rank: 63
JULZ Sharpe Ratio Rank: 66
JULZ Sortino Ratio Rank: 66
JULZ Omega Ratio Rank: 65
JULZ Calmar Ratio Rank: 53
JULZ Martin Ratio Rank: 63

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 98
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.

JULZ vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trueshares Structured Outcome (July) ETF (JULZ) 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.

	JULZ	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.16	4.18	-2.02
Sortino ratio: Return per unit of downside risk	3.03	7.21	-4.18
Omega ratio: Gain probability vs. loss probability	1.39	1.99	-0.60
Calmar ratio: Return relative to maximum drawdown	2.60	12.12	-9.52
Martin ratio: Return relative to average drawdown	11.36	62.99	-51.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULZ vs. AAPR - Sharpe Ratio Comparison

The current JULZ Sharpe Ratio is 2.16, which is lower than the AAPR Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of JULZ 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.

Sharpe Ratios by Period

	JULZ	AAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	4.18	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.73	-0.58

Drawdowns

JULZ vs. AAPR - Drawdown Comparison

The maximum JULZ drawdown since its inception was -14.71%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for JULZ and AAPR.

Drawdown Indicators

	JULZ	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-14.71%	-5.99%	-8.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-0.81%	-7.72%
Max Drawdown (3Y) Largest decline over 3 years	-14.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.71%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.15%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.98%	-0.45%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	0.16%	+1.79%

Volatility

JULZ vs. AAPR - Volatility Comparison

Trueshares Structured Outcome (July) ETF (JULZ) has a higher volatility of 2.61% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 0.68%. This indicates that JULZ'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

	JULZ	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	0.68%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	1.57%	+6.48%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	2.36%	+7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	4.81%	+7.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.32%	4.81%	+7.51%

JULZ vs. AAPR - Expense Ratio Comparison

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

Dividends

JULZ vs. AAPR - Dividend Comparison

JULZ's dividend yield for the trailing twelve months is around 11.00%, 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%
JULZ Trueshares Structured Outcome (July) ETF	11.00%	11.96%	3.30%	3.59%	0.07%

Frequently Asked Questions

Can I hold both JULZ and AAPR in my portfolio?

JULZ and AAPR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULZ or AAPR?

JULZ has higher volatility (2.61%) compared to AAPR (0.68%). In terms of maximum drawdown, JULZ dropped -14.71% vs AAPR's -5.99%.

Which ETF is better, JULZ or AAPR?

On 1-year performance, JULZ leads with 22.07% vs 9.83% for AAPR. Both ETFs have the same 0.79% expense ratio. On volatility, AAPR has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULZ or AAPR?

Over the 1-year period, JULZ has performed better with a 22.07% return vs 9.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULZ or AAPR?

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

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

JULZ has the higher dividend yield at 11.00%, compared with 0.00% for AAPR.

What is the main difference between JULZ and AAPR?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (4.18 vs 2.16), 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.