LOCT vs. AJUL

Last updated Jun 4, 2026

LOCT (Innovator Premium Income 15 Buffer ETF - October) and AJUL (Innovator Equity Defined Protection ETF - 2 Yr To July 2026) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, LOCT returned 5.75% vs 9.05% for AJUL. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

LOCT vs. AJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - October (LOCT) and Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOCT achieves a 2.29% return, which is significantly lower than AJUL's 3.08% return.

LOCT

• 1D: -0.04%
• 1M: 0.54%
• YTD: 2.29%
• 6M: 2.92%
• 1Y: 5.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJUL

• 1D: 0.05%
• 1M: 0.69%
• YTD: 3.08%
• 6M: 3.74%
• 1Y: 9.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LOCT vs. AJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LOCT Innovator Premium Income 15 Buffer ETF - October	2.29%	5.56%	2.59%
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	3.08%	7.63%	4.51%

Correlation

The correlation between LOCT and AJUL is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.75

The correlation between LOCT and AJUL has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

LOCT vs. AJUL — Risk / Return Rank

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

LOCT

LOCT Risk / Return Rank: 89
LOCT Sharpe Ratio Rank: 83
LOCT Sortino Ratio Rank: 89
LOCT Omega Ratio Rank: 93
LOCT Calmar Ratio Rank: 85
LOCT Martin Ratio Rank: 93

AJUL

AJUL Risk / Return Rank: 89
AJUL Sharpe Ratio Rank: 86
AJUL Sortino Ratio Rank: 93
AJUL Omega Ratio Rank: 93
AJUL Calmar Ratio Rank: 81
AJUL Martin Ratio Rank: 93

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.

LOCT vs. AJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - October (LOCT) and Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL). 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.

	LOCT	AJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.84	-0.17
Sortino ratio: Return per unit of downside risk	4.10	4.54	-0.45
Omega ratio: Gain probability vs. loss probability	1.66	1.64	+0.01
Calmar ratio: Return relative to maximum drawdown	4.71	4.15	+0.56
Martin ratio: Return relative to average drawdown	25.14	24.50	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LOCT vs. AJUL - Sharpe Ratio Comparison

The current LOCT Sharpe Ratio is 2.67, which is comparable to the AJUL Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of LOCT and AJUL, 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

	LOCT	AJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.84	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	1.61	+0.08

Drawdowns

LOCT vs. AJUL - Drawdown Comparison

The maximum LOCT drawdown since its inception was -4.69%, smaller than the maximum AJUL drawdown of -6.06%. Use the drawdown chart below to compare losses from any high point for LOCT and AJUL.

Drawdown Indicators

	LOCT	AJUL	Difference
Max Drawdown Largest peak-to-trough decline	-4.69%	-6.06%	+1.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.23%	-2.19%	+0.96%
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.14%	-0.51%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.37%	-0.14%

Volatility

LOCT vs. AJUL - Volatility Comparison

Innovator Premium Income 15 Buffer ETF - October (LOCT) has a higher volatility of 0.22% compared to Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) at 0.17%. This indicates that LOCT's price experiences larger fluctuations and is considered to be riskier than AJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOCT	AJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.17%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	2.50%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.16%	3.20%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	5.00%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	5.00%	-1.40%

LOCT vs. AJUL - Expense Ratio Comparison

Both LOCT and AJUL have an expense ratio of 0.79%.

Dividends

LOCT vs. AJUL - Dividend Comparison

LOCT's dividend yield for the trailing twelve months is around 5.14%, while AJUL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	0.00%	0.00%	0.00%	0.00%
LOCT Innovator Premium Income 15 Buffer ETF - October	5.14%	5.12%	6.27%	1.64%

Frequently Asked Questions

Can I hold both LOCT and AJUL in my portfolio?

LOCT and AJUL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOCT or AJUL?

LOCT has higher volatility (0.22%) compared to AJUL (0.17%). In terms of maximum drawdown, LOCT dropped -4.69% vs AJUL's -6.06%.

Which ETF is better, LOCT or AJUL?

On 1-year performance, AJUL leads with 9.05% vs 5.75% for LOCT. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOCT or AJUL?

Over the 1-year period, AJUL has performed better with a 9.05% return vs 5.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOCT or AJUL?

LOCT and AJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, LOCT or AJUL?

LOCT has the higher dividend yield at 5.14%, compared with 0.00% for AJUL.

Which has better risk-adjusted returns?

AJUL currently has the higher Sharpe Ratio (2.84 vs 2.67), 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.