MARZ vs. JAJL

Last updated Jun 3, 2026

MARZ (TrueShares Structured Outcome (March) ETF) and JAJL (Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul) are both Defined Outcome funds. MARZ is passively managed, while JAJL is actively managed. Over the past year, MARZ returned 21.45% vs 7.99% for JAJL. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

MARZ vs. JAJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (March) ETF (MARZ) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARZ achieves a 8.46% return, which is significantly higher than JAJL's 2.53% return.

MARZ

• 1D: 0.07%
• 1M: 4.24%
• YTD: 8.46%
• 6M: 8.58%
• 1Y: 21.45%
• 3Y*: 16.35%
• 5Y*: 10.91%
• 10Y*: —

JAJL

• 1D: -0.03%
• 1M: 0.62%
• YTD: 2.53%
• 6M: 2.95%
• 1Y: 7.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARZ vs. JAJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARZ TrueShares Structured Outcome (March) ETF	8.46%	12.90%	5.63%
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	2.53%	6.56%	4.48%

Correlation

The correlation between MARZ and JAJL 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 Jul 2, 2024	0.73

The correlation between MARZ and JAJL has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

MARZ vs. JAJL — Risk / Return Rank

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

MARZ

MARZ Risk / Return Rank: 64
MARZ Sharpe Ratio Rank: 66
MARZ Sortino Ratio Rank: 65
MARZ Omega Ratio Rank: 65
MARZ Calmar Ratio Rank: 58
MARZ Martin Ratio Rank: 67

JAJL

JAJL Risk / Return Rank: 95
JAJL Sharpe Ratio Rank: 92
JAJL Sortino Ratio Rank: 96
JAJL Omega Ratio Rank: 96
JAJL Calmar Ratio Rank: 95
JAJL Martin Ratio Rank: 96

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.

MARZ vs. JAJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (March) ETF (MARZ) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). 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.

	MARZ	JAJL	Difference
Sharpe ratio Return per unit of total volatility	2.22	3.46	-1.24
Sortino ratio Return per unit of downside risk	3.06	5.81	-2.75
Omega ratio Gain probability vs. loss probability	1.40	1.85	-0.45
Calmar ratio Return relative to maximum drawdown	2.92	8.07	-5.15
Martin ratio Return relative to average drawdown	12.65	39.79	-27.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARZ vs. JAJL - Sharpe Ratio Comparison

The current MARZ Sharpe Ratio is 2.22, which is lower than the JAJL Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of MARZ and JAJL, 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

	MARZ	JAJL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	3.46	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	2.69	-1.74

Drawdowns

MARZ vs. JAJL - Drawdown Comparison

The maximum MARZ drawdown since its inception was -18.89%, which is greater than JAJL's maximum drawdown of -2.16%. Use the drawdown chart below to compare losses from any high point for MARZ and JAJL.

Drawdown Indicators

	MARZ	JAJL	Difference
Max Drawdown Largest peak-to-trough decline	-18.89%	-2.16%	-16.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-1.01%	-6.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.89%	—	—
Current Drawdown Current decline from peak	0.00%	-0.03%	+0.03%
Average Drawdown Average peak-to-trough decline	-4.02%	-0.28%	-3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	0.20%	+1.52%

Volatility

MARZ vs. JAJL - Volatility Comparison

TrueShares Structured Outcome (March) ETF (MARZ) has a higher volatility of 2.31% compared to Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) at 0.41%. This indicates that MARZ's price experiences larger fluctuations and is considered to be riskier than JAJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARZ	JAJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	0.41%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	1.39%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	2.32%	+7.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	2.67%	+9.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.21%	2.67%	+9.54%

MARZ vs. JAJL - Expense Ratio Comparison

Both MARZ and JAJL have an expense ratio of 0.79%.

Dividends

MARZ vs. JAJL - Dividend Comparison

MARZ's dividend yield for the trailing twelve months is around 3.04%, while JAJL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MARZ TrueShares Structured Outcome (March) ETF	3.04%	3.30%	4.55%	7.33%	0.78%	2.43%

Frequently Asked Questions

Can I hold both MARZ and JAJL in my portfolio?

MARZ and JAJL 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, MARZ or JAJL?

MARZ has higher volatility (2.31%) compared to JAJL (0.41%). In terms of maximum drawdown, MARZ dropped -18.89% vs JAJL's -2.16%.

Which ETF is better, MARZ or JAJL?

On 1-year performance, MARZ leads with 21.45% vs 7.99% for JAJL. Both ETFs have the same 0.79% expense ratio. On volatility, JAJL has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARZ or JAJL?

Over the 1-year period, MARZ has performed better with a 21.45% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARZ or JAJL?

MARZ and JAJL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, MARZ or JAJL?

MARZ has the higher dividend yield at 3.04%, compared with 0.00% for JAJL.

What is the main difference between MARZ and JAJL?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

JAJL currently has the higher Sharpe Ratio (3.46 vs 2.22), 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.