NBOS vs. AJAN

Last updated Jun 4, 2026

NBOS (Neuberger Berman Option 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, NBOS returned 19.19% vs 6.01% for AJAN. A 0.63 correlation means they provide meaningful diversification when combined. NBOS charges 0.56%/yr vs 0.79%/yr for AJAN.

Performance

NBOS vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Option Strategy ETF (NBOS) 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, NBOS achieves a 6.51% return, which is significantly higher than AJAN's 1.94% return.

NBOS

• 1D: -0.16%
• 1M: 2.06%
• YTD: 6.51%
• 6M: 7.94%
• 1Y: 19.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: -0.11%
• 1M: 0.69%
• YTD: 1.94%
• 6M: 2.35%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NBOS vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBOS Neuberger Berman Option Strategy ETF	6.51%	12.22%	10.99%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.94%	6.12%	6.84%

Correlation

The correlation between NBOS and AJAN is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.63

The correlation between NBOS and AJAN shifts across timeframes, from 0.53 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NBOS vs. AJAN — Risk / Return Rank

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

NBOS

NBOS Risk / Return Rank: 84
NBOS Sharpe Ratio Rank: 79
NBOS Sortino Ratio Rank: 81
NBOS Omega Ratio Rank: 87
NBOS Calmar Ratio Rank: 79
NBOS Martin Ratio Rank: 92

AJAN

AJAN Risk / Return Rank: 77
AJAN Sharpe Ratio Rank: 78
AJAN Sortino Ratio Rank: 88
AJAN Omega Ratio Rank: 89
AJAN Calmar Ratio Rank: 55
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.

NBOS vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Option Strategy ETF (NBOS) 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.

	NBOS	AJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.56	+0.02
Sortino ratio: Return per unit of downside risk	3.62	4.00	-0.38
Omega ratio: Gain probability vs. loss probability	1.55	1.57	-0.03
Calmar ratio: Return relative to maximum drawdown	4.09	2.69	+1.40
Martin ratio: Return relative to average drawdown	23.25	13.54	+9.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBOS vs. AJAN - Sharpe Ratio Comparison

The current NBOS Sharpe Ratio is 2.58, which is comparable to the AJAN Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of NBOS 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

	NBOS	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.56	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.74	-0.44

Drawdowns

NBOS vs. AJAN - Drawdown Comparison

The maximum NBOS drawdown since its inception was -12.66%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for NBOS and AJAN.

Drawdown Indicators

	NBOS	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-12.66%	-4.11%	-8.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-2.24%	-2.47%
Current Drawdown Current decline from peak	-0.17%	-0.18%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.10%	-0.29%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.44%	+0.39%

Volatility

NBOS vs. AJAN - Volatility Comparison

Neuberger Berman Option Strategy ETF (NBOS) has a higher volatility of 0.84% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.67%. This indicates that NBOS'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

	NBOS	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.67%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	2.05%	+3.85%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	2.36%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	3.80%	+6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	3.80%	+6.16%

NBOS vs. AJAN - Expense Ratio Comparison

NBOS has a 0.56% expense ratio, which is lower than AJAN's 0.79% expense ratio.

Dividends

NBOS vs. AJAN - Dividend Comparison

NBOS's dividend yield for the trailing twelve months is around 7.93%, while AJAN has not paid dividends to shareholders.

Position	TTM	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%
NBOS Neuberger Berman Option Strategy ETF	7.93%	7.81%	7.32%

Frequently Asked Questions

Can I hold both NBOS and AJAN in my portfolio?

NBOS and AJAN have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBOS or AJAN?

NBOS has higher volatility (0.84%) compared to AJAN (0.67%). In terms of maximum drawdown, NBOS dropped -12.66% vs AJAN's -4.11%.

Which ETF is better, NBOS or AJAN?

On 1-year performance, NBOS leads with 19.19% vs 6.01% for AJAN. On fees, NBOS is cheaper at 0.56% per year. On volatility, AJAN has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBOS or AJAN?

Over the 1-year period, NBOS has performed better with a 19.19% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBOS or AJAN?

NBOS is cheaper with a 0.56% expense ratio, compared with 0.79% for AJAN.

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

NBOS has the higher dividend yield at 7.93%, compared with 0.00% for AJAN.

What is the main difference between NBOS and AJAN?

They also come from different issuers: Neuberger Berman and Innovator. Their fees differ too: 0.56% for NBOS and 0.79% for AJAN.

Which has better risk-adjusted returns?

NBOS currently has the higher Sharpe Ratio (2.58 vs 2.56), 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.