QBUL vs. AJUL

Last updated Jun 24, 2026

QBUL (TrueShares Quarterly Bull Hedge ETF) and AJUL (Innovator Equity Defined Protection ETF - 2 Yr To July 2026) are both Options Trading funds. Both are actively managed. Over the past year, QBUL returned 4.24% vs 8.49% for AJUL. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

QBUL vs. AJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Quarterly Bull Hedge ETF (QBUL) 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, QBUL achieves a 1.20% return, which is significantly lower than AJUL's 3.30% return.

QBUL

• 1D: -0.33%
• 1M: -0.87%
• YTD: 1.20%
• 6M: 1.37%
• 1Y: 4.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJUL

• 1D: 0.02%
• 1M: 0.37%
• YTD: 3.30%
• 6M: 3.25%
• 1Y: 8.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QBUL vs. AJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QBUL TrueShares Quarterly Bull Hedge ETF	1.20%	4.87%	0.58%
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	3.30%	7.63%	4.61%

Correlation

The correlation between QBUL and AJUL is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.58

The correlation between QBUL and AJUL has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.

Return for Risk

QBUL vs. AJUL — Risk / Return Rank

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

QBUL

QBUL Risk / Return Rank: 31
QBUL Sharpe Ratio Rank: 32
QBUL Sortino Ratio Rank: 30
QBUL Omega Ratio Rank: 32
QBUL Calmar Ratio Rank: 37
QBUL Martin Ratio Rank: 27

AJUL

AJUL Risk / Return Rank: 91
AJUL Sharpe Ratio Rank: 90
AJUL Sortino Ratio Rank: 94
AJUL Omega Ratio Rank: 94
AJUL Calmar Ratio Rank: 81
AJUL Martin Ratio Rank: 94

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.

QBUL vs. AJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Quarterly Bull Hedge ETF (QBUL) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QBUL	AJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.75	-1.66
Sortino ratio: Return per unit of downside risk	1.53	4.37	-2.85
Omega ratio: Gain probability vs. loss probability	1.20	1.63	-0.43
Calmar ratio: Return relative to maximum drawdown	1.74	3.89	-2.16
Martin ratio: Return relative to average drawdown	3.33	23.08	-19.75

QBUL vs. AJUL - Sharpe Ratio Comparison

The current QBUL Sharpe Ratio is 1.09, which is lower than the AJUL Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of QBUL 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.

Drawdowns

QBUL vs. AJUL - Drawdown Comparison

The maximum QBUL drawdown since its inception was -2.45%, smaller than the maximum AJUL drawdown of -6.06%. Use the drawdown chart below to compare losses from any high point for QBUL and AJUL.

Drawdown Indicators

	QBUL	AJUL	Difference
Max Drawdown Largest peak-to-trough decline	-2.45%	-6.06%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-2.19%	-0.26%
Current Drawdown Current decline from peak	-1.56%	0.00%	-1.56%
Average Drawdown Average peak-to-trough decline	-0.98%	-0.49%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.37%	+0.91%

Volatility

QBUL vs. AJUL - Volatility Comparison

TrueShares Quarterly Bull Hedge ETF (QBUL) has a higher volatility of 1.83% compared to Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) at 0.21%. This indicates that QBUL'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

	QBUL	AJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	0.21%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.46%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	3.14%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	4.94%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	4.94%	-1.02%

QBUL vs. AJUL - Expense Ratio Comparison

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

Dividends

QBUL vs. AJUL - Dividend Comparison

QBUL's dividend yield for the trailing twelve months is around 8.84%, while AJUL has not paid dividends to shareholders.

Position	TTM	2025	2024
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	0.00%	0.00%	0.00%
QBUL TrueShares Quarterly Bull Hedge ETF	8.84%	8.94%	1.82%

Frequently Asked Questions

Can I hold both QBUL and AJUL in my portfolio?

QBUL and AJUL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBUL or AJUL?

QBUL has higher volatility (1.83%) compared to AJUL (0.21%). In terms of maximum drawdown, QBUL dropped -2.45% vs AJUL's -6.06%.

Which ETF is better, QBUL or AJUL?

On 1-year performance, AJUL leads with 8.49% vs 4.24% for QBUL. Both ETFs have the same 0.79% expense ratio. On volatility, AJUL has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBUL or AJUL?

Over the 1-year period, AJUL has performed better with a 8.49% return vs 4.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBUL or AJUL?

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

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

QBUL has the higher dividend yield at 8.84%, compared with 0.00% for AJUL.

What is the main difference between QBUL and AJUL?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

AJUL currently has the higher Sharpe Ratio (2.75 vs 1.09), 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.