QFLR vs. AJAN

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Nasdaq-100 Managed Floor ETF (QFLR) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN).

QFLR and AJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QFLR is an actively managed fund by Innovator. It was launched on Jan 24, 2024. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023.

Performance

QFLR vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Managed Floor ETF (QFLR) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

QFLR vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	-2.22%	17.27%	16.64%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	-0.63%	6.12%	6.86%

Returns By Period

In the year-to-date period, QFLR achieves a -2.22% return, which is significantly lower than AJAN's -0.63% return.

QFLR

• 1D: 0.66%
• 1M: -2.97%
• YTD: -2.22%
• 6M: 0.78%
• 1Y: 23.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.11%
• 1M: -1.26%
• YTD: -0.63%
• 6M: 0.58%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QFLR vs. AJAN - Expense Ratio Comparison

QFLR has a 0.89% expense ratio, which is higher than AJAN's 0.79% expense ratio.

QFLR

Innovator Nasdaq-100 Managed Floor ETF

AJAN

Innovator Equity Defined Protection ETF - 2 Yr To January 2026

Return for Risk

QFLR vs. AJAN — Risk / Return Rank

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

QFLR

QFLR Risk / Return Rank: 89
QFLR Sharpe Ratio Rank: 88
QFLR Sortino Ratio Rank: 89
QFLR Omega Ratio Rank: 86
QFLR Calmar Ratio Rank: 90
QFLR Martin Ratio Rank: 92

AJAN

AJAN Risk / Return Rank: 68
AJAN Sharpe Ratio Rank: 63
AJAN Sortino Ratio Rank: 67
AJAN Omega Ratio Rank: 83
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.

QFLR vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Managed Floor ETF (QFLR) 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.

	QFLR	AJAN	Difference
Sharpe ratio Return per unit of total volatility	1.91	1.18	+0.74
Sortino ratio Return per unit of downside risk	2.62	1.77	+0.85
Omega ratio Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio Return relative to maximum drawdown	3.17	1.56	+1.60
Martin ratio Return relative to average drawdown	13.59	8.34	+5.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QFLR vs. AJAN - Sharpe Ratio Comparison

The current QFLR Sharpe Ratio is 1.91, which is higher than the AJAN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of QFLR and AJAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QFLR	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.18	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.53	-0.42

Correlation

The correlation between QFLR and AJAN is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QFLR vs. AJAN - Dividend Comparison

Neither QFLR nor AJAN has paid dividends to shareholders.

	TTM	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%

Drawdowns

QFLR vs. AJAN - Drawdown Comparison

The maximum QFLR drawdown since its inception was -13.97%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for QFLR and AJAN.

Drawdown Indicators

	QFLR	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-13.97%	-4.11%	-9.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-3.34%	-4.27%
Current Drawdown Current decline from peak	-4.77%	-1.46%	-3.31%
Average Drawdown Average peak-to-trough decline	-2.61%	-0.30%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	0.63%	+1.14%

Volatility

QFLR vs. AJAN - Volatility Comparison

Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a higher volatility of 4.97% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.38%. This indicates that QFLR'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

	QFLR	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	1.38%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	1.72%	+7.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.32%	4.42%	+7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.89%	3.86%	+9.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.89%	3.86%	+9.03%