QTJL vs. QTAP

Last updated Jun 4, 2026

QTJL (Innovator Growth Accelerated Plus ETF - July) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds from Innovator. Both are actively managed. Over the past 3 years, QTJL returned 19.20%/yr vs 21.18%/yr for QTAP. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

QTJL vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated Plus ETF - July (QTJL) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTJL achieves a 7.15% return, which is significantly lower than QTAP's 14.67% return.

QTJL

• 1D: -0.01%
• 1M: 1.20%
• YTD: 7.15%
• 6M: 7.91%
• 1Y: 20.52%
• 3Y*: 19.20%
• 5Y*: —
• 10Y*: —

QTAP

• 1D: -0.10%
• 1M: 2.89%
• YTD: 14.67%
• 6M: 15.56%
• 1Y: 25.59%
• 3Y*: 21.18%
• 5Y*: 13.78%
• 10Y*: —

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

QTJL vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QTJL Innovator Growth Accelerated Plus ETF - July	7.15%	21.07%	16.50%	42.39%	-30.16%	9.32%
QTAP Innovator Growth Accelerated Plus ETF - April	14.67%	19.36%	17.34%	43.32%	-25.87%	7.44%

Correlation

The correlation between QTJL and QTAP is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.91

The correlation between QTJL and QTAP shifts across timeframes, from 0.79 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

QTJL vs. QTAP - Sectors Allocation Comparison

Sectors	QTJL	QTAP
Technology	54.2%	50.7%
Communication Services	15.5%	15.8%
Consumer Cyclical	12.2%	12.5%
Consumer Defensive	7.6%	8.7%
Healthcare	4.2%	5.1%
Industrials	2.8%	3.3%
Utilities	1.4%	1.6%
Basic Materials	1.2%	1.3%
Energy	0.6%	0.7%
Financial Services	0.2%	0.2%
Real Estate	0.1%	0.1%

Return for Risk

QTJL vs. QTAP — Risk / Return Rank

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

QTJL

QTJL Risk / Return Rank: 68
QTJL Sharpe Ratio Rank: 62
QTJL Sortino Ratio Rank: 63
QTJL Omega Ratio Rank: 70
QTJL Calmar Ratio Rank: 62
QTJL Martin Ratio Rank: 81

QTAP

QTAP Risk / Return Rank: 98
QTAP Sharpe Ratio Rank: 97
QTAP Sortino Ratio Rank: 98
QTAP Omega Ratio Rank: 98
QTAP Calmar Ratio Rank: 98
QTAP Martin Ratio Rank: 98

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.

QTJL vs. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - July (QTJL) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.

	QTJL	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	2.06	4.62	-2.56
Sortino ratio: Return per unit of downside risk	2.93	8.50	-5.57
Omega ratio: Gain probability vs. loss probability	1.42	2.23	-0.81
Calmar ratio: Return relative to maximum drawdown	3.08	15.20	-12.11
Martin ratio: Return relative to average drawdown	16.23	80.04	-63.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QTJL vs. QTAP - Sharpe Ratio Comparison

The current QTJL Sharpe Ratio is 2.06, which is lower than the QTAP Sharpe Ratio of 4.62. The chart below compares the historical Sharpe Ratios of QTJL and QTAP, 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

	QTJL	QTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	4.62	-2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.75	-0.23

Drawdowns

QTJL vs. QTAP - Drawdown Comparison

The maximum QTJL drawdown since its inception was -33.40%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for QTJL and QTAP.

Drawdown Indicators

	QTJL	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-33.40%	-29.44%	-3.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-1.69%	-4.99%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-13.03%	-9.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.44%	—
Current Drawdown Current decline from peak	-0.01%	-0.10%	+0.09%
Average Drawdown Average peak-to-trough decline	-7.94%	-5.04%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.32%	+0.95%

Volatility

QTJL vs. QTAP - Volatility Comparison

The current volatility for Innovator Growth Accelerated Plus ETF - July (QTJL) is 0.31%, while Innovator Growth Accelerated Plus ETF - April (QTAP) has a volatility of 1.33%. This indicates that QTJL experiences smaller price fluctuations and is considered to be less risky than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTJL	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	1.33%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	3.97%	+3.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	5.56%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.42%	18.89%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	18.77%	+1.65%

QTJL vs. QTAP - Expense Ratio Comparison

Both QTJL and QTAP have an expense ratio of 0.79%.

Dividends

QTJL vs. QTAP - Dividend Comparison

Neither QTJL nor QTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QTJL and QTAP in my portfolio?

QTJL and QTAP have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTJL or QTAP?

QTAP has higher volatility (1.33%) compared to QTJL (0.31%). In terms of maximum drawdown, QTJL dropped -33.40% vs QTAP's -29.44%.

Which ETF is better, QTJL or QTAP?

On 3-year performance, QTAP leads with 21.18% vs 19.20% for QTJL. Both ETFs have the same 0.79% expense ratio. On volatility, QTJL has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTJL or QTAP?

Over the 3-year period, QTAP has performed better with a 21.18% return vs 19.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTJL or QTAP?

QTJL and QTAP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, QTJL or QTAP?

QTJL and QTAP have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (4.62 vs 2.06), 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.