RFFC vs. UJUN

Last updated Aug 4, 2026

RFFC (ALPS Active Equity Opportunity ETF) and UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) are both exchange-traded funds - RFFC is a Large Cap Blend Equities fund actively managed by SS&C, while UJUN is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index. RFFC is actively managed, while UJUN is passively managed. Over the past 5 years, RFFC returned 11.88%/yr vs 6.22%/yr for UJUN. Their correlation of 0.87 means they have usually moved in the same direction. RFFC charges 0.48%/yr vs 0.79%/yr for UJUN.

Performance

RFFC vs. UJUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Active Equity Opportunity ETF (RFFC) and Innovator U.S. Equity Ultra Buffer ETF - June (UJUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFFC achieves a 13.17% return, which is significantly higher than UJUN's 3.97% return.

RFFC

• 1D: 1.00%
• 1M: 0.70%
• 6M: 7.66%
• YTD: 13.17%
• 1Y: 25.29%
• 3Y*: 20.49%
• 5Y*: 11.88%
• 10Y*: 12.66%
• ALL TIME*: 12.74%

UJUN

• 1D: 0.93%
• 1M: 0.99%
• 6M: 3.20%
• YTD: 3.97%
• 1Y: 8.71%
• 3Y*: 10.68%
• 5Y*: 6.22%
• 10Y*: —
• ALL TIME*: 6.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RFFC ALPS Active Equity Opportunity ETF	$84.66K	$66.37K	$69.76K
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	$1.29M	$1.60M	$2.70M

RFFC vs. UJUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RFFC ALPS Active Equity Opportunity ETF	13.17%	16.83%	23.51%	19.50%	-14.58%	22.33%	12.48%	16.18%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	3.97%	10.63%	12.49%	12.17%	-8.86%	5.09%	7.15%	6.20%

Correlation

The correlation between RFFC and UJUN is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Jun 3, 2019	0.87

The correlation between RFFC and UJUN has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

RFFC vs. UJUN - Sectors Allocation Comparison

Sectors	RFFC	UJUN
Technology	32.4%	39.1%
Industrials	13.4%	7.8%
Healthcare	12.5%	8.3%
Financial Services	11.0%	10.9%
Consumer Cyclical	8.8%	9.9%
Communication Services	8.0%	10.7%
Energy	4.4%	3.1%
Consumer Defensive	2.6%	4.5%
Utilities	2.5%	2.1%
Basic Materials	2.3%	1.7%
Real Estate	2.2%	1.8%

Return for Risk

RFFC vs. UJUN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RFFC

RFFC Risk / Return Rank: 80
RFFC Sharpe Ratio Rank: 82
RFFC Sortino Ratio Rank: 82
RFFC Omega Ratio Rank: 79
RFFC Calmar Ratio Rank: 73
RFFC Martin Ratio Rank: 83

UJUN

UJUN Risk / Return Rank: 81
UJUN Sharpe Ratio Rank: 73
UJUN Sortino Ratio Rank: 77
UJUN Omega Ratio Rank: 86
UJUN Calmar Ratio Rank: 81
UJUN Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RFFC vs. UJUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Active Equity Opportunity ETF (RFFC) and Innovator U.S. Equity Ultra Buffer ETF - June (UJUN). 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.

	RFFC	UJUN	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.77	+0.25
Sortino ratio: Return per unit of downside risk	2.86	2.63	+0.22
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.04
Calmar ratio: Return relative to maximum drawdown	2.75	3.09	-0.34
Martin ratio: Return relative to average drawdown	12.26	14.37	-2.12

RFFC vs. UJUN - Sharpe Ratio Comparison

The current RFFC Sharpe Ratio is 2.03, which is comparable to the UJUN Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of RFFC and UJUN, 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

RFFC vs. UJUN - Drawdown Comparison

The maximum RFFC drawdown since its inception was -36.26%, which is greater than UJUN's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for RFFC and UJUN.

Drawdown Indicators

	RFFC	UJUN	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-13.73%	-22.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.25%	-2.84%	-6.41%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-11.24%	-7.21%
Max Drawdown (5Y) Largest decline over 5 years	-22.29%	-11.96%	-10.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.96%	-2.04%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	0.61%	+1.46%

Volatility

RFFC vs. UJUN - Volatility Comparison

ALPS Active Equity Opportunity ETF (RFFC) has a higher volatility of 3.28% compared to Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) at 2.00%. This indicates that RFFC's price experiences larger fluctuations and is considered to be riskier than UJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFFC	UJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.00%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	4.34%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	4.94%	+7.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	8.41%	+7.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	8.74%	+9.21%

RFFC vs. UJUN - Expense Ratio Comparison

RFFC has a 0.48% expense ratio, which is lower than UJUN's 0.79% expense ratio.

Dividends

RFFC vs. UJUN - Dividend Comparison

RFFC's dividend yield for the trailing twelve months is around 0.62%, while UJUN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RFFC ALPS Active Equity Opportunity ETF	0.62%	0.78%	1.05%	1.35%	1.41%	0.71%	1.79%	1.34%	1.36%	0.93%	0.66%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFFC and UJUN in my portfolio?

RFFC and UJUN have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFFC or UJUN?

RFFC has higher volatility (3.28%) compared to UJUN (2.00%). In terms of maximum drawdown, RFFC dropped -36.26% vs UJUN's -13.73%.

Which ETF is better, RFFC or UJUN?

On 5-year performance, RFFC leads with 11.88% vs 6.22% for UJUN. On fees, RFFC is cheaper at 0.48% per year. On volatility, UJUN has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFFC or UJUN?

Over the 5-year period, RFFC has performed better with a 11.88% return vs 6.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFFC or UJUN?

RFFC is cheaper with a 0.48% expense ratio, compared with 0.79% for UJUN.

Which ETF pays a higher dividend yield, RFFC or UJUN?

RFFC has the higher dividend yield at 0.62%, compared with 0.00% for UJUN.

What is the main difference between RFFC and UJUN?

RFFC is categorized as Large Cap Blend Equities, while UJUN is Defined Outcome. They also come from different issuers: SS&C and Innovator. Their fees differ too: 0.48% for RFFC and 0.79% for UJUN.

Which has better risk-adjusted returns?

RFFC currently has the higher Sharpe Ratio (2.03 vs 1.77), 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.