TJAN vs. XTAP

Last updated Jul 2, 2026

TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - TJAN is a Options Trading fund actively managed by Innovator, while XTAP is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. Over the past year, TJAN returned 7.11% vs 18.79% for XTAP. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

TJAN vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TJAN achieves a 3.04% return, which is significantly lower than XTAP's 11.47% return.

TJAN

• 1D: 0.07%
• 1M: 0.24%
• YTD: 3.04%
• 6M: 3.04%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTAP

• 1D: 0.06%
• 1M: 0.27%
• YTD: 11.47%
• 6M: 11.47%
• 1Y: 18.79%
• 3Y*: 16.92%
• 5Y*: 10.68%
• 10Y*: —

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

TJAN vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	3.04%	7.43%
XTAP Innovator U.S. Equity Accelerated Plus ETF	11.47%	17.58%

Correlation

The correlation between TJAN and XTAP is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.77

The correlation between TJAN and XTAP has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.

Return for Risk

TJAN vs. XTAP — Risk / Return Rank

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

TJAN

TJAN Risk / Return Rank: 89
TJAN Sharpe Ratio Rank: 91
TJAN Sortino Ratio Rank: 93
TJAN Omega Ratio Rank: 93
TJAN Calmar Ratio Rank: 78
TJAN Martin Ratio Rank: 91

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP 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.

TJAN vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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.

	TJAN	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	2.59	3.97	-1.38
Sortino ratio: Return per unit of downside risk	3.96	6.56	-2.60
Omega ratio: Gain probability vs. loss probability	1.52	2.02	-0.49
Calmar ratio: Return relative to maximum drawdown	3.39	10.99	-7.60
Martin ratio: Return relative to average drawdown	17.81	58.04	-40.23

TJAN vs. XTAP - Sharpe Ratio Comparison

The current TJAN Sharpe Ratio is 2.59, which is lower than the XTAP Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of TJAN and XTAP, 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

TJAN vs. XTAP - Drawdown Comparison

The maximum TJAN drawdown since its inception was -4.83%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for TJAN and XTAP.

Drawdown Indicators

	TJAN	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-22.13%	+17.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-1.72%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.43%	-3.41%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.32%	+0.08%

Volatility

TJAN vs. XTAP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) is 0.76%, while Innovator U.S. Equity Accelerated Plus ETF (XTAP) has a volatility of 2.13%. This indicates that TJAN experiences smaller price fluctuations and is considered to be less risky than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TJAN	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	2.13%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	3.76%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	4.76%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	14.55%	-10.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	14.33%	-10.00%

TJAN vs. XTAP - Expense Ratio Comparison

Both TJAN and XTAP have an expense ratio of 0.79%.

Dividends

TJAN vs. XTAP - Dividend Comparison

Neither TJAN nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TJAN and XTAP in my portfolio?

TJAN and XTAP have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TJAN or XTAP?

XTAP has higher volatility (2.13%) compared to TJAN (0.76%). In terms of maximum drawdown, TJAN dropped -4.83% vs XTAP's -22.13%.

Which ETF is better, TJAN or XTAP?

On 1-year performance, XTAP leads with 18.79% vs 7.11% for TJAN. Both ETFs have the same 0.79% expense ratio. On volatility, TJAN has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TJAN or XTAP?

Over the 1-year period, XTAP has performed better with a 18.79% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TJAN or XTAP?

TJAN and XTAP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, TJAN or XTAP?

TJAN and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between TJAN and XTAP?

TJAN is categorized as Options Trading, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.97 vs 2.59), 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.