UAPR vs. XBJL

Last updated Aug 2, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and XBJL (Innovator U.S. Equity Accelerated 9 Buffer ETF - July) are both Defined Outcome funds from Innovator. UAPR is passively managed, while XBJL is actively managed. Over the past 5 years, UAPR returned 6.52%/yr vs 9.13%/yr for XBJL. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

UAPR vs. XBJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAPR achieves a 7.87% return, which is significantly higher than XBJL's 4.90% return.

UAPR

• 1D: 0.27%
• 1M: 0.51%
• 6M: 7.19%
• YTD: 7.87%
• 1Y: 12.38%
• 3Y*: 10.27%
• 5Y*: 6.52%
• 10Y*: —
• ALL TIME*: 4.98%

XBJL

• 1D: 0.38%
• 1M: 0.63%
• 6M: 4.29%
• YTD: 4.90%
• 1Y: 10.92%
• 3Y*: 11.14%
• 5Y*: 9.13%
• 10Y*: —
• ALL TIME*: 9.09%

*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)
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	$236.95K	$272.56K	$296.66K
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	$181.38K	$205.62K	$157.37K

UAPR vs. XBJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	7.87%	6.27%	12.38%	10.60%	-5.67%	2.39%
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	4.90%	12.05%	11.50%	19.49%	-4.98%	4.58%

Correlation

The correlation between UAPR and XBJL is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.84

The correlation between UAPR and XBJL has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

UAPR vs. XBJL - Sectors Allocation Comparison

Sectors	UAPR	XBJL
Technology	39.1%	39.1%
Financial Services	10.9%	10.9%
Communication Services	10.7%	10.7%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UAPR vs. XBJL — Risk / Return Rank

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

UAPR

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

XBJL

XBJL Risk / Return Rank: 87
XBJL Sharpe Ratio Rank: 83
XBJL Sortino Ratio Rank: 86
XBJL Omega Ratio Rank: 89
XBJL Calmar Ratio Rank: 83
XBJL Martin Ratio Rank: 93

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.

UAPR vs. XBJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL). 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.

	UAPR	XBJL	Difference
Sharpe ratio: Return per unit of total volatility	3.58	1.92	+1.66
Sortino ratio: Return per unit of downside risk	5.86	2.92	+2.94
Omega ratio: Gain probability vs. loss probability	1.80	1.41	+0.39
Calmar ratio: Return relative to maximum drawdown	10.78	3.08	+7.70
Martin ratio: Return relative to average drawdown	49.96	16.85	+33.11

UAPR vs. XBJL - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 3.58, which is higher than the XBJL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of UAPR and XBJL, 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

UAPR vs. XBJL - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, which is greater than XBJL's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for UAPR and XBJL.

Drawdown Indicators

	UAPR	XBJL	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-11.78%	-2.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-3.30%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-11.74%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-11.78%	+0.94%
Current Drawdown Current decline from peak	0.00%	-0.14%	+0.14%
Average Drawdown Average peak-to-trough decline	-3.25%	-1.59%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.60%	-0.36%

Volatility

UAPR vs. XBJL - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) is 0.95%, while Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) has a volatility of 2.03%. This indicates that UAPR experiences smaller price fluctuations and is considered to be less risky than XBJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAPR	XBJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.03%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	4.07%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	5.31%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	9.92%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.35%	9.87%	-1.52%

UAPR vs. XBJL - Expense Ratio Comparison

Both UAPR and XBJL have an expense ratio of 0.79%.

Dividends

UAPR vs. XBJL - Dividend Comparison

Neither UAPR nor XBJL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UAPR and XBJL in my portfolio?

UAPR and XBJL 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, UAPR or XBJL?

XBJL has higher volatility (2.03%) compared to UAPR (0.95%). In terms of maximum drawdown, UAPR dropped -14.61% vs XBJL's -11.78%.

Which ETF is better, UAPR or XBJL?

On 5-year performance, XBJL leads with 9.13% vs 6.52% for UAPR. Both ETFs have the same 0.79% expense ratio. On volatility, UAPR has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAPR or XBJL?

Over the 5-year period, XBJL has performed better with a 9.13% return vs 6.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAPR or XBJL?

UAPR and XBJL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UAPR or XBJL?

UAPR and XBJL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (3.58 vs 1.92), 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.