UMAY vs. UXJA

Last updated Jun 4, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and UXJA (FT Vest U.S. Equity Uncapped Accelerator ETF - January) are both Defined Outcome funds. UMAY is passively managed, while UXJA is actively managed. Over the past year, UMAY returned 10.48% vs 29.61% for UXJA. Their correlation of 0.86 suggests significant overlap in exposure. UMAY charges 0.79%/yr vs 0.85%/yr for UXJA.

Performance

UMAY vs. UXJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) and FT Vest U.S. Equity Uncapped Accelerator ETF - January (UXJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMAY achieves a 3.93% return, which is significantly lower than UXJA's 11.66% return.

UMAY

• 1D: -0.27%
• 1M: 1.86%
• YTD: 3.93%
• 6M: 4.74%
• 1Y: 10.48%
• 3Y*: 11.51%
• 5Y*: 6.49%
• 10Y*: —

UXJA

• 1D: -0.67%
• 1M: 5.79%
• YTD: 11.66%
• 6M: 11.51%
• 1Y: 29.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMAY vs. UXJA - Yearly Performance Comparison

	2026 (YTD)	2025
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	3.93%	7.46%
UXJA FT Vest U.S. Equity Uncapped Accelerator ETF - January	11.66%	13.93%

Correlation

The correlation between UMAY and UXJA is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.86

The correlation between UMAY and UXJA has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

UMAY vs. UXJA — Risk / Return Rank

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

UMAY

UMAY Risk / Return Rank: 93
UMAY Sharpe Ratio Rank: 89
UMAY Sortino Ratio Rank: 93
UMAY Omega Ratio Rank: 94
UMAY Calmar Ratio Rank: 95
UMAY Martin Ratio Rank: 96

UXJA

UXJA Risk / Return Rank: 66
UXJA Sharpe Ratio Rank: 68
UXJA Sortino Ratio Rank: 65
UXJA Omega Ratio Rank: 65
UXJA Calmar Ratio Rank: 62
UXJA Martin Ratio Rank: 71

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.

UMAY vs. UXJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) and FT Vest U.S. Equity Uncapped Accelerator ETF - January (UXJA). 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.

	UMAY	UXJA	Difference
Sharpe ratio Return per unit of total volatility	2.99	2.20	+0.79
Sortino ratio Return per unit of downside risk	4.63	2.98	+1.65
Omega ratio Gain probability vs. loss probability	1.67	1.38	+0.28
Calmar ratio Return relative to maximum drawdown	7.71	3.03	+4.69
Martin ratio Return relative to average drawdown	39.51	13.05	+26.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMAY vs. UXJA - Sharpe Ratio Comparison

The current UMAY Sharpe Ratio is 2.99, which is higher than the UXJA Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of UMAY and UXJA, 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

	UMAY	UXJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.20	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.04	-0.18

Drawdowns

UMAY vs. UXJA - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, smaller than the maximum UXJA drawdown of -20.01%. Use the drawdown chart below to compare losses from any high point for UMAY and UXJA.

Drawdown Indicators

	UMAY	UXJA	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-20.01%	+7.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-9.83%	+8.47%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.67%	+0.40%
Average Drawdown Average peak-to-trough decline	-2.14%	-2.97%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	2.27%	-2.00%

Volatility

UMAY vs. UXJA - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) is 1.20%, while FT Vest U.S. Equity Uncapped Accelerator ETF - January (UXJA) has a volatility of 3.40%. This indicates that UMAY experiences smaller price fluctuations and is considered to be less risky than UXJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAY	UXJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	3.40%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	10.05%	-7.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	13.54%	-10.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.46%	18.59%	-10.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.93%	18.59%	-10.66%

UMAY vs. UXJA - Expense Ratio Comparison

UMAY has a 0.79% expense ratio, which is lower than UXJA's 0.85% expense ratio.

Dividends

UMAY vs. UXJA - Dividend Comparison

Neither UMAY nor UXJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UMAY and UXJA in my portfolio?

UMAY and UXJA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAY or UXJA?

UXJA has higher volatility (3.40%) compared to UMAY (1.20%). In terms of maximum drawdown, UMAY dropped -12.12% vs UXJA's -20.01%.

Which ETF is better, UMAY or UXJA?

On 1-year performance, UXJA leads with 29.61% vs 10.48% for UMAY. On fees, UMAY is cheaper at 0.79% per year. On volatility, UMAY has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAY or UXJA?

Over the 1-year period, UXJA has performed better with a 29.61% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or UXJA?

UMAY is cheaper with a 0.79% expense ratio, compared with 0.85% for UXJA.

Which ETF pays a higher dividend yield, UMAY or UXJA?

UMAY and UXJA have nearly identical dividend yields, around 0.00%.

What is the main difference between UMAY and UXJA?

They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for UMAY and 0.85% for UXJA.

Which has better risk-adjusted returns?

UMAY currently has the higher Sharpe Ratio (2.99 vs 2.20), 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.