VRIG vs. APRJ

Last updated Jun 5, 2026

VRIG (Invesco Variable Rate Investment Grade ETF) and APRJ (Innovator Premium Income 30 Barrier ETF - April) are both exchange-traded funds - VRIG is a Ultrashort Bond fund actively managed by Invesco, while APRJ is a Options Trading fund actively managed by Innovator. Both are actively managed. Over the past 3 years, VRIG returned 5.95%/yr vs 6.35%/yr for APRJ. At a 0.11 correlation, their price movements are largely independent. VRIG charges 0.30%/yr vs 0.79%/yr for APRJ.

Performance

VRIG vs. APRJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Investment Grade ETF (VRIG) and Innovator Premium Income 30 Barrier ETF - April (APRJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRIG achieves a 1.79% return, which is significantly lower than APRJ's 3.18% return.

VRIG

• 1D: -0.02%
• 1M: 0.33%
• YTD: 1.79%
• 6M: 2.16%
• 1Y: 4.97%
• 3Y*: 5.95%
• 5Y*: 4.42%
• 10Y*: —

APRJ

• 1D: -0.10%
• 1M: 0.70%
• YTD: 3.18%
• 6M: 3.64%
• 1Y: 6.91%
• 3Y*: 6.35%
• 5Y*: —
• 10Y*: —

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

VRIG vs. APRJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VRIG Invesco Variable Rate Investment Grade ETF	1.79%	5.05%	6.81%	5.85%
APRJ Innovator Premium Income 30 Barrier ETF - April	3.18%	5.71%	6.24%	5.38%

Correlation

The correlation between VRIG and APRJ is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023	0.11

The correlation between VRIG and APRJ shifts across timeframes, from -0.12 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

VRIG vs. APRJ - Sectors Allocation Comparison

Sectors	VRIG	APRJ
Financial Services	23.3%	12.4%
Consumer Cyclical	3.0%	10.0%
Basic Materials	0.8%	1.9%
Consumer Defensive	0.7%	5.3%
Technology	0.4%	33.6%
Real Estate	0.3%	2.0%
Utilities	0.1%	2.5%
Industrials	0.0%	8.5%
Communication Services	-	10.5%
Energy	-	4.0%
Healthcare	-	9.5%

Return for Risk

VRIG vs. APRJ — Risk / Return Rank

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

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 100
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 100
VRIG Martin Ratio Rank: 100

APRJ

APRJ Risk / Return Rank: 98
APRJ Sharpe Ratio Rank: 97
APRJ Sortino Ratio Rank: 99
APRJ Omega Ratio Rank: 98
APRJ Calmar Ratio Rank: 99
APRJ Martin Ratio Rank: 99

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.

VRIG vs. APRJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) and Innovator Premium Income 30 Barrier ETF - April (APRJ). 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.

	VRIG	APRJ	Difference
Sharpe ratio: Return per unit of total volatility	10.08	4.63	+5.46
Sortino ratio: Return per unit of downside risk	24.37	9.47	+14.90
Omega ratio: Gain probability vs. loss probability	5.29	2.20	+3.09
Calmar ratio: Return relative to maximum drawdown	62.49	34.55	+27.93
Martin ratio: Return relative to average drawdown	318.26	103.47	+214.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRIG vs. APRJ - Sharpe Ratio Comparison

The current VRIG Sharpe Ratio is 10.08, which is higher than the APRJ Sharpe Ratio of 4.63. The chart below compares the historical Sharpe Ratios of VRIG and APRJ, 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

	VRIG	APRJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.08	4.63	+5.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.80	-0.89

Drawdowns

VRIG vs. APRJ - Drawdown Comparison

The maximum VRIG drawdown since its inception was -13.04%, which is greater than APRJ's maximum drawdown of -4.68%. Use the drawdown chart below to compare losses from any high point for VRIG and APRJ.

Drawdown Indicators

	VRIG	APRJ	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-4.68%	-8.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-0.20%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-0.78%	-4.68%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-2.28%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.12%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.27%	-0.12%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.07%	-0.05%

Volatility

VRIG vs. APRJ - Volatility Comparison

The current volatility for Invesco Variable Rate Investment Grade ETF (VRIG) is 0.11%, while Innovator Premium Income 30 Barrier ETF - April (APRJ) has a volatility of 0.47%. This indicates that VRIG experiences smaller price fluctuations and is considered to be less risky than APRJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRIG	APRJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.47%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	1.14%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	0.50%	1.50%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	3.63%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	3.63%	+0.17%

VRIG vs. APRJ - Expense Ratio Comparison

VRIG has a 0.30% expense ratio, which is lower than APRJ's 0.79% expense ratio.

Dividends

VRIG vs. APRJ - Dividend Comparison

VRIG's dividend yield for the trailing twelve months is around 4.79%, less than APRJ's 5.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APRJ Innovator Premium Income 30 Barrier ETF - April	5.27%	5.46%	5.88%	4.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRIG Invesco Variable Rate Investment Grade ETF	4.79%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%

Frequently Asked Questions

Can I hold both VRIG and APRJ in my portfolio?

VRIG and APRJ have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRIG or APRJ?

APRJ has higher volatility (0.47%) compared to VRIG (0.11%). In terms of maximum drawdown, VRIG dropped -13.04% vs APRJ's -4.68%.

Which ETF is better, VRIG or APRJ?

On 3-year performance, APRJ leads with 6.35% vs 5.95% for VRIG. On fees, VRIG is cheaper at 0.30% per year. On volatility, VRIG has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VRIG or APRJ?

Over the 3-year period, APRJ has performed better with a 6.35% return vs 5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRIG or APRJ?

VRIG is cheaper with a 0.30% expense ratio, compared with 0.79% for APRJ.

Which ETF pays a higher dividend yield, VRIG or APRJ?

APRJ has the higher dividend yield at 5.27%, compared with 4.79% for VRIG.

What is the main difference between VRIG and APRJ?

VRIG is categorized as Ultrashort Bond, while APRJ is Options Trading. They also come from different issuers: Invesco and Innovator. Their fees differ too: 0.30% for VRIG and 0.79% for APRJ.

Which has better risk-adjusted returns?

VRIG currently has the higher Sharpe Ratio (10.08 vs 4.63), 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.