WXET vs. AJAN

Last updated Aug 2, 2026

WXET (Teucrium 2x Daily Wheat ETF) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both exchange-traded funds - WXET is a Leveraged Commodities fund actively managed by Teucrium, while AJAN is a Options Trading fund actively managed by Innovator. Both are actively managed. Over the past year, WXET returned 13.99% vs 4.82% for AJAN. Their -0.08 correlation means they have often moved in opposite directions in the past. WXET charges 0.95%/yr vs 0.79%/yr for AJAN.

Performance

WXET vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Teucrium 2x Daily Wheat ETF (WXET) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WXET achieves a 36.38% return, which is significantly higher than AJAN's 2.19% return.

WXET

• 1D: -7.53%
• 1M: 12.13%
• 6M: 20.77%
• YTD: 36.38%
• 1Y: 13.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -10.00%

AJAN

• 1D: 0.28%
• 1M: 0.22%
• 6M: 1.71%
• YTD: 2.19%
• 1Y: 4.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.17%

*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)
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	$57.65K	$63.63K	$78.33K
WXET Teucrium 2x Daily Wheat ETF	$349.23K	$373.64K	$493.96K

WXET vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WXET Teucrium 2x Daily Wheat ETF	36.38%	-37.99%	-0.40%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.19%	6.12%	-0.24%

Correlation

The correlation between WXET and AJAN is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	-0.08

Return for Risk

WXET vs. AJAN — Risk / Return Rank

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

WXET

WXET Risk / Return Rank: 18
WXET Sharpe Ratio Rank: 16
WXET Sortino Ratio Rank: 21
WXET Omega Ratio Rank: 19
WXET Calmar Ratio Rank: 17
WXET Martin Ratio Rank: 17

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 80
AJAN Sortino Ratio Rank: 83
AJAN Omega Ratio Rank: 87
AJAN Calmar Ratio Rank: 59
AJAN Martin Ratio Rank: 78

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.

WXET vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Teucrium 2x Daily Wheat ETF (WXET) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). 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.

	WXET	AJAN	Difference
Sharpe ratio: Return per unit of total volatility	0.21	1.84	-1.62
Sortino ratio: Return per unit of downside risk	0.72	2.74	-2.02
Omega ratio: Gain probability vs. loss probability	1.08	1.39	-0.31
Calmar ratio: Return relative to maximum drawdown	0.36	2.09	-1.74
Martin ratio: Return relative to average drawdown	0.84	10.04	-9.20

WXET vs. AJAN - Sharpe Ratio Comparison

The current WXET Sharpe Ratio is 0.21, which is lower than the AJAN Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of WXET and AJAN, 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

WXET vs. AJAN - Drawdown Comparison

The maximum WXET drawdown since its inception was -48.31%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for WXET and AJAN.

Drawdown Indicators

	WXET	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-48.31%	-4.11%	-44.20%
Max Drawdown (1Y) Largest decline over 1 year	-30.76%	-2.24%	-28.52%
Current Drawdown Current decline from peak	-29.50%	-0.07%	-29.43%
Average Drawdown Average peak-to-trough decline	-30.49%	-0.30%	-30.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.29%	0.47%	+12.82%

Volatility

WXET vs. AJAN - Volatility Comparison

Teucrium 2x Daily Wheat ETF (WXET) has a higher volatility of 21.37% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.84%. This indicates that WXET's price experiences larger fluctuations and is considered to be riskier than AJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WXET	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.37%	0.84%	+20.53%
Volatility (6M) Calculated over the trailing 6-month period	44.27%	2.38%	+41.89%
Volatility (1Y) Calculated over the trailing 1-year period	51.52%	2.56%	+48.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.83%	3.77%	+46.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.83%	3.77%	+46.06%

WXET vs. AJAN - Expense Ratio Comparison

WXET has a 0.95% expense ratio, which is higher than AJAN's 0.79% expense ratio.

Dividends

WXET vs. AJAN - Dividend Comparison

WXET's dividend yield for the trailing twelve months is around 1.74%, while AJAN has not paid dividends to shareholders.

Position	TTM	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%
WXET Teucrium 2x Daily Wheat ETF	1.74%	3.57%	0.13%

Frequently Asked Questions

Can I hold both WXET and AJAN in my portfolio?

WXET and AJAN have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WXET or AJAN?

WXET has higher volatility (21.37%) compared to AJAN (0.84%). In terms of maximum drawdown, WXET dropped -48.31% vs AJAN's -4.11%.

Which ETF is better, WXET or AJAN?

On 1-year performance, WXET leads with 13.99% vs 4.82% for AJAN. On fees, AJAN is cheaper at 0.79% per year. On volatility, AJAN has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WXET or AJAN?

Over the 1-year period, WXET has performed better with a 13.99% return vs 4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WXET or AJAN?

AJAN is cheaper with a 0.79% expense ratio, compared with 0.95% for WXET.

Which ETF pays a higher dividend yield, WXET or AJAN?

WXET has the higher dividend yield at 1.74%, compared with 0.00% for AJAN.

What is the main difference between WXET and AJAN?

WXET is categorized as Leveraged Commodities, while AJAN is Options Trading. They also come from different issuers: Teucrium and Innovator. Their fees differ too: 0.95% for WXET and 0.79% for AJAN.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (1.84 vs 0.21), 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.