XAUG vs. AJAN

Last updated Apr 2, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August (XAUG) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN).

XAUG and AJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XAUG is an actively managed fund by FT Vest. It was launched on Aug 17, 2023. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023.

Performance

XAUG vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August (XAUG) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

XAUG vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XAUG FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August	-0.45%	9.48%	9.16%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	-0.63%	6.12%	7.78%

Returns By Period

In the year-to-date period, XAUG achieves a -0.45% return, which is significantly higher than AJAN's -0.63% return.

XAUG

• 1D: 0.40%
• 1M: -1.05%
• YTD: -0.45%
• 6M: 1.34%
• 1Y: 9.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.11%
• 1M: -1.26%
• YTD: -0.63%
• 6M: 0.58%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XAUG vs. AJAN - Expense Ratio Comparison

XAUG has a 0.85% expense ratio, which is higher than AJAN's 0.79% expense ratio.

XAUG

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August

AJAN

Innovator Equity Defined Protection ETF - 2 Yr To January 2026

Return for Risk

XAUG vs. AJAN — Risk / Return Rank

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

XAUG

XAUG Risk / Return Rank: 59
XAUG Sharpe Ratio Rank: 53
XAUG Sortino Ratio Rank: 55
XAUG Omega Ratio Rank: 74
XAUG Calmar Ratio Rank: 44
XAUG Martin Ratio Rank: 71

AJAN

AJAN Risk / Return Rank: 68
AJAN Sharpe Ratio Rank: 63
AJAN Sortino Ratio Rank: 67
AJAN Omega Ratio Rank: 83
AJAN Calmar Ratio Rank: 55
AJAN Martin Ratio Rank: 73

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.

XAUG vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August (XAUG) 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.

	XAUG	AJAN	Difference
Sharpe ratio Return per unit of total volatility	1.01	1.18	-0.16
Sortino ratio Return per unit of downside risk	1.55	1.77	-0.22
Omega ratio Gain probability vs. loss probability	1.29	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	1.30	1.56	-0.26
Martin ratio Return relative to average drawdown	8.17	8.34	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAUG vs. AJAN - Sharpe Ratio Comparison

The current XAUG Sharpe Ratio is 1.01, which is comparable to the AJAN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of XAUG and AJAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XAUG	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	1.18	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.53	-0.18

Correlation

The correlation between XAUG and AJAN is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XAUG vs. AJAN - Dividend Comparison

Neither XAUG nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

XAUG vs. AJAN - Drawdown Comparison

The maximum XAUG drawdown since its inception was -8.70%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for XAUG and AJAN.

Drawdown Indicators

	XAUG	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-4.11%	-4.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-3.34%	-3.79%
Current Drawdown Current decline from peak	-1.38%	-1.46%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.50%	-0.30%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.63%	+0.51%

Volatility

XAUG vs. AJAN - Volatility Comparison

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - August (XAUG) has a higher volatility of 2.67% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.38%. This indicates that XAUG'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

	XAUG	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	1.38%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	1.72%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	4.42%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.67%	3.86%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	3.86%	+2.81%