XBJL vs. UAPR

Last updated Jun 23, 2026

XBJL (Innovator U.S. Equity Accelerated 9 Buffer ETF - July) and UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) are both Defined Outcome funds from Innovator. XBJL is actively managed, while UAPR is passively managed. Over the past 3 years, XBJL returned 11.49%/yr vs 10.80%/yr for UAPR. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XBJL vs. UAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, XBJL achieves a 4.39% return, which is significantly lower than UAPR's 6.90% return.

XBJL

• 1D: 0.05%
• 1M: 0.54%
• YTD: 4.39%
• 6M: 4.54%
• 1Y: 11.62%
• 3Y*: 11.49%
• 5Y*: —
• 10Y*: —

UAPR

• 1D: 0.04%
• 1M: 0.29%
• YTD: 6.90%
• 6M: 6.99%
• 1Y: 13.73%
• 3Y*: 10.80%
• 5Y*: 6.46%
• 10Y*: —

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

XBJL vs. UAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	4.39%	12.05%	11.50%	19.49%	-4.98%	4.58%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.90%	6.27%	12.38%	10.60%	-5.67%	2.39%

Correlation

The correlation between XBJL and UAPR is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.84

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

XBJL vs. UAPR - Sectors Allocation Comparison

Sectors	XBJL	UAPR
Technology	38.4%	35.7%
Financial Services	11.0%	11.6%
Communication Services	10.8%	11.3%
Consumer Cyclical	10.0%	10.2%
Healthcare	8.4%	8.5%
Industrials	7.9%	8.3%
Consumer Defensive	4.6%	4.9%
Energy	3.2%	3.5%
Utilities	2.1%	2.4%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

XBJL vs. UAPR — Risk / Return Rank

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

XBJL

XBJL Risk / Return Rank: 82
XBJL Sharpe Ratio Rank: 75
XBJL Sortino Ratio Rank: 84
XBJL Omega Ratio Rank: 87
XBJL Calmar Ratio Rank: 72
XBJL Martin Ratio Rank: 90

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

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.

XBJL vs. UAPR - Risk-Adjusted Trends Comparison

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

	XBJL	UAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.32	4.23	-1.91
Sortino ratio: Return per unit of downside risk	3.56	7.16	-3.60
Omega ratio: Gain probability vs. loss probability	1.52	2.01	-0.49
Calmar ratio: Return relative to maximum drawdown	3.53	12.40	-8.87
Martin ratio: Return relative to average drawdown	19.91	62.56	-42.65

XBJL vs. UAPR - Sharpe Ratio Comparison

The current XBJL Sharpe Ratio is 2.32, which is lower than the UAPR Sharpe Ratio of 4.23. The chart below compares the historical Sharpe Ratios of XBJL and UAPR, 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

XBJL vs. UAPR - Drawdown Comparison

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

Drawdown Indicators

	XBJL	UAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-14.61%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-1.11%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-10.84%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.84%	—
Current Drawdown Current decline from peak	0.00%	-0.19%	+0.19%
Average Drawdown Average peak-to-trough decline	-1.62%	-3.29%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.22%	+0.36%

Volatility

XBJL vs. UAPR - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) is 0.30%, while Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) has a volatility of 1.24%. This indicates that XBJL experiences smaller price fluctuations and is considered to be less risky than UAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBJL	UAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	1.24%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	2.52%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.05%	3.27%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	6.90%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.94%	8.40%	+1.54%

XBJL vs. UAPR - Expense Ratio Comparison

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

Dividends

XBJL vs. UAPR - Dividend Comparison

Neither XBJL nor UAPR 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 XBJL and UAPR in my portfolio?

XBJL and UAPR 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, XBJL or UAPR?

UAPR has higher volatility (1.24%) compared to XBJL (0.30%). In terms of maximum drawdown, XBJL dropped -11.78% vs UAPR's -14.61%.

Which ETF is better, XBJL or UAPR?

On 3-year performance, XBJL leads with 11.49% vs 10.80% for UAPR. Both ETFs have the same 0.79% expense ratio. On volatility, XBJL has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBJL or UAPR?

Over the 3-year period, XBJL has performed better with a 11.49% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBJL or UAPR?

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

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

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

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (4.23 vs 2.32), 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.