XBJL vs. XBAP

Last updated Jun 23, 2026

XBJL (Innovator U.S. Equity Accelerated 9 Buffer ETF - July) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past 3 years, XBJL returned 11.49%/yr vs 13.36%/yr for XBAP. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XBJL vs. XBAP - 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 Accelerated 9 Buffer ETF - April (XBAP). 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 XBAP's 7.98% return.

XBJL

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

XBAP

• 1D: 0.01%
• 1M: 0.30%
• YTD: 7.98%
• 6M: 8.23%
• 1Y: 15.47%
• 3Y*: 13.36%
• 5Y*: 9.64%
• 10Y*: —

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

XBJL vs. XBAP - 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%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.98%	13.38%	11.55%	20.53%	-7.59%	3.74%

Correlation

The correlation between XBJL and XBAP is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.87

The correlation between XBJL and XBAP shifts across timeframes, from 0.72 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

XBJL vs. XBAP - Sectors Allocation Comparison

Sectors	XBJL	XBAP
Technology	38.4%	39.1%
Financial Services	11.0%	10.9%
Communication Services	10.8%	10.7%
Consumer Cyclical	10.0%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

XBJL vs. XBAP — 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

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP 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. XBAP - 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 Accelerated 9 Buffer ETF - April (XBAP). 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	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.32	4.32	-2.00
Sortino ratio: Return per unit of downside risk	3.56	7.88	-4.32
Omega ratio: Gain probability vs. loss probability	1.52	2.13	-0.61
Calmar ratio: Return relative to maximum drawdown	3.53	11.99	-8.46
Martin ratio: Return relative to average drawdown	19.91	69.63	-49.72

XBJL vs. XBAP - Sharpe Ratio Comparison

The current XBJL Sharpe Ratio is 2.32, which is lower than the XBAP Sharpe Ratio of 4.32. The chart below compares the historical Sharpe Ratios of XBJL and XBAP, 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. XBAP - Drawdown Comparison

The maximum XBJL drawdown since its inception was -11.78%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for XBJL and XBAP.

Drawdown Indicators

	XBJL	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-14.57%	+2.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-1.30%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-8.25%	-3.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.57%	—
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-1.62%	-1.73%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.22%	+0.36%

Volatility

XBJL vs. XBAP - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) is 0.30%, while Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a volatility of 1.52%. This indicates that XBJL experiences smaller price fluctuations and is considered to be less risky than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBJL	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	1.52%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	2.91%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	5.05%	3.60%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	9.98%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.94%	9.84%	+0.10%

XBJL vs. XBAP - Expense Ratio Comparison

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

Dividends

XBJL vs. XBAP - Dividend Comparison

Neither XBJL nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XBJL and XBAP in my portfolio?

XBJL and XBAP have a correlation of 0.72, 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 XBAP?

XBAP has higher volatility (1.52%) compared to XBJL (0.30%). In terms of maximum drawdown, XBJL dropped -11.78% vs XBAP's -14.57%.

Which ETF is better, XBJL or XBAP?

On 3-year performance, XBAP leads with 13.36% vs 11.49% for XBJL. 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 XBAP?

Over the 3-year period, XBAP has performed better with a 13.36% return vs 11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBJL or XBAP?

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

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

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

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.32 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.