XTJA vs. PHEQ

Last updated Jun 4, 2026

XTJA (Innovator U.S. Equity Accelerated Plus ETF - January) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, XTJA returned 19.06% vs 15.97% for PHEQ. A 0.75 correlation means they provide meaningful diversification when combined. XTJA charges 0.79%/yr vs 0.29%/yr for PHEQ.

Performance

XTJA vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF - January (XTJA) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTJA achieves a 7.16% return, which is significantly higher than PHEQ's 5.67% return.

XTJA

• 1D: -0.25%
• 1M: 2.70%
• YTD: 7.16%
• 6M: 7.78%
• 1Y: 19.06%
• 3Y*: 14.92%
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.18%
• 1M: 1.64%
• YTD: 5.67%
• 6M: 6.14%
• 1Y: 15.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTJA vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XTJA Innovator U.S. Equity Accelerated Plus ETF - January	7.16%	13.86%	15.25%	4.42%
PHEQ Parametric Hedged Equity ETF	5.67%	11.76%	14.94%	7.19%

Correlation

The correlation between XTJA and PHEQ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.75

The correlation between XTJA and PHEQ shifts across timeframes, from 0.75 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.

XTJA vs. PHEQ - Sectors Allocation Comparison

Sectors	XTJA	PHEQ
Technology	36.2%	35.4%
Financial Services	11.9%	11.3%
Communication Services	10.9%	11.8%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.6%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.7%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	1.7%

Return for Risk

XTJA vs. PHEQ — Risk / Return Rank

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

XTJA

XTJA Risk / Return Rank: 71
XTJA Sharpe Ratio Rank: 70
XTJA Sortino Ratio Rank: 73
XTJA Omega Ratio Rank: 84
XTJA Calmar Ratio Rank: 52
XTJA Martin Ratio Rank: 75

PHEQ

PHEQ Risk / Return Rank: 82
PHEQ Sharpe Ratio Rank: 80
PHEQ Sortino Ratio Rank: 86
PHEQ Omega Ratio Rank: 84
PHEQ Calmar Ratio Rank: 75
PHEQ Martin Ratio Rank: 84

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.

XTJA vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF - January (XTJA) and Parametric Hedged Equity ETF (PHEQ). 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.

	XTJA	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.62	-0.34
Sortino ratio: Return per unit of downside risk	3.26	3.92	-0.66
Omega ratio: Gain probability vs. loss probability	1.51	1.52	-0.01
Calmar ratio: Return relative to maximum drawdown	2.51	3.77	-1.25
Martin ratio: Return relative to average drawdown	14.10	17.21	-3.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTJA vs. PHEQ - Sharpe Ratio Comparison

The current XTJA Sharpe Ratio is 2.28, which is comparable to the PHEQ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of XTJA and PHEQ, 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

	XTJA	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.62	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.80	-1.34

Drawdowns

XTJA vs. PHEQ - Drawdown Comparison

The maximum XTJA drawdown since its inception was -26.17%, which is greater than PHEQ's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for XTJA and PHEQ.

Drawdown Indicators

	XTJA	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-26.17%	-12.55%	-13.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-4.26%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.94%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.18%	-0.07%
Average Drawdown Average peak-to-trough decline	-6.26%	-0.97%	-5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.93%	+0.42%

Volatility

XTJA vs. PHEQ - Volatility Comparison

Innovator U.S. Equity Accelerated Plus ETF - January (XTJA) has a higher volatility of 1.32% compared to Parametric Hedged Equity ETF (PHEQ) at 1.05%. This indicates that XTJA's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTJA	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.05%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	4.56%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	6.16%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	8.62%	+7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.07%	8.62%	+7.45%

XTJA vs. PHEQ - Expense Ratio Comparison

XTJA has a 0.79% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

XTJA vs. PHEQ - Dividend Comparison

XTJA has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023
PHEQ Parametric Hedged Equity ETF	1.03%	1.19%	1.39%	1.73%
XTJA Innovator U.S. Equity Accelerated Plus ETF - January	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTJA and PHEQ in my portfolio?

XTJA and PHEQ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTJA or PHEQ?

XTJA has higher volatility (1.32%) compared to PHEQ (1.05%). In terms of maximum drawdown, XTJA dropped -26.17% vs PHEQ's -12.55%.

Which ETF is better, XTJA or PHEQ?

On 1-year performance, XTJA leads with 19.06% vs 15.97% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTJA or PHEQ?

Over the 1-year period, XTJA has performed better with a 19.06% return vs 15.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTJA or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.79% for XTJA.

Which ETF pays a higher dividend yield, XTJA or PHEQ?

PHEQ has the higher dividend yield at 1.03%, compared with 0.00% for XTJA.

What is the main difference between XTJA and PHEQ?

They also come from different issuers: Innovator and Parametric. Their fees differ too: 0.79% for XTJA and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.62 vs 2.28), 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.