XUSP vs. AAPR

Last updated Jun 4, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, XUSP returned 33.74% vs 9.83% for AAPR. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XUSP vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUSP achieves a 12.67% return, which is significantly higher than AAPR's 3.82% return.

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 5Y*: —
• 10Y*: —

AAPR

• 1D: -0.14%
• 1M: 0.68%
• YTD: 3.82%
• 6M: 4.48%
• 1Y: 9.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XUSP vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	14.52%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.82%	7.79%	6.25%

Correlation

The correlation between XUSP and AAPR is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.86

The correlation between XUSP and AAPR has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

XUSP vs. AAPR — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 96
AAPR Sortino Ratio Rank: 98
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR 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.

XUSP vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	XUSP	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.13	4.18	-2.05
Sortino ratio: Return per unit of downside risk	2.87	7.21	-4.34
Omega ratio: Gain probability vs. loss probability	1.37	1.99	-0.62
Calmar ratio: Return relative to maximum drawdown	2.80	12.12	-9.33
Martin ratio: Return relative to average drawdown	11.82	62.99	-51.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUSP vs. AAPR - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 2.13, which is lower than the AAPR Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of XUSP and AAPR, 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

	XUSP	AAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	4.18	-2.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.73	-0.69

Drawdowns

XUSP vs. AAPR - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for XUSP and AAPR.

Drawdown Indicators

	XUSP	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-5.99%	-16.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-0.81%	-11.32%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	—	—
Current Drawdown Current decline from peak	-0.86%	-0.15%	-0.71%
Average Drawdown Average peak-to-trough decline	-4.42%	-0.45%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	0.16%	+2.70%

Volatility

XUSP vs. AAPR - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) has a higher volatility of 4.13% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 0.68%. This indicates that XUSP's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUSP	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	0.68%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	1.57%	+10.32%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	2.36%	+13.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	4.81%	+14.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	4.81%	+14.40%

XUSP vs. AAPR - Expense Ratio Comparison

Both XUSP and AAPR have an expense ratio of 0.79%.

Dividends

XUSP vs. AAPR - Dividend Comparison

Neither XUSP nor AAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XUSP and AAPR in my portfolio?

XUSP and AAPR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XUSP or AAPR?

XUSP has higher volatility (4.13%) compared to AAPR (0.68%). In terms of maximum drawdown, XUSP dropped -22.59% vs AAPR's -5.99%.

Which ETF is better, XUSP or AAPR?

On 1-year performance, XUSP leads with 33.74% vs 9.83% for AAPR. Both ETFs have the same 0.79% expense ratio. On volatility, AAPR has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XUSP or AAPR?

Over the 1-year period, XUSP has performed better with a 33.74% return vs 9.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or AAPR?

XUSP and AAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, XUSP or AAPR?

XUSP and AAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (4.18 vs 2.13), 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.