XUSP vs. AJAN

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN).

XUSP and AJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XUSP is an actively managed fund by Innovator. It was launched on Aug 10, 2022. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023.

Performance

XUSP vs. AJAN - 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 January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

XUSP vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	-7.04%	18.27%	32.22%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	-0.74%	6.12%	7.78%

Returns By Period

In the year-to-date period, XUSP achieves a -7.04% return, which is significantly lower than AJAN's -0.74% return.

XUSP

• 1D: 3.27%
• 1M: -6.97%
• YTD: -7.04%
• 6M: -5.01%
• 1Y: 18.24%
• 3Y*: 19.21%
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.56%
• 1M: -1.47%
• YTD: -0.74%
• 6M: 0.51%
• 1Y: 5.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XUSP vs. AJAN - Expense Ratio Comparison

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

XUSP

Innovator Uncapped Accelerated U.S. Equity ETF

AJAN

Innovator Equity Defined Protection ETF - 2 Yr To January 2026

Return for Risk

XUSP vs. AJAN — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 53
XUSP Sharpe Ratio Rank: 47
XUSP Sortino Ratio Rank: 51
XUSP Omega Ratio Rank: 50
XUSP Calmar Ratio Rank: 58
XUSP Martin Ratio Rank: 59

AJAN

AJAN Risk / Return Rank: 72
AJAN Sharpe Ratio Rank: 66
AJAN Sortino Ratio Rank: 69
AJAN Omega Ratio Rank: 84
AJAN Calmar Ratio Rank: 62
AJAN Martin Ratio Rank: 78

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. AJAN - 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 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.

	XUSP	AJAN	Difference
Sharpe ratio Return per unit of total volatility	0.87	1.16	-0.29
Sortino ratio Return per unit of downside risk	1.35	1.74	-0.39
Omega ratio Gain probability vs. loss probability	1.19	1.33	-0.15
Calmar ratio Return relative to maximum drawdown	1.48	1.57	-0.10
Martin ratio Return relative to average drawdown	5.84	8.50	-2.66
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. AJAN - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 0.87, which is comparable to the AJAN Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of XUSP 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

	XUSP	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.16	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.52	-0.75

Correlation

The correlation between XUSP and AJAN is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XUSP vs. AJAN - Dividend Comparison

Neither XUSP nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

XUSP vs. AJAN - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for XUSP and AJAN.

Drawdown Indicators

	XUSP	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-4.11%	-18.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.76%	-3.34%	-9.42%
Current Drawdown Current decline from peak	-9.25%	-1.57%	-7.68%
Average Drawdown Average peak-to-trough decline	-4.56%	-0.30%	-4.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	0.62%	+2.61%

Volatility

XUSP vs. AJAN - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) has a higher volatility of 6.34% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.37%. This indicates that XUSP'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

	XUSP	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	1.37%	+4.97%
Volatility (6M) Calculated over the trailing 6-month period	12.49%	1.71%	+10.78%
Volatility (1Y) Calculated over the trailing 1-year period	21.16%	4.42%	+16.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	3.86%	+15.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	3.86%	+15.50%