AJAN vs SPY
Innovator Equity Defined Protection ETF - 2 Yr to January 2028 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | AJAN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $43M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +2.50% | +12.22% | |
| 1Y Return | +4.62% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 2.8% | 15.3% | |
| Max Drawdown | -4.1% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 2, 2024 | Jan 22, 1993 |
AJAN vs SPY Performance
Innovator Equity Defined Protection ETF - 2 Yr to January 2028 (AJAN) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AJAN returned +4.62% while SPY returned +20.83%. Year to date, AJAN is up 2.50% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.8% for AJAN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -4.1% for AJAN and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
AJAN charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, AJAN currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, AJAN or SPY?
AJAN has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, AJAN or SPY?
Over the past year AJAN returned +4.62% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), AJAN annualized +6.28% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, AJAN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.8% for AJAN. Worst drawdown: AJAN -4.1% vs SPY -56.5%.
Should I hold both AJAN and SPY?
AJAN and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
Which pays a higher dividend, AJAN or SPY?
AJAN yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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