ACEI vs. PJAN

Last updated Jun 5, 2026

ACEI (Innovator Equity Autocallable Income Strategy ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - ACEI is a Derivative Income fund actively managed by Innovator, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. ACEI is actively managed, while PJAN is passively managed. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ACEI vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Autocallable Income Strategy ETF (ACEI) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ACEI having a 5.27% return and PJAN slightly higher at 5.32%.

ACEI

• 1D: 0.18%
• 1M: 2.51%
• YTD: 5.27%
• 6M: 6.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.18%
• 1M: 1.81%
• YTD: 5.32%
• 6M: 6.15%
• 1Y: 14.92%
• 3Y*: 13.02%
• 5Y*: 8.96%
• 10Y*: —

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

ACEI vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025
ACEI Innovator Equity Autocallable Income Strategy ETF	5.27%	0.81%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.32%	3.17%

Correlation

The correlation between ACEI and PJAN is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	0.50

Return for Risk

ACEI vs. PJAN — Risk / Return Rank

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

PJAN

PJAN Risk / Return Rank: 81
PJAN Sharpe Ratio Rank: 81
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 89
PJAN Calmar Ratio Rank: 66
PJAN Martin Ratio Rank: 85

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.

ACEI vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Autocallable Income Strategy ETF (ACEI) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ACEI	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.58	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.90	-0.21

Drawdowns

ACEI vs. PJAN - Drawdown Comparison

The maximum ACEI drawdown since its inception was -5.77%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for ACEI and PJAN.

Drawdown Indicators

	ACEI	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-5.77%	-21.25%	+15.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.63%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-0.43%	-0.08%	-0.35%
Average Drawdown Average peak-to-trough decline	-1.86%	-1.73%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.87%	—

Volatility

Volatility by Period

	ACEI	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	5.80%	+7.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	8.93%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	10.60%	+2.66%

ACEI vs. PJAN - Expense Ratio Comparison

Both ACEI and PJAN have an expense ratio of 0.79%.

Dividends

ACEI vs. PJAN - Dividend Comparison

ACEI's dividend yield for the trailing twelve months is around 6.96%, while PJAN has not paid dividends to shareholders.

Position	TTM	2025
ACEI Innovator Equity Autocallable Income Strategy ETF	6.96%	2.11%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACEI and PJAN in my portfolio?

ACEI and PJAN have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACEI or PJAN?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACEI or PJAN?

ACEI and PJAN have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ACEI or PJAN?

ACEI has the higher dividend yield at 6.96%, compared with 0.00% for PJAN.

What is the main difference between ACEI and PJAN?

ACEI is categorized as Derivative Income, while PJAN is Defined Outcome.