ACII vs. PJAN

Last updated Jun 4, 2026

ACII (Innovator Index Autocallable Income Strategy ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - ACII 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. ACII is actively managed, while PJAN is passively managed. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

ACII vs. PJAN - Performance Comparison

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

Returns By Period

ACII

• 1D: -0.95%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

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

ACII vs. PJAN - Yearly Performance Comparison

	2026 (YTD)
ACII Innovator Index Autocallable Income Strategy ETF	-1.10%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%

Correlation

The correlation between ACII and PJAN is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

ACII 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: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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.

ACII vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Index Autocallable Income Strategy ETF (ACII) 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

	ACII	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.55	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	-7.55	0.90	-8.45

Drawdowns

ACII vs. PJAN - Drawdown Comparison

The maximum ACII drawdown since its inception was -1.27%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for ACII and PJAN.

Drawdown Indicators

	ACII	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-1.27%	-21.25%	+19.98%
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	-1.27%	-0.26%	-1.01%
Average Drawdown Average peak-to-trough decline	-0.42%	-1.73%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.87%	—

Volatility

Volatility by Period

	ACII	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	5.81%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.65%	8.93%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	10.60%	-2.95%

ACII vs. PJAN - Expense Ratio Comparison

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

Dividends

ACII vs. PJAN - Dividend Comparison

ACII's dividend yield for the trailing twelve months is around 0.74%, while PJAN has not paid dividends to shareholders.

Position	TTM
ACII Innovator Index Autocallable Income Strategy ETF	0.74%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%

Frequently Asked Questions

Can I hold both ACII and PJAN in my portfolio?

With a correlation of 1.00, ACII and PJAN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ACII 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, ACII or PJAN?

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

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

ACII has the higher dividend yield at 0.74%, compared with 0.00% for PJAN.

What is the main difference between ACII and PJAN?

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