AJAN vs. PBJA

Last updated Jun 5, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and PBJA (PGIM US Large-Cap Buffer 20 ETF - January) are both Options Trading funds. Both are actively managed. Over the past year, AJAN returned 6.13% vs 12.88% for PBJA. A 0.75 correlation means they provide meaningful diversification when combined. AJAN charges 0.79%/yr vs 0.50%/yr for PBJA.

Performance

AJAN vs. PBJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and PGIM US Large-Cap Buffer 20 ETF - January (PBJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJAN achieves a 2.03% return, which is significantly lower than PBJA's 4.47% return.

AJAN

• 1D: 0.09%
• 1M: 0.58%
• YTD: 2.03%
• 6M: 2.43%
• 1Y: 6.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBJA

• 1D: 0.13%
• 1M: 1.48%
• YTD: 4.47%
• 6M: 5.19%
• 1Y: 12.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AJAN vs. PBJA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.03%	6.12%	7.78%
PBJA PGIM US Large-Cap Buffer 20 ETF - January	4.47%	10.33%	12.18%

Correlation

The correlation between AJAN and PBJA is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.75

The correlation between AJAN and PBJA has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

AJAN vs. PBJA — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 81
AJAN Sortino Ratio Rank: 89
AJAN Omega Ratio Rank: 91
AJAN Calmar Ratio Rank: 57
AJAN Martin Ratio Rank: 74

PBJA

PBJA Risk / Return Rank: 86
PBJA Sharpe Ratio Rank: 86
PBJA Sortino Ratio Rank: 90
PBJA Omega Ratio Rank: 92
PBJA Calmar Ratio Rank: 73
PBJA Martin Ratio Rank: 89

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.

AJAN vs. PBJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and PGIM US Large-Cap Buffer 20 ETF - January (PBJA). 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.

	AJAN	PBJA	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.80	-0.19
Sortino ratio: Return per unit of downside risk	4.08	4.19	-0.11
Omega ratio: Gain probability vs. loss probability	1.58	1.60	-0.02
Calmar ratio: Return relative to maximum drawdown	2.74	3.61	-0.87
Martin ratio: Return relative to average drawdown	13.81	19.63	-5.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AJAN vs. PBJA - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 2.61, which is comparable to the PBJA Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of AJAN and PBJA, 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

	AJAN	PBJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.80	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	1.77	-0.02

Drawdowns

AJAN vs. PBJA - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum PBJA drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for AJAN and PBJA.

Drawdown Indicators

	AJAN	PBJA	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-8.50%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-3.58%	+1.34%
Current Drawdown Current decline from peak	-0.09%	-0.02%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.55%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.66%	-0.22%

Volatility

AJAN vs. PBJA - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and PGIM US Large-Cap Buffer 20 ETF - January (PBJA) have volatilities of 0.65% and 0.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	PBJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.63%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	3.71%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.36%	4.61%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	6.37%	-2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	6.37%	-2.57%

AJAN vs. PBJA - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is higher than PBJA's 0.50% expense ratio.

Dividends

AJAN vs. PBJA - Dividend Comparison

Neither AJAN nor PBJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AJAN and PBJA in my portfolio?

AJAN and PBJA have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AJAN or PBJA?

AJAN has higher volatility (0.65%) compared to PBJA (0.63%). In terms of maximum drawdown, AJAN dropped -4.11% vs PBJA's -8.50%.

Which ETF is better, AJAN or PBJA?

On 1-year performance, PBJA leads with 12.88% vs 6.13% for AJAN. On fees, PBJA is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJAN or PBJA?

Over the 1-year period, PBJA has performed better with a 12.88% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or PBJA?

PBJA is cheaper with a 0.50% expense ratio, compared with 0.79% for AJAN.

Which ETF pays a higher dividend yield, AJAN or PBJA?

AJAN and PBJA have nearly identical dividend yields, around 0.00%.

What is the main difference between AJAN and PBJA?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for AJAN and 0.50% for PBJA.

Which has better risk-adjusted returns?

PBJA currently has the higher Sharpe Ratio (2.80 vs 2.61), 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.