AJAN vs. PJAN

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and Innovator U.S. Equity Power Buffer ETF - January (PJAN).

AJAN and PJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023. PJAN is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect January Series Index. It was launched on Jan 2, 2019.

Performance

AJAN vs. PJAN - 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 Innovator U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

AJAN vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	-0.63%	6.12%	7.78%
PJAN Innovator U.S. Equity Power Buffer ETF - January	-1.66%	11.29%	13.70%

Returns By Period

In the year-to-date period, AJAN achieves a -0.63% return, which is significantly higher than PJAN's -1.66% return.

AJAN

• 1D: 0.11%
• 1M: -1.26%
• YTD: -0.63%
• 6M: 0.58%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.24%
• 1M: -2.16%
• YTD: -1.66%
• 6M: 0.95%
• 1Y: 11.31%
• 3Y*: 11.66%
• 5Y*: 7.86%
• 10Y*: —

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

AJAN vs. PJAN - Expense Ratio Comparison

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

AJAN

Innovator Equity Defined Protection ETF - 2 Yr To January 2026

PJAN

Innovator U.S. Equity Power Buffer ETF - January

Return for Risk

AJAN vs. PJAN — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 68
AJAN Sharpe Ratio Rank: 63
AJAN Sortino Ratio Rank: 67
AJAN Omega Ratio Rank: 83
AJAN Calmar Ratio Rank: 55
AJAN Martin Ratio Rank: 73

PJAN

PJAN Risk / Return Rank: 67
PJAN Sharpe Ratio Rank: 62
PJAN Sortino Ratio Rank: 66
PJAN Omega Ratio Rank: 75
PJAN Calmar Ratio Rank: 58
PJAN Martin Ratio Rank: 75

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. PJAN - 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 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.

	AJAN	PJAN	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.15	+0.03
Sortino ratio Return per unit of downside risk	1.77	1.74	+0.03
Omega ratio Gain probability vs. loss probability	1.34	1.29	+0.04
Calmar ratio Return relative to maximum drawdown	1.56	1.57	0.00
Martin ratio Return relative to average drawdown	8.34	8.42	-0.08
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. PJAN - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 1.18, which is comparable to the PJAN Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of AJAN and PJAN, 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

	AJAN	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.15	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	0.82	+0.71

Correlation

The correlation between AJAN and PJAN is 0.74, 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

AJAN vs. PJAN - Dividend Comparison

Neither AJAN nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

AJAN vs. PJAN - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for AJAN and PJAN.

Drawdown Indicators

	AJAN	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-21.25%	+17.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.34%	-7.35%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-1.46%	-2.71%	+1.25%
Average Drawdown Average peak-to-trough decline	-0.30%	-1.76%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.37%	-0.74%

Volatility

AJAN vs. PJAN - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 1.38%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 3.24%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	3.24%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	4.60%	-2.88%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	9.87%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	8.91%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	10.69%	-6.83%