BDEC vs. BJAN

Last updated Jun 9, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and BJAN (Innovator U.S. Equity Buffer ETF - January) are both Defined Outcome funds from Innovator - BDEC tracks the Cboe S&P 500 Buffer Protect Index December while BJAN tracks the S&P 500. Both are passively managed. Over the past 5 years, BDEC returned 9.81%/yr vs 10.36%/yr for BJAN. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BDEC vs. BJAN - Performance Comparison

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

Returns By Period

In the year-to-date period, BDEC achieves a 6.04% return, which is significantly higher than BJAN's 5.69% return.

BDEC

• 1D: -0.19%
• 1M: 0.22%
• YTD: 6.04%
• 6M: 6.42%
• 1Y: 19.35%
• 3Y*: 14.37%
• 5Y*: 9.81%
• 10Y*: —

BJAN

• 1D: -0.23%
• 1M: 0.24%
• YTD: 5.69%
• 6M: 7.09%
• 1Y: 18.63%
• 3Y*: 16.61%
• 5Y*: 10.36%
• 10Y*: —

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

BDEC vs. BJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDEC Innovator U.S. Equity Buffer ETF - December	6.04%	14.96%	12.71%	19.86%	-9.42%	15.45%	13.39%	1.55%
BJAN Innovator U.S. Equity Buffer ETF - January	5.69%	14.81%	17.36%	23.66%	-11.40%	13.86%	12.54%	0.82%

Correlation

The correlation between BDEC and BJAN is 0.96 - 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 (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019	0.94

The correlation between BDEC and BJAN has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

BDEC vs. BJAN - Sectors Allocation Comparison

Sectors	BDEC	BJAN
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BDEC vs. BJAN — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 77
BDEC Sharpe Ratio Rank: 77
BDEC Sortino Ratio Rank: 78
BDEC Omega Ratio Rank: 80
BDEC Calmar Ratio Rank: 67
BDEC Martin Ratio Rank: 81

BJAN

BJAN Risk / Return Rank: 82
BJAN Sharpe Ratio Rank: 85
BJAN Sortino Ratio Rank: 85
BJAN Omega Ratio Rank: 87
BJAN Calmar Ratio Rank: 68
BJAN Martin Ratio Rank: 84

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.

BDEC vs. BJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator U.S. Equity Buffer ETF - January (BJAN). 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.

	BDEC	BJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.41	-0.21
Sortino ratio: Return per unit of downside risk	3.07	3.35	-0.28
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	2.98	2.99	0.00
Martin ratio: Return relative to average drawdown	14.17	15.01	-0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDEC vs. BJAN - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 2.19, which is comparable to the BJAN Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of BDEC and BJAN, 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

	BDEC	BJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.41	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.87	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.91	-0.13

Drawdowns

BDEC vs. BJAN - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, roughly equal to the maximum BJAN drawdown of -26.86%. Use the drawdown chart below to compare losses from any high point for BDEC and BJAN.

Drawdown Indicators

	BDEC	BJAN	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-26.86%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-6.27%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-13.81%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	-17.38%	+0.94%
Current Drawdown Current decline from peak	-1.59%	-1.47%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.05%	-2.90%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	1.24%	+0.13%

Volatility

BDEC vs. BJAN - Volatility Comparison

Innovator U.S. Equity Buffer ETF - December (BDEC) has a higher volatility of 1.94% compared to Innovator U.S. Equity Buffer ETF - January (BJAN) at 1.84%. This indicates that BDEC's price experiences larger fluctuations and is considered to be riskier than BJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	BJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	1.84%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	6.52%	6.23%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	7.78%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.98%	11.99%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.26%	14.06%	+0.20%

BDEC vs. BJAN - Expense Ratio Comparison

Both BDEC and BJAN have an expense ratio of 0.79%.

Dividends

BDEC vs. BJAN - Dividend Comparison

Neither BDEC nor BJAN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BDEC Innovator U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BJAN Innovator U.S. Equity Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.66%

Frequently Asked Questions

Can I hold both BDEC and BJAN in my portfolio?

With a correlation of 0.96, BDEC and BJAN 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 is riskier, BDEC or BJAN?

BDEC has higher volatility (1.94%) compared to BJAN (1.84%). In terms of maximum drawdown, BDEC dropped -25.60% vs BJAN's -26.86%.

Which ETF is better, BDEC or BJAN?

On 5-year performance, BJAN leads with 10.36% vs 9.81% for BDEC. Both ETFs have the same 0.79% expense ratio. On volatility, BJAN has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDEC or BJAN?

Over the 5-year period, BJAN has performed better with a 10.36% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDEC or BJAN?

BDEC and BJAN have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BDEC or BJAN?

BDEC and BJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between BDEC and BJAN?

BDEC tracks Cboe S&P 500 Buffer Protect Index December, while BJAN tracks S&P 500.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.40 vs 2.19), 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.