BDEC vs. JANB

Last updated Jun 3, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. BDEC is passively managed, while JANB is actively managed. With a 0.96 correlation, they move nearly in lockstep. BDEC charges 0.79%/yr vs 0.25%/yr for JANB.

Performance

BDEC vs. JANB - Performance Comparison

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

Returns By Period

In the year-to-date period, BDEC achieves a 7.75% return, which is significantly higher than JANB's 6.32% return.

BDEC

• 1D: 0.09%
• 1M: 3.25%
• YTD: 7.75%
• 6M: 8.29%
• 1Y: 22.49%
• 3Y*: 15.10%
• 5Y*: 10.32%
• 10Y*: —

JANB

• 1D: 0.07%
• 1M: 2.33%
• YTD: 6.32%
• 6M: 7.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDEC vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
BDEC Innovator U.S. Equity Buffer ETF - December	7.75%	3.76%
JANB Aptus January Buffer ETF	6.32%	2.69%

Correlation

The correlation between BDEC and JANB 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 (All Time) Calculated using the full available price history since Oct 15, 2025	0.96

Return for Risk

BDEC vs. JANB — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 78
BDEC Sharpe Ratio Rank: 78
BDEC Sortino Ratio Rank: 79
BDEC Omega Ratio Rank: 81
BDEC Calmar Ratio Rank: 69
BDEC Martin Ratio Rank: 82

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. JANB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and Aptus January Buffer ETF (JANB). 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	JANB	Difference
Sharpe ratio Return per unit of total volatility	2.58	—	—
Sortino ratio Return per unit of downside risk	3.62	—	—
Omega ratio Gain probability vs. loss probability	1.49	—	—
Calmar ratio Return relative to maximum drawdown	3.49	—	—
Martin ratio Return relative to average drawdown	16.74	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BDEC	JANB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	2.03	-1.22

Drawdowns

BDEC vs. JANB - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, which is greater than JANB's maximum drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for BDEC and JANB.

Drawdown Indicators

	BDEC	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-6.52%	-19.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.05%	-1.15%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	—	—

Volatility

Volatility by Period

	BDEC	JANB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.77%	7.43%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	7.43%	+4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	7.43%	+6.84%

BDEC vs. JANB - Expense Ratio Comparison

BDEC has a 0.79% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

BDEC vs. JANB - Dividend Comparison

Neither BDEC nor JANB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BDEC and JANB in my portfolio?

With a correlation of 0.96, BDEC and JANB 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, BDEC or JANB?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BDEC or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.79% for BDEC.

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

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

What is the main difference between BDEC and JANB?

They also come from different issuers: Innovator and Aptus Capital Advisors. Their fees differ too: 0.79% for BDEC and 0.25% for JANB.