BJAN vs. BFEB

Last updated Jun 24, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and BFEB (Innovator S&P 500 Buffer ETF - February) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while BFEB is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index February Series. Both are passively managed. Over the past 5 years, BJAN returned 10.30%/yr vs 11.29%/yr for BFEB. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BJAN vs. BFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - January (BJAN) and Innovator S&P 500 Buffer ETF - February (BFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BJAN achieves a 5.95% return, which is significantly lower than BFEB's 7.13% return.

BJAN

• 1D: -0.78%
• 1M: -0.25%
• YTD: 5.95%
• 6M: 6.25%
• 1Y: 18.60%
• 3Y*: 16.33%
• 5Y*: 10.30%
• 10Y*: —

BFEB

• 1D: -0.71%
• 1M: -0.31%
• YTD: 7.13%
• 6M: 6.83%
• 1Y: 19.04%
• 3Y*: 15.76%
• 5Y*: 11.29%
• 10Y*: —

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

BJAN vs. BFEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BJAN Innovator U.S. Equity Buffer ETF - January	5.95%	14.81%	17.36%	23.66%	-11.40%	13.86%	12.50%
BFEB Innovator S&P 500 Buffer ETF - February	7.13%	12.99%	17.58%	22.35%	-6.76%	18.05%	6.01%

Correlation

The correlation between BJAN and BFEB is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020	0.94

The correlation between BJAN and BFEB has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

BJAN vs. BFEB — Risk / Return Rank

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

BJAN

BJAN Risk / Return Rank: 77
BJAN Sharpe Ratio Rank: 79
BJAN Sortino Ratio Rank: 80
BJAN Omega Ratio Rank: 83
BJAN Calmar Ratio Rank: 64
BJAN Martin Ratio Rank: 80

BFEB

BFEB Risk / Return Rank: 77
BFEB Sharpe Ratio Rank: 78
BFEB Sortino Ratio Rank: 79
BFEB Omega Ratio Rank: 81
BFEB Calmar Ratio Rank: 65
BFEB Martin Ratio Rank: 81

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.

BJAN vs. BFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and Innovator S&P 500 Buffer ETF - February (BFEB). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BJAN	BFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.30	+0.06
Sortino ratio: Return per unit of downside risk	3.29	3.25	+0.04
Omega ratio: Gain probability vs. loss probability	1.46	1.44	+0.02
Calmar ratio: Return relative to maximum drawdown	2.98	2.98	0.00
Martin ratio: Return relative to average drawdown	14.81	14.92	-0.11

BJAN vs. BFEB - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 2.36, which is comparable to the BFEB Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of BJAN and BFEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BJAN vs. BFEB - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, roughly equal to the maximum BFEB drawdown of -27.20%. Use the drawdown chart below to compare losses from any high point for BJAN and BFEB.

Drawdown Indicators

	BJAN	BFEB	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-27.20%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-6.41%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-13.82%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	-14.84%	-2.54%
Current Drawdown Current decline from peak	-1.23%	-1.31%	+0.08%
Average Drawdown Average peak-to-trough decline	-2.89%	-2.77%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.28%	-0.02%

Volatility

BJAN vs. BFEB - Volatility Comparison

Innovator U.S. Equity Buffer ETF - January (BJAN) and Innovator S&P 500 Buffer ETF - February (BFEB) have volatilities of 2.62% and 2.70%, 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

	BJAN	BFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.70%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	6.75%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.94%	8.34%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.02%	11.43%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.05%	14.25%	-0.20%

BJAN vs. BFEB - Expense Ratio Comparison

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

Dividends

BJAN vs. BFEB - Dividend Comparison

Neither BJAN nor BFEB has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BFEB Innovator S&P 500 Buffer ETF - February	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 BJAN and BFEB in my portfolio?

With a correlation of 0.97, BJAN and BFEB 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, BJAN or BFEB?

BFEB has higher volatility (2.70%) compared to BJAN (2.62%). In terms of maximum drawdown, BJAN dropped -26.86% vs BFEB's -27.20%.

Which ETF is better, BJAN or BFEB?

On 5-year performance, BFEB leads with 11.29% vs 10.30% for BJAN. Both ETFs have the same 0.79% expense ratio. 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, BJAN or BFEB?

Over the 5-year period, BFEB has performed better with a 11.29% return vs 10.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or BFEB?

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

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

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

What is the main difference between BJAN and BFEB?

BJAN is categorized as Defined Outcome, while BFEB is Options Trading. BJAN tracks S&P 500, while BFEB tracks Cboe S&P 500 Buffer Protect Index February Series.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.36 vs 2.30), 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.