BJAN vs. IAUM

Last updated Jun 13, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, BJAN returned 16.36%/yr vs 29.28%/yr for IAUM. At a 0.10 correlation, their price movements are largely independent. BJAN charges 0.79%/yr vs 0.09%/yr for IAUM.

Performance

BJAN vs. IAUM - Performance Comparison

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

Returns By Period

In the year-to-date period, BJAN achieves a 6.13% return, which is significantly higher than IAUM's -2.40% return.

BJAN

• 1D: 0.35%
• 1M: 0.00%
• YTD: 6.13%
• 6M: 7.42%
• 1Y: 19.73%
• 3Y*: 16.36%
• 5Y*: 10.40%
• 10Y*: —

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

BJAN vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BJAN Innovator U.S. Equity Buffer ETF - January	6.13%	14.81%	17.36%	23.66%	-11.40%	4.00%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between BJAN and IAUM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	0.10

The correlation between BJAN and IAUM shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

BJAN vs. IAUM - Sectors Allocation Comparison

Sectors	BJAN	IAUM
Technology	36.2%	-
Financial Services	11.9%	-
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	100.0%
Basic Materials	1.8%	-

Return for Risk

BJAN vs. IAUM — Risk / Return Rank

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

BJAN

BJAN Risk / Return Rank: 81
BJAN Sharpe Ratio Rank: 84
BJAN Sortino Ratio Rank: 85
BJAN Omega Ratio Rank: 86
BJAN Calmar Ratio Rank: 68
BJAN Martin Ratio Rank: 84

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	2.39	0.90	+1.49
Sortino ratio: Return per unit of downside risk	3.32	1.26	+2.06
Omega ratio: Gain probability vs. loss probability	1.46	1.19	+0.28
Calmar ratio: Return relative to maximum drawdown	3.00	1.00	+2.00
Martin ratio: Return relative to average drawdown	14.94	2.87	+12.07

BJAN vs. IAUM - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 2.39, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BJAN and IAUM, 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. IAUM - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for BJAN and IAUM.

Drawdown Indicators

	BJAN	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-24.37%	-2.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-24.37%	+18.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-24.37%	+10.56%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	—	—
Current Drawdown Current decline from peak	-1.06%	-21.99%	+20.93%
Average Drawdown Average peak-to-trough decline	-2.90%	-5.38%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	8.46%	-7.20%

Volatility

BJAN vs. IAUM - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - January (BJAN) is 2.23%, while iShares Gold Trust Micro (IAUM) has a volatility of 7.71%. This indicates that BJAN experiences smaller price fluctuations and is considered to be less risky than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJAN	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	7.71%	-5.48%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	23.82%	-17.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	27.06%	-19.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	18.05%	-6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	18.05%	-3.99%

BJAN vs. IAUM - Expense Ratio Comparison

BJAN has a 0.79% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

BJAN vs. IAUM - Dividend Comparison

Neither BJAN nor IAUM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BJAN Innovator U.S. Equity Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.66%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BJAN and IAUM in my portfolio?

BJAN and IAUM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BJAN or IAUM?

IAUM has higher volatility (7.71%) compared to BJAN (2.23%). In terms of maximum drawdown, BJAN dropped -26.86% vs IAUM's -24.37%.

Which ETF is better, BJAN or IAUM?

On 3-year performance, IAUM leads with 29.28% vs 16.36% for BJAN. On fees, IAUM is cheaper at 0.09% per year. On volatility, BJAN has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJAN or IAUM?

Over the 3-year period, IAUM has performed better with a 29.28% return vs 16.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.79% for BJAN.

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

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

What is the main difference between BJAN and IAUM?

BJAN is categorized as Defined Outcome, while IAUM is Gold. BJAN tracks S&P 500, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for BJAN and 0.09% for IAUM.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.39 vs 0.90), 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.