BJAN vs. JANW

Last updated Jun 13, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while JANW is a Options Trading fund actively managed by Allianz. BJAN is passively managed, while JANW is actively managed. Over the past 5 years, BJAN returned 10.40%/yr vs 8.08%/yr for JANW. Their correlation of 0.90 suggests significant overlap in exposure. BJAN charges 0.79%/yr vs 0.74%/yr for JANW.

Performance

BJAN vs. JANW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - January (BJAN) and AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW). 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 JANW's 4.00% return.

BJAN

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

JANW

• 1D: 0.18%
• 1M: 0.23%
• YTD: 4.00%
• 6M: 4.45%
• 1Y: 12.31%
• 3Y*: 10.44%
• 5Y*: 8.08%
• 10Y*: —

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

BJAN vs. JANW - 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%	13.86%
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	4.00%	10.05%	10.99%	14.56%	-0.60%	6.31%

Correlation

The correlation between BJAN and JANW is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.90

The correlation between BJAN and JANW has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

BJAN vs. JANW - Sectors Allocation Comparison

Sectors	BJAN	JANW
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

BJAN vs. JANW — 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

JANW

JANW Risk / Return Rank: 86
JANW Sharpe Ratio Rank: 87
JANW Sortino Ratio Rank: 90
JANW Omega Ratio Rank: 91
JANW Calmar Ratio Rank: 72
JANW Martin Ratio Rank: 89

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. JANW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW). 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	JANW	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.50	-0.12
Sortino ratio: Return per unit of downside risk	3.32	3.71	-0.38
Omega ratio: Gain probability vs. loss probability	1.46	1.54	-0.07
Calmar ratio: Return relative to maximum drawdown	3.00	3.23	-0.23
Martin ratio: Return relative to average drawdown	14.94	17.55	-2.61

BJAN vs. JANW - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 2.39, which is comparable to the JANW Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of BJAN and JANW, 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. JANW - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, which is greater than JANW's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for BJAN and JANW.

Drawdown Indicators

	BJAN	JANW	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-9.69%	-17.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-3.65%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-8.66%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	-9.69%	-7.69%
Current Drawdown Current decline from peak	-1.06%	-0.54%	-0.52%
Average Drawdown Average peak-to-trough decline	-2.90%	-1.23%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	0.67%	+0.59%

Volatility

BJAN vs. JANW - Volatility Comparison

Innovator U.S. Equity Buffer ETF - January (BJAN) has a higher volatility of 2.23% compared to AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) at 1.31%. This indicates that BJAN's price experiences larger fluctuations and is considered to be riskier than JANW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJAN	JANW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	1.31%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	3.83%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	4.71%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	6.79%	+5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	6.67%	+7.39%

BJAN vs. JANW - Expense Ratio Comparison

BJAN has a 0.79% expense ratio, which is higher than JANW's 0.74% expense ratio.

Dividends

BJAN vs. JANW - Dividend Comparison

Neither BJAN nor JANW 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%
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	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 JANW in my portfolio?

With a correlation of 0.93, BJAN and JANW 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 JANW?

BJAN has higher volatility (2.23%) compared to JANW (1.31%). In terms of maximum drawdown, BJAN dropped -26.86% vs JANW's -9.69%.

Which ETF is better, BJAN or JANW?

On 5-year performance, BJAN leads with 10.40% vs 8.08% for JANW. On fees, JANW is cheaper at 0.74% per year. On volatility, JANW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJAN or JANW?

Over the 5-year period, BJAN has performed better with a 10.40% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or JANW?

JANW is cheaper with a 0.74% expense ratio, compared with 0.79% for BJAN.

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

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

What is the main difference between BJAN and JANW?

BJAN is categorized as Defined Outcome, while JANW is Options Trading. They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for BJAN and 0.74% for JANW.

Which has better risk-adjusted returns?

JANW currently has the higher Sharpe Ratio (2.50 vs 2.39), 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.