BJAN vs. JEPI

Last updated Jun 25, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while JEPI is a Dividend fund actively managed by JPMorgan. BJAN is passively managed, while JEPI is actively managed. Over the past 5 years, BJAN returned 10.23%/yr vs 7.28%/yr for JEPI. A 0.76 correlation means they provide meaningful diversification when combined. BJAN charges 0.79%/yr vs 0.35%/yr for JEPI.

Performance

BJAN vs. JEPI - Performance Comparison

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

Returns By Period

In the year-to-date period, BJAN achieves a 5.78% return, which is significantly higher than JEPI's 1.33% return.

BJAN

• 1D: -0.16%
• 1M: -0.41%
• YTD: 5.78%
• 6M: 5.97%
• 1Y: 17.46%
• 3Y*: 16.27%
• 5Y*: 10.23%
• 10Y*: —

JEPI

• 1D: 0.41%
• 1M: 0.22%
• YTD: 1.33%
• 6M: 0.79%
• 1Y: 7.37%
• 3Y*: 9.13%
• 5Y*: 7.28%
• 10Y*: —

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

BJAN vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BJAN Innovator U.S. Equity Buffer ETF - January	5.78%	14.81%	17.36%	23.66%	-11.40%	13.86%	18.95%
JEPI JPMorgan Equity Premium Income ETF	1.33%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between BJAN and JEPI is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.76

The correlation between BJAN and JEPI shifts across timeframes, from 0.60 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

BJAN vs. JEPI - Sectors Allocation Comparison

Sectors	BJAN	JEPI
Technology	38.4%	15.3%
Financial Services	11.0%	7.2%
Communication Services	10.8%	6.3%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	11.6%
Industrials	7.9%	9.7%
Consumer Defensive	4.6%	7.8%
Energy	3.2%	2.5%
Utilities	2.1%	4.7%
Real Estate	1.8%	2.7%
Basic Materials	1.7%	1.7%

Return for Risk

BJAN vs. JEPI — 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: 79
BJAN Omega Ratio Rank: 82
BJAN Calmar Ratio Rank: 64
BJAN Martin Ratio Rank: 79

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 28
JEPI Sortino Ratio Rank: 27
JEPI Omega Ratio Rank: 26
JEPI Calmar Ratio Rank: 25
JEPI Martin Ratio Rank: 26

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. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and JPMorgan Equity Premium Income ETF (JEPI). 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	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.23	0.93	+1.30
Sortino ratio: Return per unit of downside risk	3.10	1.38	+1.72
Omega ratio: Gain probability vs. loss probability	1.43	1.17	+0.26
Calmar ratio: Return relative to maximum drawdown	2.80	1.11	+1.69
Martin ratio: Return relative to average drawdown	13.87	3.25	+10.62

BJAN vs. JEPI - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 2.23, which is higher than the JEPI Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of BJAN and JEPI, 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. JEPI - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for BJAN and JEPI.

Drawdown Indicators

	BJAN	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-13.71%	-13.15%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-6.68%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-13.26%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	-13.71%	-3.67%
Current Drawdown Current decline from peak	-1.38%	-3.71%	+2.33%
Average Drawdown Average peak-to-trough decline	-2.89%	-2.13%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	2.27%	-1.01%

Volatility

BJAN vs. JEPI - Volatility Comparison

Innovator U.S. Equity Buffer ETF - January (BJAN) has a higher volatility of 2.62% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that BJAN's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJAN	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.38%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	6.45%	6.30%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.91%	8.02%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.02%	11.08%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.05%	10.78%	+3.27%

BJAN vs. JEPI - Expense Ratio Comparison

BJAN has a 0.79% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

BJAN vs. JEPI - Dividend Comparison

BJAN has not paid dividends to shareholders, while JEPI's dividend yield for the trailing twelve months is around 8.18%.

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%
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%

Frequently Asked Questions

Can I hold both BJAN and JEPI in my portfolio?

BJAN and JEPI have a correlation of 0.60, 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 JEPI?

BJAN has higher volatility (2.62%) compared to JEPI (2.38%). In terms of maximum drawdown, BJAN dropped -26.86% vs JEPI's -13.71%.

Which ETF is better, BJAN or JEPI?

On 5-year performance, BJAN leads with 10.23% vs 7.28% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJAN or JEPI?

Over the 5-year period, BJAN has performed better with a 10.23% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.79% for BJAN.

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

JEPI has the higher dividend yield at 8.18%, compared with 0.00% for BJAN.

What is the main difference between BJAN and JEPI?

BJAN is categorized as Defined Outcome, while JEPI is Dividend. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for BJAN and 0.35% for JEPI.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.23 vs 0.93), 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.