BJAN vs. PJAN

Last updated Aug 5, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator - BJAN tracks the S&P 500 while PJAN tracks the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, BJAN returned 10.69%/yr vs 9.01%/yr for PJAN. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BJAN vs. PJAN - 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 U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BJAN achieves a 9.23% return, which is significantly higher than PJAN's 7.00% return.

BJAN

• 1D: 0.77%
• 1M: 2.23%
• 6M: 8.43%
• YTD: 9.23%
• 1Y: 17.73%
• 3Y*: 16.61%
• 5Y*: 10.69%
• 10Y*: —
• ALL TIME*: 13.00%

PJAN

• 1D: 0.42%
• 1M: 1.51%
• 6M: 6.37%
• YTD: 7.00%
• 1Y: 12.75%
• 3Y*: 12.58%
• 5Y*: 9.01%
• 10Y*: —
• ALL TIME*: 9.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BJAN Innovator U.S. Equity Buffer ETF - January	$329.35K	$3.03M	$1.68M
PJAN Innovator U.S. Equity Power Buffer ETF - January	$3.65M	$4.06M	$3.99M

BJAN vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BJAN Innovator U.S. Equity Buffer ETF - January	9.23%	14.81%	17.36%	23.66%	-11.40%	13.86%	12.54%	22.27%
PJAN Innovator U.S. Equity Power Buffer ETF - January	7.00%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	12.97%

Correlation

The correlation between BJAN and PJAN is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.91

The correlation between BJAN and PJAN has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

BJAN vs. PJAN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BJAN

BJAN Risk / Return Rank: 83
BJAN Sharpe Ratio Rank: 85
BJAN Sortino Ratio Rank: 84
BJAN Omega Ratio Rank: 87
BJAN Calmar Ratio Rank: 72
BJAN Martin Ratio Rank: 86

PJAN

PJAN Risk / Return Rank: 84
PJAN Sharpe Ratio Rank: 85
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 90
PJAN Calmar Ratio Rank: 71
PJAN Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BJAN vs. PJAN - 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 U.S. Equity Power Buffer ETF - January (PJAN). 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	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.18	+0.01
Sortino ratio: Return per unit of downside risk	3.08	3.18	-0.11
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.03
Calmar ratio: Return relative to maximum drawdown	2.84	2.77	+0.07
Martin ratio: Return relative to average drawdown	13.87	14.40	-0.53

BJAN vs. PJAN - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 2.19, which is comparable to the PJAN Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of BJAN and PJAN, 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. PJAN - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for BJAN and PJAN.

Drawdown Indicators

	BJAN	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-21.25%	-5.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-4.63%	-1.64%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-10.49%	-3.32%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	-11.93%	-5.45%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.86%	-1.70%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.89%	+0.39%

Volatility

BJAN vs. PJAN - Volatility Comparison

Innovator U.S. Equity Buffer ETF - January (BJAN) has a higher volatility of 2.38% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.66%. This indicates that BJAN's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJAN	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	1.66%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	6.80%	5.03%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	5.95%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.06%	8.97%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	10.52%	+3.46%

BJAN vs. PJAN - Expense Ratio Comparison

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

Dividends

BJAN vs. PJAN - Dividend Comparison

Neither BJAN nor PJAN 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%
PJAN Innovator U.S. Equity Power Buffer ETF - January	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 PJAN in my portfolio?

With a correlation of 0.94, BJAN and PJAN 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 PJAN?

BJAN has higher volatility (2.38%) compared to PJAN (1.66%). In terms of maximum drawdown, BJAN dropped -26.86% vs PJAN's -21.25%.

Which ETF is better, BJAN or PJAN?

On 5-year performance, BJAN leads with 10.69% vs 9.01% for PJAN. Both ETFs have the same 0.79% expense ratio. On volatility, PJAN has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJAN or PJAN?

Over the 5-year period, BJAN has performed better with a 10.69% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or PJAN?

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

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

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

What is the main difference between BJAN and PJAN?

BJAN tracks S&P 500, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.19 vs 2.18), 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.