BJAN vs. SPY

Last updated Aug 2, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, BJAN returned 10.46%/yr vs 12.76%/yr for SPY. Their correlation of 0.95 means they have usually moved in the same direction. BJAN charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

BJAN vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, BJAN achieves a 7.70% return, which is significantly lower than SPY's 10.13% return.

BJAN

• 1D: 0.59%
• 1M: 0.81%
• 6M: 6.66%
• YTD: 7.70%
• 1Y: 17.36%
• 3Y*: 15.50%
• 5Y*: 10.46%
• 10Y*: —
• ALL TIME*: 12.81%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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	$368.63K	$3.17M	$1.67M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

BJAN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BJAN Innovator U.S. Equity Buffer ETF - January	7.70%	14.81%	17.36%	23.66%	-11.40%	13.86%	12.54%	22.27%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%

Correlation

The correlation between BJAN and SPY is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.95

The correlation between BJAN and SPY has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

BJAN vs. SPY - Sectors Allocation Comparison

Sectors	BJAN	SPY
Technology	37.9%	36.9%
Financial Services	11.7%	12.5%
Communication Services	10.0%	9.7%
Consumer Cyclical	9.6%	8.9%
Healthcare	9.1%	9.4%
Industrials	8.4%	7.6%
Consumer Defensive	4.6%	4.8%
Energy	3.0%	3.4%
Utilities	2.3%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.7%	1.9%

Return for Risk

BJAN vs. SPY — Risk / Return Rank

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

BJAN

BJAN Risk / Return Rank: 83
BJAN Sharpe Ratio Rank: 84
BJAN Sortino Ratio Rank: 84
BJAN Omega Ratio Rank: 85
BJAN Calmar Ratio Rank: 74
BJAN Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.52	+0.44
Sortino ratio: Return per unit of downside risk	2.77	2.11	+0.66
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	2.58	2.20	+0.38
Martin ratio: Return relative to average drawdown	12.59	9.40	+3.19

BJAN vs. SPY - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 1.96, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of BJAN and SPY, 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. SPY - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BJAN and SPY.

Drawdown Indicators

	BJAN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-55.19%	+28.33%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-8.88%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-18.76%	+4.95%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	-24.50%	+7.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.09%	-1.40%	+1.31%
Average Drawdown Average peak-to-trough decline	-2.86%	-9.01%	+6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	2.08%	-0.80%

Volatility

BJAN vs. SPY - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - January (BJAN) is 2.25%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that BJAN experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJAN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.58%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	6.76%	10.14%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	12.89%	-4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.05%	17.18%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	17.95%	-3.96%

BJAN vs. SPY - Expense Ratio Comparison

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

Dividends

BJAN vs. SPY - Dividend Comparison

BJAN has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BJAN Innovator U.S. Equity Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.66%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BJAN and SPY in my portfolio?

With a correlation of 0.97, BJAN and SPY 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 SPY?

SPY has higher volatility (3.58%) compared to BJAN (2.25%). In terms of maximum drawdown, BJAN dropped -26.86% vs SPY's -55.19%.

Which ETF is better, BJAN or SPY?

On 5-year performance, SPY leads with 12.76% vs 10.46% for BJAN. On fees, SPY is cheaper at 0.09% per year. On volatility, BJAN has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJAN or SPY?

Over the 5-year period, SPY has performed better with a 12.76% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or SPY?

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

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for BJAN.

What is the main difference between BJAN and SPY?

BJAN is categorized as Defined Outcome, while SPY is S&P 500. BJAN tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for BJAN and 0.09% for SPY.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (1.96 vs 1.52), 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.