BJAN vs. WNTR

Last updated Jul 12, 2026

BJAN (Innovator U.S. Equity Buffer ETF - January) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while WNTR is a Derivative Income fund actively managed by YieldMax. BJAN is passively managed, while WNTR is actively managed. Over the past year, BJAN returned 17.36% vs 116.49% for WNTR. At a correlation of -0.47, they often move in opposite directions. BJAN charges 0.79%/yr vs 1.01%/yr for WNTR.

Performance

BJAN vs. WNTR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BJAN having a 7.74% return and WNTR slightly higher at 8.06%.

BJAN

• 1D: 0.30%
• 1M: 1.51%
• 6M: 6.49%
• YTD: 7.74%
• 1Y: 17.36%
• 3Y*: 16.34%
• 5Y*: 10.47%
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BJAN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BJAN Innovator U.S. Equity Buffer ETF - January	7.74%	16.74%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between BJAN and WNTR is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.47

Return for Risk

BJAN vs. WNTR — Risk / Return Rank

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

BJAN

BJAN Risk / Return Rank: 82
BJAN Sharpe Ratio Rank: 84
BJAN Sortino Ratio Rank: 85
BJAN Omega Ratio Rank: 86
BJAN Calmar Ratio Rank: 69
BJAN Martin Ratio Rank: 84

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.06	+0.08
Sortino ratio: Return per unit of downside risk	3.03	2.34	+0.69
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	2.74	2.60	+0.14
Martin ratio: Return relative to average drawdown	13.47	6.69	+6.78

BJAN vs. WNTR - Sharpe Ratio Comparison

The current BJAN Sharpe Ratio is 2.14, which is comparable to the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of BJAN and WNTR, 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. WNTR - Drawdown Comparison

The maximum BJAN drawdown since its inception was -26.86%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BJAN and WNTR.

Drawdown Indicators

	BJAN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-42.65%	+15.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-42.65%	+36.38%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	—	—
Current Drawdown Current decline from peak	0.00%	-11.84%	+11.84%
Average Drawdown Average peak-to-trough decline	-2.88%	-20.57%	+17.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	16.58%	-15.31%

Volatility

BJAN vs. WNTR - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - January (BJAN) is 2.82%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that BJAN experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJAN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	18.80%	-15.98%
Volatility (6M) Calculated over the trailing 6-month period	6.67%	47.57%	-40.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	53.81%	-45.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	53.62%	-41.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.02%	53.62%	-39.60%

BJAN vs. WNTR - Expense Ratio Comparison

BJAN has a 0.79% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

BJAN vs. WNTR - Dividend Comparison

BJAN has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 104.11%.

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%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BJAN and WNTR in my portfolio?

BJAN and WNTR have a correlation of -0.43, 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 WNTR?

WNTR has higher volatility (18.80%) compared to BJAN (2.82%). In terms of maximum drawdown, BJAN dropped -26.86% vs WNTR's -42.65%.

Which ETF is better, BJAN or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 17.36% for BJAN. On fees, BJAN is cheaper at 0.79% per year. On volatility, BJAN has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJAN or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 17.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJAN or WNTR?

BJAN is cheaper with a 0.79% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.00% for BJAN.

What is the main difference between BJAN and WNTR?

BJAN is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for BJAN and 1.01% for WNTR.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.14 vs 2.06), 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.