BNOV vs. BJAN

Last updated Aug 2, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and BJAN (Innovator U.S. Equity Buffer ETF - January) are both Defined Outcome funds from Innovator - BNOV tracks the S&P 500 Price Return Index while BJAN tracks the S&P 500. Both are passively managed. Over the past 5 years, BNOV returned 8.60%/yr vs 10.46%/yr for BJAN. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BNOV vs. BJAN - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BNOV having a 8.04% return and BJAN slightly lower at 7.70%.

BNOV

• 1D: 0.78%
• 1M: 0.65%
• 6M: 7.01%
• YTD: 8.04%
• 1Y: 15.79%
• 3Y*: 11.26%
• 5Y*: 8.60%
• 10Y*: —
• ALL TIME*: 9.78%

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%

*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
BNOV Innovator U.S. Equity Buffer ETF - November	$493.09K	$442.48K	$1.23M

BNOV vs. BJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BNOV Innovator U.S. Equity Buffer ETF - November	8.04%	13.23%	12.49%	17.24%	-9.63%	10.61%	11.82%	4.07%
BJAN Innovator U.S. Equity Buffer ETF - January	7.70%	14.81%	17.36%	23.66%	-11.40%	13.86%	12.54%	2.68%

Correlation

The correlation between BNOV and BJAN is 0.95 - 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.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.92

The correlation between BNOV and BJAN has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

BNOV vs. BJAN - Sectors Allocation Comparison

Sectors	BNOV	BJAN
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

BNOV vs. BJAN — Risk / Return Rank

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

BNOV

BNOV Risk / Return Rank: 71
BNOV Sharpe Ratio Rank: 70
BNOV Sortino Ratio Rank: 72
BNOV Omega Ratio Rank: 73
BNOV Calmar Ratio Rank: 64
BNOV Martin Ratio Rank: 78

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

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.

BNOV vs. BJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - November (BNOV) and Innovator U.S. Equity Buffer ETF - January (BJAN). 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.

	BNOV	BJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.96	-0.35
Sortino ratio: Return per unit of downside risk	2.32	2.77	-0.45
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	2.23	2.58	-0.35
Martin ratio: Return relative to average drawdown	10.01	12.59	-2.59

BNOV vs. BJAN - Sharpe Ratio Comparison

The current BNOV Sharpe Ratio is 1.61, which is comparable to the BJAN Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of BNOV and BJAN, 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

BNOV vs. BJAN - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, smaller than the maximum BJAN drawdown of -26.86%. Use the drawdown chart below to compare losses from any high point for BNOV and BJAN.

Drawdown Indicators

	BNOV	BJAN	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-26.86%	+2.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-6.27%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-13.81%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	-17.38%	+1.11%
Current Drawdown Current decline from peak	-0.43%	-0.09%	-0.34%
Average Drawdown Average peak-to-trough decline	-2.88%	-2.86%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.28%	+0.18%

Volatility

BNOV vs. BJAN - Volatility Comparison

Innovator U.S. Equity Buffer ETF - November (BNOV) has a higher volatility of 2.71% compared to Innovator U.S. Equity Buffer ETF - January (BJAN) at 2.25%. This indicates that BNOV's price experiences larger fluctuations and is considered to be riskier than BJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNOV	BJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.25%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	6.76%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	8.24%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	12.05%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	13.99%	-0.01%

BNOV vs. BJAN - Expense Ratio Comparison

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

Dividends

BNOV vs. BJAN - Dividend Comparison

Neither BNOV nor BJAN 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%
BNOV Innovator U.S. Equity Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNOV and BJAN in my portfolio?

With a correlation of 0.95, BNOV and BJAN 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, BNOV or BJAN?

BNOV has higher volatility (2.71%) compared to BJAN (2.25%). In terms of maximum drawdown, BNOV dropped -24.66% vs BJAN's -26.86%.

Which ETF is better, BNOV or BJAN?

On 5-year performance, BJAN leads with 10.46% vs 8.60% for BNOV. Both ETFs have the same 0.79% expense ratio. 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, BNOV or BJAN?

Over the 5-year period, BJAN has performed better with a 10.46% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNOV or BJAN?

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

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

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

What is the main difference between BNOV and BJAN?

BNOV tracks S&P 500 Price Return Index, while BJAN tracks S&P 500.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (1.96 vs 1.61), 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.