BNOV vs. JANB

Last updated Aug 2, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. BNOV is passively managed, while JANB is actively managed. Their correlation of 0.94 means they have usually moved in the same direction. BNOV charges 0.79%/yr vs 0.25%/yr for JANB.

Performance

BNOV vs. JANB - Performance Comparison

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

Returns By Period

In the year-to-date period, BNOV achieves a 8.04% return, which is significantly higher than JANB's 6.95% return.

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%

JANB

• 1D: 0.48%
• 1M: 0.80%
• 6M: 6.06%
• YTD: 6.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
BNOV Innovator U.S. Equity Buffer ETF - November	$493.09K	$442.48K	$1.23M
JANB Aptus January Buffer ETF	$172.70K	$156.00K	$568.29K

BNOV vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
BNOV Innovator U.S. Equity Buffer ETF - November	8.04%	2.06%
JANB Aptus January Buffer ETF	6.95%	2.76%

Correlation

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

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.94

Return for Risk

BNOV vs. JANB — 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

JANB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. JANB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - November (BNOV) and Aptus January Buffer ETF (JANB). 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	JANB	Difference
Sharpe ratio: Return per unit of total volatility	1.61	—	—
Sortino ratio: Return per unit of downside risk	2.32	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.23	—	—
Martin ratio: Return relative to average drawdown	10.01	—	—

Drawdowns

BNOV vs. JANB - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, which is greater than JANB's maximum drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for BNOV and JANB.

Drawdown Indicators

	BNOV	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-6.52%	-18.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	—	—
Current Drawdown Current decline from peak	-0.43%	-0.06%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.88%	-1.02%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	—	—

Volatility

Volatility by Period

	BNOV	JANB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	7.38%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	7.38%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	7.38%	+6.60%

BNOV vs. JANB - Expense Ratio Comparison

BNOV has a 0.79% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

BNOV vs. JANB - Dividend Comparison

Neither BNOV nor JANB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BNOV and JANB in my portfolio?

With a correlation of 0.94, BNOV and JANB 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 ETF is better, BNOV or JANB?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNOV or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.79% for BNOV.

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

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

What is the main difference between BNOV and JANB?

They also come from different issuers: Innovator and Aptus. Their fees differ too: 0.79% for BNOV and 0.25% for JANB.