BOUT vs. PJAN
BOUT (Innovator IBD Breakout Opportunities ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - BOUT is a Mid Cap Growth Equities fund tracking the IBD Breakout Stocks Total Return Index, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, BOUT returned 8.29%/yr vs 8.65%/yr for PJAN. A 0.66 correlation means they provide meaningful diversification when combined. BOUT charges 0.80%/yr vs 0.79%/yr for PJAN.
Performance
BOUT vs. PJAN - Performance Comparison
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Returns By Period
In the year-to-date period, BOUT achieves a 31.88% return, which is significantly higher than PJAN's 4.57% return.
BOUT
- 1D
- -1.91%
- 1M
- 3.56%
- YTD
- 31.88%
- 6M
- 28.55%
- 1Y
- 34.68%
- 3Y*
- 16.89%
- 5Y*
- 8.29%
- 10Y*
- —
PJAN
- 1D
- -0.47%
- 1M
- -0.04%
- YTD
- 4.57%
- 6M
- 4.91%
- 1Y
- 13.40%
- 3Y*
- 12.33%
- 5Y*
- 8.65%
- 10Y*
- —
BOUT vs. PJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BOUT Innovator IBD Breakout Opportunities ETF | 31.88% | -6.77% | 18.82% | 13.27% | -22.60% | 22.69% | 50.56% | 20.59% |
PJAN Innovator U.S. Equity Power Buffer ETF - January | 4.57% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.97% |
Correlation
The correlation between BOUT and PJAN is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.66 |
The correlation between BOUT and PJAN has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.
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Return for Risk
BOUT vs. PJAN — Risk / Return Rank
BOUT
PJAN
BOUT vs. PJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator IBD Breakout Opportunities ETF (BOUT) 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.
| BOUT | PJAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.47 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 2.91 | +0.05 |
| Martin ratioReturn relative to average drawdown | 8.76 | 15.29 | -6.53 |
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Drawdowns
BOUT vs. PJAN - Drawdown Comparison
The maximum BOUT drawdown since its inception was -36.98%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for BOUT and PJAN.
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Drawdown Indicators
| BOUT | PJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.98% | -21.25% | -15.73% |
Max Drawdown (1Y)Largest decline over 1 year | -11.76% | -4.63% | -7.13% |
Max Drawdown (3Y)Largest decline over 3 years | -25.31% | -10.49% | -14.82% |
Max Drawdown (5Y)Largest decline over 5 years | -28.28% | -11.93% | -16.35% |
Current DrawdownCurrent decline from peak | -1.91% | -0.87% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -12.29% | -1.72% | -10.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 0.88% | +3.09% |
Volatility
BOUT vs. PJAN - Volatility Comparison
Innovator IBD Breakout Opportunities ETF (BOUT) has a higher volatility of 8.27% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.77%. This indicates that BOUT'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.
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Volatility by Period
| BOUT | PJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 1.77% | +6.50% |
Volatility (6M)Calculated over the trailing 6-month period | 17.22% | 4.98% | +12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.92% | 5.94% | +15.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.71% | 8.95% | +10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.00% | 10.58% | +12.42% |
BOUT vs. PJAN - Expense Ratio Comparison
BOUT has a 0.80% expense ratio, which is higher than PJAN's 0.79% expense ratio.
Dividends
BOUT vs. PJAN - Dividend Comparison
BOUT's dividend yield for the trailing twelve months is around 0.26%, while PJAN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BOUT Innovator IBD Breakout Opportunities ETF | 0.26% | 0.34% | 0.60% | 1.32% | 1.35% | 0.00% | 0.00% | 0.00% | 0.22% |
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% | 0.00% |
Frequently Asked Questions
BOUT and PJAN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOUT has higher volatility (8.27%) compared to PJAN (1.77%). In terms of maximum drawdown, BOUT dropped -36.98% vs PJAN's -21.25%.
On 5-year performance, PJAN leads with 8.65% vs 8.29% for BOUT. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PJAN has performed better with a 8.65% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJAN is cheaper with a 0.79% expense ratio, compared with 0.80% for BOUT.
BOUT has the higher dividend yield at 0.26%, compared with 0.00% for PJAN.
BOUT is categorized as Mid Cap Growth Equities, while PJAN is Defined Outcome. BOUT tracks IBD Breakout Stocks Total Return Index, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. Their fees differ too: 0.80% for BOUT and 0.79% for PJAN.
PJAN currently has the higher Sharpe Ratio (2.28 vs 1.59), 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.
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