BUFZ vs. AJAN

Last updated Jun 4, 2026

BUFZ (FT Cboe Vest Laddered Moderate Buffer ETF) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both Options Trading funds. Both are actively managed. Over the past year, BUFZ returned 14.14% vs 6.01% for AJAN. A 0.74 correlation means they provide meaningful diversification when combined. BUFZ charges 1.05%/yr vs 0.79%/yr for AJAN.

Performance

BUFZ vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFZ achieves a 4.98% return, which is significantly higher than AJAN's 1.94% return.

BUFZ

• 1D: -0.21%
• 1M: 1.61%
• YTD: 4.98%
• 6M: 5.69%
• 1Y: 14.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: -0.11%
• 1M: 0.69%
• YTD: 1.94%
• 6M: 2.35%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFZ vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFZ FT Cboe Vest Laddered Moderate Buffer ETF	4.98%	11.05%	11.73%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.94%	6.12%	7.78%

Correlation

The correlation between BUFZ and AJAN is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.74

The correlation between BUFZ and AJAN has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

BUFZ vs. AJAN — Risk / Return Rank

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

BUFZ

BUFZ Risk / Return Rank: 86
BUFZ Sharpe Ratio Rank: 84
BUFZ Sortino Ratio Rank: 89
BUFZ Omega Ratio Rank: 89
BUFZ Calmar Ratio Rank: 79
BUFZ Martin Ratio Rank: 91

AJAN

AJAN Risk / Return Rank: 77
AJAN Sharpe Ratio Rank: 78
AJAN Sortino Ratio Rank: 88
AJAN Omega Ratio Rank: 89
AJAN Calmar Ratio Rank: 55
AJAN Martin Ratio Rank: 73

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.

BUFZ vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). 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.

	BUFZ	AJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.56	+0.17
Sortino ratio: Return per unit of downside risk	4.15	4.00	+0.15
Omega ratio: Gain probability vs. loss probability	1.57	1.57	0.00
Calmar ratio: Return relative to maximum drawdown	4.05	2.69	+1.36
Martin ratio: Return relative to average drawdown	21.94	13.54	+8.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFZ vs. AJAN - Sharpe Ratio Comparison

The current BUFZ Sharpe Ratio is 2.73, which is comparable to the AJAN Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of BUFZ and AJAN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BUFZ	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.56	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	1.74	+0.22

Drawdowns

BUFZ vs. AJAN - Drawdown Comparison

The maximum BUFZ drawdown since its inception was -10.14%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for BUFZ and AJAN.

Drawdown Indicators

	BUFZ	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-10.14%	-4.11%	-6.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-2.24%	-1.27%
Current Drawdown Current decline from peak	-0.21%	-0.18%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.29%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.44%	+0.21%

Volatility

BUFZ vs. AJAN - Volatility Comparison

FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ) has a higher volatility of 0.77% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.67%. This indicates that BUFZ's price experiences larger fluctuations and is considered to be riskier than AJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFZ	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.67%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	4.02%	2.05%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	5.21%	2.36%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	3.80%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.33%	3.80%	+3.53%

BUFZ vs. AJAN - Expense Ratio Comparison

BUFZ has a 1.05% expense ratio, which is higher than AJAN's 0.79% expense ratio.

Dividends

BUFZ vs. AJAN - Dividend Comparison

Neither BUFZ nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFZ and AJAN in my portfolio?

BUFZ and AJAN have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFZ or AJAN?

BUFZ has higher volatility (0.77%) compared to AJAN (0.67%). In terms of maximum drawdown, BUFZ dropped -10.14% vs AJAN's -4.11%.

Which ETF is better, BUFZ or AJAN?

On 1-year performance, BUFZ leads with 14.14% vs 6.01% for AJAN. On fees, AJAN is cheaper at 0.79% per year. On volatility, AJAN has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFZ or AJAN?

Over the 1-year period, BUFZ has performed better with a 14.14% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFZ or AJAN?

AJAN is cheaper with a 0.79% expense ratio, compared with 1.05% for BUFZ.

Which ETF pays a higher dividend yield, BUFZ or AJAN?

BUFZ and AJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between BUFZ and AJAN?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 1.05% for BUFZ and 0.79% for AJAN.

Which has better risk-adjusted returns?

BUFZ currently has the higher Sharpe Ratio (2.73 vs 2.56), 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.