DECW vs. AJAN

Last updated Apr 2, 2026

Compare and contrast key facts about Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN).

DECW and AJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DECW is an actively managed fund by Allianz. It was launched on Nov 30, 2022. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023.

Performance

DECW vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

DECW vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	-1.24%	11.57%	8.98%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	-0.63%	6.12%	7.78%

Returns By Period

In the year-to-date period, DECW achieves a -1.24% return, which is significantly lower than AJAN's -0.63% return.

DECW

• 1D: 0.33%
• 1M: -1.84%
• YTD: -1.24%
• 6M: 1.51%
• 1Y: 11.66%
• 3Y*: 9.96%
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.11%
• 1M: -1.26%
• YTD: -0.63%
• 6M: 0.58%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECW vs. AJAN - Expense Ratio Comparison

DECW has a 0.74% expense ratio, which is lower than AJAN's 0.79% expense ratio.

AJAN

Innovator Equity Defined Protection ETF - 2 Yr To January 2026

DECW

Allianzim U.S. Large Cap Buffer20 Dec ETF

Return for Risk

DECW vs. AJAN — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 76
DECW Sharpe Ratio Rank: 72
DECW Sortino Ratio Rank: 76
DECW Omega Ratio Rank: 79
DECW Calmar Ratio Rank: 71
DECW Martin Ratio Rank: 84

AJAN

AJAN Risk / Return Rank: 68
AJAN Sharpe Ratio Rank: 63
AJAN Sortino Ratio Rank: 67
AJAN Omega Ratio Rank: 83
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.

DECW vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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.

	DECW	AJAN	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.18	+0.19
Sortino ratio Return per unit of downside risk	2.05	1.77	+0.28
Omega ratio Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio Return relative to maximum drawdown	2.10	1.56	+0.54
Martin ratio Return relative to average drawdown	10.83	8.34	+2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECW vs. AJAN - Sharpe Ratio Comparison

The current DECW Sharpe Ratio is 1.37, which is comparable to the AJAN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of DECW and AJAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DECW	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.18	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	1.53	-0.21

Correlation

The correlation between DECW and AJAN is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DECW vs. AJAN - Dividend Comparison

Neither DECW nor AJAN has paid dividends to shareholders.

	TTM	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%

Drawdowns

DECW vs. AJAN - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for DECW and AJAN.

Drawdown Indicators

	DECW	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-4.11%	-4.65%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-3.34%	-2.33%
Current Drawdown Current decline from peak	-2.26%	-1.46%	-0.80%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.30%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.63%	+0.47%

Volatility

DECW vs. AJAN - Volatility Comparison

Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) has a higher volatility of 2.53% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.38%. This indicates that DECW'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

	DECW	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	1.38%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	1.72%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	8.56%	4.42%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	3.86%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.22%	3.86%	+3.36%