EJAN vs. BAPR

Last updated Jun 24, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both exchange-traded funds - EJAN is a Volatility Hedged Equity fund tracking the MSCI Emerging Markets Index, while BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, EJAN returned 2.74%/yr vs 10.86%/yr for BAPR. A 0.59 correlation means they provide meaningful diversification when combined. EJAN charges 0.89%/yr vs 0.79%/yr for BAPR.

Performance

EJAN vs. BAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, EJAN achieves a 5.32% return, which is significantly lower than BAPR's 10.04% return.

EJAN

• 1D: -1.57%
• 1M: -0.12%
• YTD: 5.32%
• 6M: 5.61%
• 1Y: 12.71%
• 3Y*: 8.09%
• 5Y*: 2.74%
• 10Y*: —

BAPR

• 1D: -0.67%
• 1M: -0.06%
• YTD: 10.04%
• 6M: 10.03%
• 1Y: 18.64%
• 3Y*: 14.48%
• 5Y*: 10.86%
• 10Y*: —

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

EJAN vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EJAN Innovator Emerging Markets Power Buffer ETF January	5.32%	14.78%	2.69%	5.37%	-8.01%	-1.53%	10.64%
BAPR Innovator U.S. Equity Buffer ETF - April	10.04%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%

Correlation

The correlation between EJAN and BAPR is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.59

The correlation between EJAN and BAPR has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

EJAN vs. BAPR - Sectors Allocation Comparison

Sectors	EJAN	BAPR
Technology	42.0%	38.4%
Financial Services	18.1%	11.0%
Consumer Cyclical	8.9%	10.0%
Industrials	6.9%	7.9%
Communication Services	6.3%	10.8%
Basic Materials	6.0%	1.7%
Energy	3.6%	3.2%
Consumer Defensive	2.7%	4.6%
Healthcare	2.6%	8.4%
Utilities	1.9%	2.1%
Real Estate	1.0%	1.8%

Return for Risk

EJAN vs. BAPR — Risk / Return Rank

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

EJAN

EJAN Risk / Return Rank: 52
EJAN Sharpe Ratio Rank: 48
EJAN Sortino Ratio Rank: 49
EJAN Omega Ratio Rank: 65
EJAN Calmar Ratio Rank: 42
EJAN Martin Ratio Rank: 55

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 93
BAPR Sortino Ratio Rank: 96
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

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.

EJAN vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF January (EJAN) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	EJAN	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.54	3.24	-1.70
Sortino ratio: Return per unit of downside risk	2.21	5.31	-3.10
Omega ratio: Gain probability vs. loss probability	1.36	1.76	-0.40
Calmar ratio: Return relative to maximum drawdown	1.93	9.69	-7.76
Martin ratio: Return relative to average drawdown	8.80	47.41	-38.61

EJAN vs. BAPR - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 1.54, which is lower than the BAPR Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of EJAN and BAPR, 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

EJAN vs. BAPR - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for EJAN and BAPR.

Drawdown Indicators

	EJAN	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-23.91%	+1.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-1.93%	-4.70%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-15.58%	+3.83%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-15.58%	-6.42%
Current Drawdown Current decline from peak	-1.57%	-0.93%	-0.64%
Average Drawdown Average peak-to-trough decline	-5.74%	-2.58%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.39%	+1.06%

Volatility

EJAN vs. BAPR - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF January (EJAN) has a higher volatility of 3.35% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 2.06%. This indicates that EJAN's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EJAN	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	2.06%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	4.91%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	5.79%	+2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	11.51%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	13.09%	-0.40%

EJAN vs. BAPR - Expense Ratio Comparison

EJAN has a 0.89% expense ratio, which is higher than BAPR's 0.79% expense ratio.

Dividends

EJAN vs. BAPR - Dividend Comparison

Neither EJAN nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EJAN and BAPR in my portfolio?

EJAN and BAPR have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EJAN or BAPR?

EJAN has higher volatility (3.35%) compared to BAPR (2.06%). In terms of maximum drawdown, EJAN dropped -22.23% vs BAPR's -23.91%.

Which ETF is better, EJAN or BAPR?

On 5-year performance, BAPR leads with 10.86% vs 2.74% for EJAN. On fees, BAPR is cheaper at 0.79% per year. On volatility, BAPR has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJAN or BAPR?

Over the 5-year period, BAPR has performed better with a 10.86% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJAN or BAPR?

BAPR is cheaper with a 0.79% expense ratio, compared with 0.89% for EJAN.

Which ETF pays a higher dividend yield, EJAN or BAPR?

EJAN and BAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between EJAN and BAPR?

EJAN is categorized as Volatility Hedged Equity, while BAPR is Defined Outcome. EJAN tracks MSCI Emerging Markets Index, while BAPR tracks Cboe S&P 500 Buffer Protect Index April. Their fees differ too: 0.89% for EJAN and 0.79% for BAPR.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.24 vs 1.54), 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.