EJAN vs. PJAN

Last updated Jun 4, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - EJAN is a Volatility Hedged Equity fund tracking the MSCI Emerging Markets 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, EJAN returned 2.91%/yr vs 8.92%/yr for PJAN. A 0.60 correlation means they provide meaningful diversification when combined. EJAN charges 0.89%/yr vs 0.79%/yr for PJAN.

Performance

EJAN vs. PJAN - 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 Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EJAN achieves a 6.45% return, which is significantly higher than PJAN's 5.13% return.

EJAN

• 1D: -0.33%
• 1M: 0.93%
• YTD: 6.45%
• 6M: 7.11%
• 1Y: 15.77%
• 3Y*: 8.49%
• 5Y*: 2.91%
• 10Y*: —

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

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

EJAN vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EJAN Innovator Emerging Markets Power Buffer ETF January	6.45%	14.78%	2.69%	5.37%	-8.01%	-1.53%	10.46%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.34%

Correlation

The correlation between EJAN and PJAN is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.60

The correlation between EJAN and PJAN has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

Return for Risk

EJAN vs. PJAN — Risk / Return Rank

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

EJAN

EJAN Risk / Return Rank: 63
EJAN Sharpe Ratio Rank: 60
EJAN Sortino Ratio Rank: 63
EJAN Omega Ratio Rank: 79
EJAN Calmar Ratio Rank: 49
EJAN Martin Ratio Rank: 62

PJAN

PJAN Risk / Return Rank: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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. PJAN - 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 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.

	EJAN	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.55	-0.55
Sortino ratio: Return per unit of downside risk	2.91	3.75	-0.84
Omega ratio: Gain probability vs. loss probability	1.47	1.54	-0.07
Calmar ratio: Return relative to maximum drawdown	2.39	3.19	-0.80
Martin ratio: Return relative to average drawdown	11.15	17.03	-5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EJAN vs. PJAN - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 2.00, which is comparable to the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of EJAN and PJAN, 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

	EJAN	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.55	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	1.00	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.90	-0.54

Drawdowns

EJAN vs. PJAN - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, roughly equal to the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for EJAN and PJAN.

Drawdown Indicators

	EJAN	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-21.25%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-4.63%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-10.49%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-11.93%	-10.07%
Current Drawdown Current decline from peak	-0.39%	-0.26%	-0.13%
Average Drawdown Average peak-to-trough decline	-5.78%	-1.73%	-4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	0.87%	+0.55%

Volatility

EJAN vs. PJAN - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF January (EJAN) has a higher volatility of 2.14% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.07%. This indicates that EJAN'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.

Volatility by Period

	EJAN	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	1.07%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	4.71%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	7.92%	5.81%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	8.93%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	10.60%	+2.08%

EJAN vs. PJAN - Expense Ratio Comparison

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

Dividends

EJAN vs. PJAN - Dividend Comparison

Neither EJAN nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EJAN and PJAN in my portfolio?

EJAN and PJAN have a correlation of 0.61, 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 PJAN?

EJAN has higher volatility (2.14%) compared to PJAN (1.07%). In terms of maximum drawdown, EJAN dropped -22.23% vs PJAN's -21.25%.

Which ETF is better, EJAN or PJAN?

On 5-year performance, PJAN leads with 8.92% vs 2.91% for EJAN. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJAN or PJAN?

Over the 5-year period, PJAN has performed better with a 8.92% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJAN or PJAN?

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

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

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

What is the main difference between EJAN and PJAN?

EJAN is categorized as Volatility Hedged Equity, while PJAN is Defined Outcome. EJAN tracks MSCI Emerging Markets Index, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. Their fees differ too: 0.89% for EJAN and 0.79% for PJAN.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.55 vs 2.00), 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.