EJAN vs. SMLV

Last updated Jun 24, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) are both Volatility Hedged Equity funds - EJAN tracks the MSCI Emerging Markets Index while SMLV tracks the SSGA US Small Cap Low Volatility Index. Both are passively managed. Over the past 5 years, EJAN returned 2.74%/yr vs 8.90%/yr for SMLV. At a 0.46 correlation, their price movements are largely independent. EJAN charges 0.89%/yr vs 0.12%/yr for SMLV.

Performance

EJAN vs. SMLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF January (EJAN) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). 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 SMLV's 17.79% return.

EJAN

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

SMLV

• 1D: 0.79%
• 1M: 3.94%
• YTD: 17.79%
• 6M: 16.16%
• 1Y: 26.57%
• 3Y*: 17.93%
• 5Y*: 8.90%
• 10Y*: 10.81%

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

EJAN vs. SMLV - 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%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	17.79%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%

Correlation

The correlation between EJAN and SMLV is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.46

EJAN vs. SMLV - Sectors Allocation Comparison

Sectors	EJAN	SMLV
Technology	42.0%	11.7%
Financial Services	18.1%	30.4%
Consumer Cyclical	8.9%	8.9%
Industrials	6.9%	14.2%
Communication Services	6.3%	2.2%
Basic Materials	6.0%	3.4%
Energy	3.6%	1.6%
Consumer Defensive	2.7%	4.0%
Healthcare	2.6%	8.7%
Utilities	1.9%	2.8%
Real Estate	1.0%	12.3%

Return for Risk

EJAN vs. SMLV — 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

SMLV

SMLV Risk / Return Rank: 59
SMLV Sharpe Ratio Rank: 52
SMLV Sortino Ratio Rank: 53
SMLV Omega Ratio Rank: 53
SMLV Calmar Ratio Rank: 75
SMLV Martin Ratio Rank: 60

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. SMLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF January (EJAN) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). 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	SMLV	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.71	-0.17
Sortino ratio: Return per unit of downside risk	2.21	2.44	-0.24
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	1.93	3.64	-1.71
Martin ratio: Return relative to average drawdown	8.80	10.04	-1.24

EJAN vs. SMLV - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 1.54, which is comparable to the SMLV Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of EJAN and SMLV, 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. SMLV - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, smaller than the maximum SMLV drawdown of -42.45%. Use the drawdown chart below to compare losses from any high point for EJAN and SMLV.

Drawdown Indicators

	EJAN	SMLV	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-42.45%	+20.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-7.34%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-20.40%	+8.65%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-20.40%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.45%	—
Current Drawdown Current decline from peak	-1.57%	-0.45%	-1.12%
Average Drawdown Average peak-to-trough decline	-5.74%	-5.44%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	2.65%	-1.20%

Volatility

EJAN vs. SMLV - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF January (EJAN) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) have volatilities of 3.35% and 3.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EJAN	SMLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.51%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	9.92%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	15.70%	-7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	18.26%	-7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	20.94%	-8.25%

EJAN vs. SMLV - Expense Ratio Comparison

EJAN has a 0.89% expense ratio, which is higher than SMLV's 0.12% expense ratio.

Dividends

EJAN vs. SMLV - Dividend Comparison

EJAN has not paid dividends to shareholders, while SMLV's dividend yield for the trailing twelve months is around 2.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.31%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both EJAN and SMLV in my portfolio?

EJAN and SMLV have a correlation of 0.40, 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 SMLV?

SMLV has higher volatility (3.51%) compared to EJAN (3.35%). In terms of maximum drawdown, EJAN dropped -22.23% vs SMLV's -42.45%.

Which ETF is better, EJAN or SMLV?

On 5-year performance, SMLV leads with 8.90% vs 2.74% for EJAN. On fees, SMLV is cheaper at 0.12% per year. On volatility, EJAN has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJAN or SMLV?

Over the 5-year period, SMLV has performed better with a 8.90% 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 SMLV?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.89% for EJAN.

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

SMLV has the higher dividend yield at 2.31%, compared with 0.00% for EJAN.

What is the main difference between EJAN and SMLV?

EJAN tracks MSCI Emerging Markets Index, while SMLV tracks SSGA US Small Cap Low Volatility Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.89% for EJAN and 0.12% for SMLV.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.71 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.