EJAN vs. UAUG

Last updated Jun 3, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both exchange-traded funds - EJAN is a Volatility Hedged Equity fund tracking the MSCI Emerging Markets Index, while UAUG is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, EJAN returned 3.11%/yr vs 7.97%/yr for UAUG. A 0.57 correlation means they provide meaningful diversification when combined. EJAN charges 0.89%/yr vs 0.79%/yr for UAUG.

Performance

EJAN vs. UAUG - 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 Ultra Buffer ETF - August (UAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EJAN achieves a 6.81% return, which is significantly higher than UAUG's 4.84% return.

EJAN

• 1D: -0.02%
• 1M: 1.26%
• YTD: 6.81%
• 6M: 7.51%
• 1Y: 16.24%
• 3Y*: 8.61%
• 5Y*: 3.11%
• 10Y*: —

UAUG

• 1D: -0.10%
• 1M: 1.60%
• YTD: 4.84%
• 6M: 5.32%
• 1Y: 15.19%
• 3Y*: 14.57%
• 5Y*: 7.97%
• 10Y*: —

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

EJAN vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EJAN Innovator Emerging Markets Power Buffer ETF January	6.81%	14.78%	2.69%	5.37%	-8.01%	-1.53%	10.46%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.84%	12.42%	15.51%	17.71%	-10.81%	4.94%	7.59%

Correlation

The correlation between EJAN and UAUG is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.57

The correlation between EJAN and UAUG has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

EJAN vs. UAUG - Sectors Allocation Comparison

Sectors	EJAN	UAUG
Technology	37.0%	36.2%
Financial Services	19.4%	11.9%
Consumer Cyclical	9.6%	10.1%
Industrials	7.5%	8.1%
Communication Services	6.9%	10.9%
Basic Materials	6.5%	1.8%
Energy	4.0%	3.5%
Consumer Defensive	3.0%	4.9%
Healthcare	2.9%	8.4%
Utilities	2.1%	2.3%
Real Estate	1.1%	1.9%

Return for Risk

EJAN vs. UAUG — 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: 63

UAUG

UAUG Risk / Return Rank: 86
UAUG Sharpe Ratio Rank: 84
UAUG Sortino Ratio Rank: 89
UAUG Omega Ratio Rank: 89
UAUG Calmar Ratio Rank: 76
UAUG Martin Ratio Rank: 89

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. UAUG - 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 Ultra Buffer ETF - August (UAUG). 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	UAUG	Difference
Sharpe ratio Return per unit of total volatility	2.06	2.78	-0.72
Sortino ratio Return per unit of downside risk	2.99	4.11	-1.12
Omega ratio Gain probability vs. loss probability	1.49	1.57	-0.09
Calmar ratio Return relative to maximum drawdown	2.49	3.85	-1.36
Martin ratio Return relative to average drawdown	11.66	20.38	-8.72
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. UAUG - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 2.06, which is comparable to the UAUG Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of EJAN and UAUG, 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	UAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.78	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.01	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.91	-0.56

Drawdowns

EJAN vs. UAUG - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, which is greater than UAUG's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for EJAN and UAUG.

Drawdown Indicators

	EJAN	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-13.91%	-8.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-3.96%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-10.35%	-1.40%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-13.91%	-8.09%
Current Drawdown Current decline from peak	-0.06%	-0.10%	+0.04%
Average Drawdown Average peak-to-trough decline	-5.79%	-2.36%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	0.75%	+0.67%

Volatility

EJAN vs. UAUG - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF January (EJAN) has a higher volatility of 2.10% compared to Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) at 0.60%. This indicates that EJAN's price experiences larger fluctuations and is considered to be riskier than UAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EJAN	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	0.60%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	7.28%	4.13%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.91%	5.51%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	7.89%	+3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	8.72%	+3.97%

EJAN vs. UAUG - Expense Ratio Comparison

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

Dividends

EJAN vs. UAUG - Dividend Comparison

Neither EJAN nor UAUG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%

Frequently Asked Questions

Can I hold both EJAN and UAUG in my portfolio?

EJAN and UAUG have a correlation of 0.60, 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 UAUG?

EJAN has higher volatility (2.10%) compared to UAUG (0.60%). In terms of maximum drawdown, EJAN dropped -22.23% vs UAUG's -13.91%.

Which ETF is better, EJAN or UAUG?

On 5-year performance, UAUG leads with 7.97% vs 3.11% for EJAN. On fees, UAUG is cheaper at 0.79% per year. On volatility, UAUG has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJAN or UAUG?

Over the 5-year period, UAUG has performed better with a 7.97% return vs 3.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJAN or UAUG?

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

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

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

What is the main difference between EJAN and UAUG?

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

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.78 vs 2.06), 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.