EJAN vs. USOY

Last updated Jun 24, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - EJAN is a Volatility Hedged Equity fund tracking the MSCI Emerging Markets Index, while USOY is a Derivative Income fund actively managed by Defiance. EJAN is passively managed, while USOY is actively managed. Over the past year, EJAN returned 12.71% vs 26.28% for USOY. At a 0.00 correlation, their price movements are largely independent. EJAN charges 0.89%/yr vs 1.22%/yr for USOY.

Performance

EJAN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF January (EJAN) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 34.69% return.

EJAN

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

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EJAN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EJAN Innovator Emerging Markets Power Buffer ETF January	5.32%	14.78%	-0.17%
USOY Defiance Oil Enhanced Options Income ETF	34.69%	-7.93%	6.13%

Correlation

The correlation between EJAN and USOY is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.00

The correlation between EJAN and USOY shifts across timeframes, from -0.25 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EJAN vs. USOY — 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

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF January (EJAN) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.54	0.85	+0.69
Sortino ratio: Return per unit of downside risk	2.21	1.24	+0.96
Omega ratio: Gain probability vs. loss probability	1.36	1.18	+0.18
Calmar ratio: Return relative to maximum drawdown	1.93	1.25	+0.68
Martin ratio: Return relative to average drawdown	8.80	4.10	+4.70

EJAN vs. USOY - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 1.54, which is higher than the USOY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EJAN and USOY, 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. USOY - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, roughly equal to the maximum USOY drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for EJAN and USOY.

Drawdown Indicators

	EJAN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-21.19%	-1.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-21.19%	+14.56%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	—	—
Current Drawdown Current decline from peak	-1.57%	-21.19%	+19.62%
Average Drawdown Average peak-to-trough decline	-5.74%	-6.63%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	6.44%	-4.99%

Volatility

EJAN vs. USOY - Volatility Comparison

The current volatility for Innovator Emerging Markets Power Buffer ETF January (EJAN) is 3.35%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 10.34%. This indicates that EJAN experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EJAN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	10.34%	-6.99%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	28.44%	-20.51%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	31.56%	-23.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	26.51%	-15.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	26.51%	-13.82%

EJAN vs. USOY - Expense Ratio Comparison

EJAN has a 0.89% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

EJAN vs. USOY - Dividend Comparison

EJAN has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 68.29%.

Position	TTM	2025	2024
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%

Frequently Asked Questions

Can I hold both EJAN and USOY in my portfolio?

EJAN and USOY have a correlation of -0.25, 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 USOY?

USOY has higher volatility (10.34%) compared to EJAN (3.35%). In terms of maximum drawdown, EJAN dropped -22.23% vs USOY's -21.19%.

Which ETF is better, EJAN or USOY?

On 1-year performance, USOY leads with 26.28% vs 12.71% for EJAN. On fees, EJAN is cheaper at 0.89% 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 USOY?

Over the 1-year period, USOY has performed better with a 26.28% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJAN or USOY?

EJAN is cheaper with a 0.89% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 68.29%, compared with 0.00% for EJAN.

What is the main difference between EJAN and USOY?

EJAN is categorized as Volatility Hedged Equity, while USOY is Derivative Income. They also come from different issuers: Innovator and Defiance. Their fees differ too: 0.89% for EJAN and 1.22% for USOY.

Which has better risk-adjusted returns?

EJAN currently has the higher Sharpe Ratio (1.54 vs 0.85), 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.