EJAN vs. XSHD

Last updated Jun 4, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) are both Volatility Hedged Equity funds - EJAN tracks the MSCI Emerging Markets Index while XSHD tracks the S&P SmallCap 600 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, EJAN returned 2.91%/yr vs -5.26%/yr for XSHD. At a 0.46 correlation, their price movements are largely independent. EJAN charges 0.89%/yr vs 0.30%/yr for XSHD.

Performance

EJAN vs. XSHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF January (EJAN) and Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD). 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 lower than XSHD's 6.99% return.

EJAN

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

XSHD

• 1D: -1.25%
• 1M: -1.41%
• YTD: 6.99%
• 6M: 6.10%
• 1Y: 6.80%
• 3Y*: 1.31%
• 5Y*: -5.26%
• 10Y*: —

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

EJAN vs. XSHD - 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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	6.99%	-6.41%	-5.25%	3.00%	-19.48%	18.31%	-12.86%

Correlation

The correlation between EJAN and XSHD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.46

EJAN vs. XSHD - Sectors Allocation Comparison

Sectors	EJAN	XSHD
Technology	37.0%	-
Financial Services	19.4%	2.2%
Consumer Cyclical	9.6%	6.8%
Industrials	7.5%	10.4%
Communication Services	6.9%	1.9%
Basic Materials	6.5%	5.4%
Energy	4.0%	7.6%
Consumer Defensive	3.0%	9.6%
Healthcare	2.9%	2.7%
Utilities	2.1%	10.7%
Real Estate	1.1%	45.1%

Return for Risk

EJAN vs. XSHD — 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

XSHD

XSHD Risk / Return Rank: 16
XSHD Sharpe Ratio Rank: 16
XSHD Sortino Ratio Rank: 16
XSHD Omega Ratio Rank: 15
XSHD Calmar Ratio Rank: 17
XSHD Martin Ratio Rank: 17

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. XSHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF January (EJAN) and Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD). 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	XSHD	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.46	+1.54
Sortino ratio: Return per unit of downside risk	2.91	0.78	+2.13
Omega ratio: Gain probability vs. loss probability	1.47	1.09	+0.38
Calmar ratio: Return relative to maximum drawdown	2.39	0.65	+1.74
Martin ratio: Return relative to average drawdown	11.15	1.75	+9.39
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. XSHD - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 2.00, which is higher than the XSHD Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of EJAN and XSHD, 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	XSHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	0.46	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.28	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.03	+0.39

Drawdowns

EJAN vs. XSHD - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, smaller than the maximum XSHD drawdown of -49.53%. Use the drawdown chart below to compare losses from any high point for EJAN and XSHD.

Drawdown Indicators

	EJAN	XSHD	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-49.53%	+27.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-10.51%	+3.88%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-20.77%	+9.02%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-36.84%	+14.84%
Current Drawdown Current decline from peak	-0.39%	-25.49%	+25.10%
Average Drawdown Average peak-to-trough decline	-5.78%	-16.36%	+10.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	3.89%	-2.47%

Volatility

EJAN vs. XSHD - Volatility Comparison

The current volatility for Innovator Emerging Markets Power Buffer ETF January (EJAN) is 2.14%, while Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) has a volatility of 3.52%. This indicates that EJAN experiences smaller price fluctuations and is considered to be less risky than XSHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EJAN	XSHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	3.52%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	9.77%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.92%	14.77%	-6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	18.88%	-7.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	22.24%	-9.56%

EJAN vs. XSHD - Expense Ratio Comparison

EJAN has a 0.89% expense ratio, which is higher than XSHD's 0.30% expense ratio.

Dividends

EJAN vs. XSHD - Dividend Comparison

EJAN has not paid dividends to shareholders, while XSHD's dividend yield for the trailing twelve months is around 5.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	5.40%	6.45%	7.25%	7.62%	6.77%	3.86%	5.55%	4.88%	5.49%	4.11%	0.41%

Frequently Asked Questions

Can I hold both EJAN and XSHD in my portfolio?

EJAN and XSHD have a correlation of 0.41, 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 XSHD?

XSHD has higher volatility (3.52%) compared to EJAN (2.14%). In terms of maximum drawdown, EJAN dropped -22.23% vs XSHD's -49.53%.

Which ETF is better, EJAN or XSHD?

On 5-year performance, EJAN leads with 2.91% vs -5.26% for XSHD. On fees, XSHD is cheaper at 0.30% per year. On volatility, EJAN has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJAN or XSHD?

Over the 5-year period, EJAN has performed better with a 2.91% return vs -5.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJAN or XSHD?

XSHD is cheaper with a 0.30% expense ratio, compared with 0.89% for EJAN.

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

XSHD has the higher dividend yield at 5.40%, compared with 0.00% for EJAN.

What is the main difference between EJAN and XSHD?

EJAN tracks MSCI Emerging Markets Index, while XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.89% for EJAN and 0.30% for XSHD.

Which has better risk-adjusted returns?

EJAN currently has the higher Sharpe Ratio (2.00 vs 0.46), 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.