EMDM vs. EJAN

Last updated Aug 4, 2026

EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and EJAN (Innovator Emerging Markets Power Buffer ETF January) are both exchange-traded funds - EMDM is a Emerging Markets Equities fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while EJAN is a Defined Outcome fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 3 years, EMDM returned 28.08%/yr vs 7.54%/yr for EJAN. Their correlation of 0.81 means they have usually moved in the same direction. EMDM charges 0.75%/yr vs 0.89%/yr for EJAN.

Performance

EMDM vs. EJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg Emerging Market Democracies ETF (EMDM) and Innovator Emerging Markets Power Buffer ETF January (EJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMDM achieves a 28.39% return, which is significantly higher than EJAN's 6.41% return.

EMDM

• 1D: 0.42%
• 1M: -3.12%
• 6M: 12.42%
• YTD: 28.39%
• 1Y: 66.69%
• 3Y*: 28.08%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.54%

EJAN

• 1D: 0.25%
• 1M: 1.00%
• 6M: 3.37%
• YTD: 6.41%
• 1Y: 11.78%
• 3Y*: 7.54%
• 5Y*: 3.35%
• 10Y*: —
• ALL TIME*: 4.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EJAN Innovator Emerging Markets Power Buffer ETF January	$255.76K	$192.84K	$472.80K
EMDM First Trust Bloomberg Emerging Market Democracies ETF	$370.33K	$752.09K	$541.22K

EMDM vs. EJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	28.39%	59.68%	-4.93%	14.75%
EJAN Innovator Emerging Markets Power Buffer ETF January	6.41%	14.78%	2.69%	2.61%

Correlation

The correlation between EMDM and EJAN is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	0.81

The correlation between EMDM and EJAN has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.

EMDM vs. EJAN - Sectors Allocation Comparison

Sectors	EMDM	EJAN
Technology	39.9%	45.2%
Financial Services	25.6%	18.5%
Basic Materials	12.7%	5.5%
Consumer Cyclical	5.3%	7.5%
Energy	4.8%	3.2%
Communication Services	4.0%	6.0%
Consumer Defensive	3.1%	2.6%
Industrials	2.6%	6.3%
Utilities	1.5%	1.8%
Healthcare	0.5%	2.5%
Real Estate	-	1.0%

Return for Risk

EMDM vs. EJAN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EMDM

EMDM Risk / Return Rank: 89
EMDM Sharpe Ratio Rank: 91
EMDM Sortino Ratio Rank: 85
EMDM Omega Ratio Rank: 89
EMDM Calmar Ratio Rank: 92
EMDM Martin Ratio Rank: 88

EJAN

EJAN Risk / Return Rank: 55
EJAN Sharpe Ratio Rank: 51
EJAN Sortino Ratio Rank: 51
EJAN Omega Ratio Rank: 65
EJAN Calmar Ratio Rank: 46
EJAN Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EMDM vs. EJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) and Innovator Emerging Markets Power Buffer ETF January (EJAN). 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.

	EMDM	EJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.37	+1.04
Sortino ratio: Return per unit of downside risk	2.94	1.97	+0.97
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.11
Calmar ratio: Return relative to maximum drawdown	4.28	1.78	+2.50
Martin ratio: Return relative to average drawdown	13.58	7.81	+5.78

EMDM vs. EJAN - Sharpe Ratio Comparison

The current EMDM Sharpe Ratio is 2.41, which is higher than the EJAN Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EMDM and EJAN, 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

EMDM vs. EJAN - Drawdown Comparison

The maximum EMDM drawdown since its inception was -18.81%, smaller than the maximum EJAN drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for EMDM and EJAN.

Drawdown Indicators

	EMDM	EJAN	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-22.23%	+3.42%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-6.63%	-9.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-11.75%	-7.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.84%	—
Current Drawdown Current decline from peak	-10.51%	-0.56%	-9.95%
Average Drawdown Average peak-to-trough decline	-4.21%	-5.67%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.93%	1.51%	+3.42%

Volatility

EMDM vs. EJAN - Volatility Comparison

First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a higher volatility of 9.92% compared to Innovator Emerging Markets Power Buffer ETF January (EJAN) at 2.74%. This indicates that EMDM's price experiences larger fluctuations and is considered to be riskier than EJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDM	EJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.92%	2.74%	+7.18%
Volatility (6M) Calculated over the trailing 6-month period	25.36%	8.18%	+17.18%
Volatility (1Y) Calculated over the trailing 1-year period	27.91%	8.65%	+19.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.15%	11.15%	+10.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	12.63%	+8.52%

EMDM vs. EJAN - Expense Ratio Comparison

EMDM has a 0.75% expense ratio, which is lower than EJAN's 0.89% expense ratio.

Dividends

EMDM vs. EJAN - Dividend Comparison

EMDM's dividend yield for the trailing twelve months is around 2.95%, while EJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%	0.00%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.95%	3.57%	5.87%	2.16%

Frequently Asked Questions

Can I hold both EMDM and EJAN in my portfolio?

EMDM and EJAN have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDM or EJAN?

EMDM has higher volatility (9.92%) compared to EJAN (2.74%). In terms of maximum drawdown, EMDM dropped -18.81% vs EJAN's -22.23%.

Which ETF is better, EMDM or EJAN?

On 3-year performance, EMDM leads with 28.08% vs 7.54% for EJAN. On fees, EMDM is cheaper at 0.75% per year. On volatility, EJAN has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDM or EJAN?

Over the 3-year period, EMDM has performed better with a 28.08% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDM or EJAN?

EMDM is cheaper with a 0.75% expense ratio, compared with 0.89% for EJAN.

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

EMDM has the higher dividend yield at 2.95%, compared with 0.00% for EJAN.

What is the main difference between EMDM and EJAN?

EMDM is categorized as Emerging Markets Equities, while EJAN is Defined Outcome. EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while EJAN tracks MSCI Emerging Markets Index. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.75% for EMDM and 0.89% for EJAN.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (2.41 vs 1.37), 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.