FFTY vs. PJAN

Last updated Jun 4, 2026

FFTY (Innovator IBD 50 ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - FFTY is a Large Cap Growth Equities fund tracking the IBD 50 Index, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, FFTY returned -0.60%/yr vs 8.92%/yr for PJAN. A 0.68 correlation means they provide meaningful diversification when combined. FFTY charges 0.80%/yr vs 0.79%/yr for PJAN.

Performance

FFTY vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator IBD 50 ETF (FFTY) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFTY achieves a 20.11% return, which is significantly higher than PJAN's 5.13% return.

FFTY

• 1D: -0.14%
• 1M: 7.67%
• YTD: 20.11%
• 6M: 21.02%
• 1Y: 38.14%
• 3Y*: 21.57%
• 5Y*: -0.60%
• 10Y*: 7.57%

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

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

FFTY vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FFTY Innovator IBD 50 ETF	20.11%	23.38%	18.36%	12.40%	-51.08%	11.92%	18.20%	26.94%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	12.34%

Correlation

The correlation between FFTY and PJAN is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.68

The correlation between FFTY and PJAN has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.

Return for Risk

FFTY vs. PJAN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FFTY

FFTY Risk / Return Rank: 30
FFTY Sharpe Ratio Rank: 30
FFTY Sortino Ratio Rank: 28
FFTY Omega Ratio Rank: 30
FFTY Calmar Ratio Rank: 33
FFTY Martin Ratio Rank: 30

PJAN

PJAN Risk / Return Rank: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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.

FFTY vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator IBD 50 ETF (FFTY) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). 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.

	FFTY	PJAN	Difference
Sharpe ratio Return per unit of total volatility	1.12	2.55	-1.42
Sortino ratio Return per unit of downside risk	1.55	3.75	-2.20
Omega ratio Gain probability vs. loss probability	1.20	1.54	-0.34
Calmar ratio Return relative to maximum drawdown	1.65	3.19	-1.55
Martin ratio Return relative to average drawdown	4.36	17.03	-12.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFTY vs. PJAN - Sharpe Ratio Comparison

The current FFTY Sharpe Ratio is 1.12, which is lower than the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FFTY and PJAN, 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

	FFTY	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	2.55	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	1.00	-1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.90	-0.70

Drawdowns

FFTY vs. PJAN - Drawdown Comparison

The maximum FFTY drawdown since its inception was -59.46%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for FFTY and PJAN.

Drawdown Indicators

	FFTY	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-59.46%	-21.25%	-38.21%
Max Drawdown (1Y) Largest decline over 1 year	-23.29%	-4.63%	-18.66%
Max Drawdown (3Y) Largest decline over 3 years	-29.60%	-10.49%	-19.11%
Max Drawdown (5Y) Largest decline over 5 years	-59.46%	-11.93%	-47.53%
Max Drawdown (10Y) Largest decline over 10 years	-59.46%	—	—
Current Drawdown Current decline from peak	-15.34%	-0.26%	-15.08%
Average Drawdown Average peak-to-trough decline	-22.38%	-1.73%	-20.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.77%	0.87%	+7.90%

Volatility

FFTY vs. PJAN - Volatility Comparison

Innovator IBD 50 ETF (FFTY) has a higher volatility of 9.42% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.07%. This indicates that FFTY's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFTY	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.42%	1.07%	+8.35%
Volatility (6M) Calculated over the trailing 6-month period	26.18%	4.71%	+21.47%
Volatility (1Y) Calculated over the trailing 1-year period	34.09%	5.81%	+28.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.14%	8.93%	+20.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.41%	10.60%	+16.81%

FFTY vs. PJAN - Expense Ratio Comparison

FFTY has a 0.80% expense ratio, which is higher than PJAN's 0.79% expense ratio.

Dividends

FFTY vs. PJAN - Dividend Comparison

FFTY's dividend yield for the trailing twelve months is around 1.12%, while PJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFTY Innovator IBD 50 ETF	1.12%	1.35%	0.91%	0.65%	2.75%	0.22%	0.00%	0.00%	0.00%	0.17%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFTY and PJAN in my portfolio?

FFTY and PJAN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFTY or PJAN?

FFTY has higher volatility (9.42%) compared to PJAN (1.07%). In terms of maximum drawdown, FFTY dropped -59.46% vs PJAN's -21.25%.

Which ETF is better, FFTY or PJAN?

On 5-year performance, PJAN leads with 8.92% vs -0.60% for FFTY. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFTY or PJAN?

Over the 5-year period, PJAN has performed better with a 8.92% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFTY or PJAN?

PJAN is cheaper with a 0.79% expense ratio, compared with 0.80% for FFTY.

Which ETF pays a higher dividend yield, FFTY or PJAN?

FFTY has the higher dividend yield at 1.12%, compared with 0.00% for PJAN.

What is the main difference between FFTY and PJAN?

FFTY is categorized as Large Cap Growth Equities, while PJAN is Defined Outcome. FFTY tracks IBD 50 Index, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. Their fees differ too: 0.80% for FFTY and 0.79% for PJAN.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.55 vs 1.12), 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.