FJAN vs. IAPR

Last updated Jun 26, 2026

FJAN (FT Vest U.S. Equity Buffer ETF - January) and IAPR (Innovator International Developed Power Buffer ETF - April) are both Defined Outcome funds - FJAN tracks the S&P 500 while IAPR tracks the MSCI EAFE. Both are passively managed. Over the past 5 years, FJAN returned 10.78%/yr vs 5.07%/yr for IAPR. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.85% expense ratio.

Performance

FJAN vs. IAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - January (FJAN) and Innovator International Developed Power Buffer ETF - April (IAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJAN achieves a 5.60% return, which is significantly lower than IAPR's 7.36% return.

FJAN

• 1D: 0.16%
• 1M: -0.54%
• YTD: 5.60%
• 6M: 5.40%
• 1Y: 16.03%
• 3Y*: 14.39%
• 5Y*: 10.78%
• 10Y*: —

IAPR

• 1D: 0.55%
• 1M: 0.02%
• YTD: 7.36%
• 6M: 7.22%
• 1Y: 14.41%
• 3Y*: 10.41%
• 5Y*: 5.07%
• 10Y*: —

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

FJAN vs. IAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FJAN FT Vest U.S. Equity Buffer ETF - January	5.60%	12.74%	15.24%	21.65%	-3.96%	8.69%
IAPR Innovator International Developed Power Buffer ETF - April	7.36%	15.51%	3.76%	7.67%	-7.61%	3.09%

Correlation

The correlation between FJAN and IAPR is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.66

The correlation between FJAN and IAPR has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

FJAN vs. IAPR — Risk / Return Rank

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

FJAN

FJAN Risk / Return Rank: 77
FJAN Sharpe Ratio Rank: 78
FJAN Sortino Ratio Rank: 80
FJAN Omega Ratio Rank: 82
FJAN Calmar Ratio Rank: 63
FJAN Martin Ratio Rank: 81

IAPR

IAPR Risk / Return Rank: 85
IAPR Sharpe Ratio Rank: 74
IAPR Sortino Ratio Rank: 82
IAPR Omega Ratio Rank: 81
IAPR Calmar Ratio Rank: 93
IAPR Martin Ratio Rank: 93

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.

FJAN vs. IAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - January (FJAN) and Innovator International Developed Power Buffer ETF - April (IAPR). 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.

	FJAN	IAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.07	+0.10
Sortino ratio: Return per unit of downside risk	3.11	3.19	-0.08
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	2.72	5.64	-2.92
Martin ratio: Return relative to average drawdown	13.97	21.40	-7.43

FJAN vs. IAPR - Sharpe Ratio Comparison

The current FJAN Sharpe Ratio is 2.17, which is comparable to the IAPR Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FJAN and IAPR, 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

FJAN vs. IAPR - Drawdown Comparison

The maximum FJAN drawdown since its inception was -13.58%, smaller than the maximum IAPR drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for FJAN and IAPR.

Drawdown Indicators

	FJAN	IAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.58%	-17.73%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.91%	-2.56%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.92%	-9.46%	-3.46%
Max Drawdown (5Y) Largest decline over 5 years	-13.58%	-17.73%	+4.15%
Current Drawdown Current decline from peak	-1.13%	-0.81%	-0.32%
Average Drawdown Average peak-to-trough decline	-1.98%	-3.84%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.67%	+0.48%

Volatility

FJAN vs. IAPR - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - January (FJAN) is 2.17%, while Innovator International Developed Power Buffer ETF - April (IAPR) has a volatility of 2.69%. This indicates that FJAN experiences smaller price fluctuations and is considered to be less risky than IAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJAN	IAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	2.69%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	6.05%	5.88%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	6.98%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	8.91%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	8.79%	+1.57%

FJAN vs. IAPR - Expense Ratio Comparison

Both FJAN and IAPR have an expense ratio of 0.85%.

Dividends

FJAN vs. IAPR - Dividend Comparison

Neither FJAN nor IAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FJAN and IAPR in my portfolio?

FJAN and IAPR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJAN or IAPR?

IAPR has higher volatility (2.69%) compared to FJAN (2.17%). In terms of maximum drawdown, FJAN dropped -13.58% vs IAPR's -17.73%.

Which ETF is better, FJAN or IAPR?

On 5-year performance, FJAN leads with 10.78% vs 5.07% for IAPR. Both ETFs have the same 0.85% expense ratio. On volatility, FJAN has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FJAN or IAPR?

Over the 5-year period, FJAN has performed better with a 10.78% return vs 5.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJAN or IAPR?

FJAN and IAPR have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, FJAN or IAPR?

FJAN and IAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between FJAN and IAPR?

FJAN tracks S&P 500, while IAPR tracks MSCI EAFE. They also come from different issuers: FT Vest and Innovator.

Which has better risk-adjusted returns?

FJAN currently has the higher Sharpe Ratio (2.17 vs 2.07), 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.