GDEC vs. AJAN

Last updated Jun 3, 2026

GDEC (FT Cboe Vest U.S. Equity Moderate Buffer ETF - December) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both Options Trading funds. Both are actively managed. Over the past year, GDEC returned 16.22% vs 6.25% for AJAN. A 0.72 correlation means they provide meaningful diversification when combined. GDEC charges 0.85%/yr vs 0.79%/yr for AJAN.

Performance

GDEC vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDEC achieves a 5.31% return, which is significantly higher than AJAN's 2.05% return.

GDEC

• 1D: 0.05%
• 1M: 1.94%
• YTD: 5.31%
• 6M: 6.49%
• 1Y: 16.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.04%
• 1M: 0.55%
• YTD: 2.05%
• 6M: 2.46%
• 1Y: 6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDEC vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	5.31%	12.14%	11.94%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.05%	6.12%	7.78%

Correlation

The correlation between GDEC and AJAN is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.72

The correlation between GDEC and AJAN has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

GDEC vs. AJAN — Risk / Return Rank

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

GDEC

GDEC Risk / Return Rank: 83
GDEC Sharpe Ratio Rank: 83
GDEC Sortino Ratio Rank: 88
GDEC Omega Ratio Rank: 88
GDEC Calmar Ratio Rank: 68
GDEC Martin Ratio Rank: 86

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 81
AJAN Sortino Ratio Rank: 89
AJAN Omega Ratio Rank: 91
AJAN Calmar Ratio Rank: 56
AJAN Martin Ratio Rank: 73

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.

GDEC vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). 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.

	GDEC	AJAN	Difference
Sharpe ratio Return per unit of total volatility	2.77	2.66	+0.11
Sortino ratio Return per unit of downside risk	4.12	4.16	-0.04
Omega ratio Gain probability vs. loss probability	1.57	1.60	-0.03
Calmar ratio Return relative to maximum drawdown	3.46	2.82	+0.65
Martin ratio Return relative to average drawdown	18.29	14.21	+4.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDEC vs. AJAN - Sharpe Ratio Comparison

The current GDEC Sharpe Ratio is 2.77, which is comparable to the AJAN Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of GDEC and AJAN, 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

	GDEC	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.66	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.75	-0.22

Drawdowns

GDEC vs. AJAN - Drawdown Comparison

The maximum GDEC drawdown since its inception was -10.61%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for GDEC and AJAN.

Drawdown Indicators

	GDEC	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-10.61%	-4.11%	-6.50%
Max Drawdown (1Y) Largest decline over 1 year	-4.79%	-2.24%	-2.55%
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.29%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.44%	+0.47%

Volatility

GDEC vs. AJAN - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) has a higher volatility of 0.87% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 0.71%. This indicates that GDEC's price experiences larger fluctuations and is considered to be riskier than AJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDEC	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.71%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	2.04%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	2.35%	+3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	3.80%	+4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	3.80%	+4.16%

GDEC vs. AJAN - Expense Ratio Comparison

GDEC has a 0.85% expense ratio, which is higher than AJAN's 0.79% expense ratio.

Dividends

GDEC vs. AJAN - Dividend Comparison

Neither GDEC nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDEC and AJAN in my portfolio?

GDEC and AJAN have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDEC or AJAN?

GDEC has higher volatility (0.87%) compared to AJAN (0.71%). In terms of maximum drawdown, GDEC dropped -10.61% vs AJAN's -4.11%.

Which ETF is better, GDEC or AJAN?

On 1-year performance, GDEC leads with 16.22% vs 6.25% for AJAN. On fees, AJAN is cheaper at 0.79% per year. On volatility, AJAN has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDEC or AJAN?

Over the 1-year period, GDEC has performed better with a 16.22% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDEC or AJAN?

AJAN is cheaper with a 0.79% expense ratio, compared with 0.85% for GDEC.

Which ETF pays a higher dividend yield, GDEC or AJAN?

GDEC and AJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between GDEC and AJAN?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for GDEC and 0.79% for AJAN.

Which has better risk-adjusted returns?

GDEC currently has the higher Sharpe Ratio (2.77 vs 2.66), 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.