IAUM vs. PJAN

Last updated Jun 13, 2026

IAUM (iShares Gold Trust Micro) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, 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 3 years, IAUM returned 29.28%/yr vs 12.39%/yr for PJAN. At a 0.10 correlation, their price movements are largely independent. IAUM charges 0.09%/yr vs 0.79%/yr for PJAN.

Performance

IAUM vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust Micro (IAUM) 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, IAUM achieves a -2.40% return, which is significantly lower than PJAN's 4.83% return.

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.41%
• 1M: 0.16%
• YTD: 4.83%
• 6M: 5.48%
• 1Y: 14.36%
• 3Y*: 12.39%
• 5Y*: 8.76%
• 10Y*: —

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

IAUM vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	3.87%
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.83%	11.29%	13.45%	18.18%	-5.29%	2.55%

Correlation

The correlation between IAUM and PJAN is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	0.10

The correlation between IAUM and PJAN shifts across timeframes, from 0.10 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IAUM vs. PJAN — Risk / Return Rank

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

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

PJAN

PJAN Risk / Return Rank: 82
PJAN Sharpe Ratio Rank: 83
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 67
PJAN Martin Ratio Rank: 86

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.

IAUM vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.

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.

	IAUM	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.33	-1.43
Sortino ratio: Return per unit of downside risk	1.26	3.40	-2.14
Omega ratio: Gain probability vs. loss probability	1.19	1.48	-0.30
Calmar ratio: Return relative to maximum drawdown	1.00	2.97	-1.97
Martin ratio: Return relative to average drawdown	2.87	15.67	-12.81

IAUM vs. PJAN - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 0.90, which is lower than the PJAN Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of IAUM 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.

Drawdowns

IAUM vs. PJAN - Drawdown Comparison

The maximum IAUM drawdown since its inception was -24.37%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for IAUM and PJAN.

Drawdown Indicators

	IAUM	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-21.25%	-3.12%
Max Drawdown (1Y) Largest decline over 1 year	-24.37%	-4.63%	-19.74%
Max Drawdown (3Y) Largest decline over 3 years	-24.37%	-10.49%	-13.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-21.99%	-0.54%	-21.45%
Average Drawdown Average peak-to-trough decline	-5.38%	-1.72%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	0.88%	+7.58%

Volatility

IAUM vs. PJAN - Volatility Comparison

iShares Gold Trust Micro (IAUM) has a higher volatility of 7.71% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.64%. This indicates that IAUM'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

	IAUM	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	1.64%	+6.07%
Volatility (6M) Calculated over the trailing 6-month period	23.82%	4.89%	+18.93%
Volatility (1Y) Calculated over the trailing 1-year period	27.06%	5.91%	+21.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	8.94%	+9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	10.59%	+7.46%

IAUM vs. PJAN - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is lower than PJAN's 0.79% expense ratio.

Dividends

IAUM vs. PJAN - Dividend Comparison

Neither IAUM nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAUM and PJAN in my portfolio?

IAUM and PJAN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUM or PJAN?

IAUM has higher volatility (7.71%) compared to PJAN (1.64%). In terms of maximum drawdown, IAUM dropped -24.37% vs PJAN's -21.25%.

Which ETF is better, IAUM or PJAN?

On 3-year performance, IAUM leads with 29.28% vs 12.39% for PJAN. On fees, IAUM is cheaper at 0.09% per year. On volatility, PJAN has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUM or PJAN?

Over the 3-year period, IAUM has performed better with a 29.28% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUM or PJAN?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.79% for PJAN.

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

IAUM and PJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between IAUM and PJAN?

IAUM is categorized as Gold, while PJAN is Defined Outcome. IAUM tracks LBMA Gold Price PM, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.09% for IAUM and 0.79% for PJAN.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 vs 0.90), 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.