IFEB vs. PBJA

Last updated Aug 2, 2026

IFEB (Innovator International Developed Power Buffer ETF - February) and PBJA (PGIM US Large-Cap Buffer 20 ETF - January) are both Options Trading funds. Both are actively managed. Over the past year, IFEB returned 11.77% vs 11.05% for PBJA. Their 0.65 correlation means they have sometimes moved together and sometimes differently. IFEB charges 0.85%/yr vs 0.50%/yr for PBJA.

Performance

IFEB vs. PBJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - February (IFEB) and PGIM US Large-Cap Buffer 20 ETF - January (PBJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IFEB having a 4.84% return and PBJA slightly higher at 5.02%.

IFEB

• 1D: -0.16%
• 1M: 1.00%
• 6M: 3.90%
• YTD: 4.84%
• 1Y: 11.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.87%

PBJA

• 1D: 0.09%
• 1M: 0.34%
• 6M: 4.34%
• YTD: 5.02%
• 1Y: 11.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.66%

*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)
IFEB Innovator International Developed Power Buffer ETF - February	$236.38K	$418.05K	$331.11K
PBJA PGIM US Large-Cap Buffer 20 ETF - January	$125.96K	$122.99K	$139.34K

IFEB vs. PBJA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IFEB Innovator International Developed Power Buffer ETF - February	4.84%	19.46%	0.98%
PBJA PGIM US Large-Cap Buffer 20 ETF - January	5.02%	10.33%	10.97%

Correlation

The correlation between IFEB and PBJA is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.65

The correlation between IFEB and PBJA has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

Return for Risk

IFEB vs. PBJA — Risk / Return Rank

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

IFEB

IFEB Risk / Return Rank: 62
IFEB Sharpe Ratio Rank: 63
IFEB Sortino Ratio Rank: 64
IFEB Omega Ratio Rank: 72
IFEB Calmar Ratio Rank: 50
IFEB Martin Ratio Rank: 61

PBJA

PBJA Risk / Return Rank: 88
PBJA Sharpe Ratio Rank: 88
PBJA Sortino Ratio Rank: 90
PBJA Omega Ratio Rank: 91
PBJA Calmar Ratio Rank: 80
PBJA Martin Ratio Rank: 92

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.

IFEB vs. PBJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - February (IFEB) and PGIM US Large-Cap Buffer 20 ETF - January (PBJA). 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.

	IFEB	PBJA	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.16	-0.69
Sortino ratio: Return per unit of downside risk	2.15	3.21	-1.06
Omega ratio: Gain probability vs. loss probability	1.30	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	1.81	2.91	-1.09
Martin ratio: Return relative to average drawdown	7.42	15.49	-8.07

IFEB vs. PBJA - Sharpe Ratio Comparison

The current IFEB Sharpe Ratio is 1.47, which is lower than the PBJA Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IFEB and PBJA, 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

IFEB vs. PBJA - Drawdown Comparison

The maximum IFEB drawdown since its inception was -8.84%, roughly equal to the maximum PBJA drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for IFEB and PBJA.

Drawdown Indicators

	IFEB	PBJA	Difference
Max Drawdown Largest peak-to-trough decline	-8.84%	-8.50%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-3.58%	-2.89%
Current Drawdown Current decline from peak	-0.16%	-0.12%	-0.04%
Average Drawdown Average peak-to-trough decline	-1.61%	-0.54%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	0.67%	+0.91%

Volatility

IFEB vs. PBJA - Volatility Comparison

Innovator International Developed Power Buffer ETF - February (IFEB) has a higher volatility of 2.30% compared to PGIM US Large-Cap Buffer 20 ETF - January (PBJA) at 1.51%. This indicates that IFEB's price experiences larger fluctuations and is considered to be riskier than PBJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFEB	PBJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	1.51%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	4.05%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	7.98%	4.82%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	6.30%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.07%	6.30%	+2.77%

IFEB vs. PBJA - Expense Ratio Comparison

IFEB has a 0.85% expense ratio, which is higher than PBJA's 0.50% expense ratio.

Dividends

IFEB vs. PBJA - Dividend Comparison

Neither IFEB nor PBJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IFEB and PBJA in my portfolio?

IFEB and PBJA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFEB or PBJA?

IFEB has higher volatility (2.30%) compared to PBJA (1.51%). In terms of maximum drawdown, IFEB dropped -8.84% vs PBJA's -8.50%.

Which ETF is better, IFEB or PBJA?

On 1-year performance, IFEB leads with 11.77% vs 11.05% for PBJA. On fees, PBJA is cheaper at 0.50% per year. On volatility, PBJA has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFEB or PBJA?

Over the 1-year period, IFEB has performed better with a 11.77% return vs 11.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFEB or PBJA?

PBJA is cheaper with a 0.50% expense ratio, compared with 0.85% for IFEB.

Which ETF pays a higher dividend yield, IFEB or PBJA?

IFEB and PBJA have nearly identical dividend yields, around 0.00%.

What is the main difference between IFEB and PBJA?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.85% for IFEB and 0.50% for PBJA.

Which has better risk-adjusted returns?

PBJA currently has the higher Sharpe Ratio (2.16 vs 1.47), 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.