IFLR vs. PJAN

Last updated Jun 4, 2026

IFLR (Innovator International Developed Managed Floor ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - IFLR is a Global Equities fund actively managed by Innovator, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. IFLR is actively managed, while PJAN is passively managed. A 0.72 correlation means they provide meaningful diversification when combined. IFLR charges 0.89%/yr vs 0.79%/yr for PJAN.

Performance

IFLR vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Managed Floor ETF (IFLR) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). 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 IFLR having a 4.93% return and PJAN slightly higher at 5.13%.

IFLR

• 1D: -0.55%
• 1M: 3.67%
• YTD: 4.93%
• 6M: 7.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

IFLR vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025
IFLR Innovator International Developed Managed Floor ETF	4.93%	4.20%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	3.02%

Correlation

The correlation between IFLR and PJAN 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 (All Time) Calculated using the full available price history since Nov 21, 2025	0.72

Return for Risk

IFLR vs. PJAN — Risk / Return Rank

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

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.

IFLR vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Managed Floor ETF (IFLR) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IFLR	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.55	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	0.90	+0.53

Drawdowns

IFLR vs. PJAN - Drawdown Comparison

The maximum IFLR drawdown since its inception was -9.58%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for IFLR and PJAN.

Drawdown Indicators

	IFLR	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-9.58%	-21.25%	+11.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.63%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-2.65%	-0.26%	-2.39%
Average Drawdown Average peak-to-trough decline	-2.75%	-1.73%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.87%	—

Volatility

Volatility by Period

	IFLR	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	5.81%	+7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	8.93%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	10.60%	+2.47%

IFLR vs. PJAN - Expense Ratio Comparison

IFLR has a 0.89% expense ratio, which is higher than PJAN's 0.79% expense ratio.

Dividends

IFLR vs. PJAN - Dividend Comparison

IFLR's dividend yield for the trailing twelve months is around 0.28%, while PJAN has not paid dividends to shareholders.

Position	TTM
IFLR Innovator International Developed Managed Floor ETF	0.28%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%

Frequently Asked Questions

Can I hold both IFLR and PJAN in my portfolio?

IFLR and PJAN 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 ETF is better, IFLR or PJAN?

On fees, PJAN is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IFLR or PJAN?

PJAN is cheaper with a 0.79% expense ratio, compared with 0.89% for IFLR.

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

IFLR has the higher dividend yield at 0.28%, compared with 0.00% for PJAN.

What is the main difference between IFLR and PJAN?

IFLR is categorized as Global Equities, while PJAN is Defined Outcome. Their fees differ too: 0.89% for IFLR and 0.79% for PJAN.