IJAN vs. EFA
IJAN (Innovator International Developed Power Buffer ETF - January) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - IJAN is a Defined Outcome fund actively managed by Innovator, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). IJAN is actively managed, while EFA is passively managed. Over the past 5 years, IJAN returned 7.51%/yr vs 9.12%/yr for EFA. Their correlation of 0.92 means they have usually moved in the same direction. IJAN charges 0.85%/yr vs 0.32%/yr for EFA.
Performance
IJAN vs. EFA - Performance Comparison
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Returns By Period
In the year-to-date period, IJAN achieves a 6.78% return, which is significantly lower than EFA's 12.15% return.
IJAN
- 1D
- 0.24%
- 1M
- 1.00%
- 6M
- 4.13%
- YTD
- 6.78%
- 1Y
- 13.63%
- 3Y*
- 10.02%
- 5Y*
- 7.51%
- 10Y*
- —
- ALL TIME*
- 7.07%
EFA
- 1D
- 0.42%
- 1M
- 1.58%
- 6M
- 6.21%
- YTD
- 12.15%
- 1Y
- 25.62%
- 3Y*
- 17.31%
- 5Y*
- 9.12%
- 10Y*
- 9.44%
- ALL TIME*
- 6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.19B | $1.11B | $1.37B | |
| $397.51K | $366.62K | $481.38K |
IJAN vs. EFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IJAN Innovator International Developed Power Buffer ETF - January | 6.78% | 19.62% | -0.57% | 13.82% | -2.52% | 7.28% | 3.69% |
EFA iShares MSCI EAFE ETF | 12.15% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% |
Correlation
The correlation between IJAN and EFA is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020 | 0.92 |
The correlation between IJAN and EFA has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
IJAN vs. EFA — Risk / Return Rank
IJAN
EFA
IJAN vs. EFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - January (IJAN) and iShares MSCI EAFE ETF (EFA). 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.
| IJAN | EFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.25 | -0.02 |
| Martin ratioReturn relative to average drawdown | 9.48 | 8.51 | +0.97 |
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Drawdowns
IJAN vs. EFA - Drawdown Comparison
The maximum IJAN drawdown since its inception was -22.68%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for IJAN and EFA.
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Drawdown Indicators
| IJAN | EFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.68% | -61.04% | +38.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.14% | -11.42% | +5.28% |
Max Drawdown (3Y)Largest decline over 3 years | -10.30% | -14.05% | +3.75% |
Max Drawdown (5Y)Largest decline over 5 years | -16.71% | -29.53% | +12.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.19% | — |
Current DrawdownCurrent decline from peak | -0.02% | -0.21% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -2.89% | -11.86% | +8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 3.02% | -1.58% |
Volatility
IJAN vs. EFA - Volatility Comparison
The current volatility for Innovator International Developed Power Buffer ETF - January (IJAN) is 1.99%, while iShares MSCI EAFE ETF (EFA) has a volatility of 4.53%. This indicates that IJAN experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IJAN | EFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 4.53% | -2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 6.98% | 13.68% | -6.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.67% | 15.78% | -8.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 16.62% | -6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.41% | 17.01% | -4.60% |
IJAN vs. EFA - Expense Ratio Comparison
IJAN has a 0.85% expense ratio, which is higher than EFA's 0.32% expense ratio.
Dividends
IJAN vs. EFA - Dividend Comparison
IJAN has not paid dividends to shareholders, while EFA's dividend yield for the trailing twelve months is around 3.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFA iShares MSCI EAFE ETF | 3.17% | 3.38% | 3.24% | 2.98% | 2.69% | 3.33% | 2.13% | 3.10% | 3.39% | 2.57% | 3.07% | 2.76% |
IJAN Innovator International Developed Power Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, IJAN and EFA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EFA has higher volatility (4.53%) compared to IJAN (1.99%). In terms of maximum drawdown, IJAN dropped -22.68% vs EFA's -61.04%.
On 5-year performance, EFA leads with 9.12% vs 7.51% for IJAN. On fees, EFA is cheaper at 0.32% per year. On volatility, IJAN has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EFA has performed better with a 9.12% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFA is cheaper with a 0.32% expense ratio, compared with 0.85% for IJAN.
EFA has the higher dividend yield at 3.17%, compared with 0.00% for IJAN.
IJAN is categorized as Defined Outcome, while EFA is Foreign Large Cap Equities. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.85% for IJAN and 0.32% for EFA.
IJAN currently has the higher Sharpe Ratio (1.79 vs 1.63), 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.
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