IOCT vs. PJAN

Last updated Jun 3, 2026

IOCT (Innovator International Developed Power Buffer ETF- October) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - IOCT is a Options Trading fund actively managed by Innovator, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. IOCT is actively managed, while PJAN is passively managed. Over the past 3 years, IOCT returned 12.51%/yr vs 13.06%/yr for PJAN. A 0.69 correlation means they provide meaningful diversification when combined. IOCT charges 0.85%/yr vs 0.79%/yr for PJAN.

Performance

IOCT vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF- October (IOCT) 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 stocks are quite close, with IOCT having a 5.42% return and PJAN slightly lower at 5.40%.

IOCT

• 1D: 0.21%
• 1M: 1.47%
• YTD: 5.42%
• 6M: 7.04%
• 1Y: 13.00%
• 3Y*: 12.51%
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.04%
• 1M: 1.95%
• YTD: 5.40%
• 6M: 6.33%
• 1Y: 15.55%
• 3Y*: 13.06%
• 5Y*: 9.01%
• 10Y*: —

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

IOCT vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IOCT Innovator International Developed Power Buffer ETF- October	5.42%	18.96%	4.88%	17.54%	-6.31%	0.98%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.40%	11.29%	13.45%	18.18%	-5.29%	1.63%

Correlation

The correlation between IOCT and PJAN is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 4, 2021	0.69

The correlation between IOCT and PJAN has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

IOCT vs. PJAN — Risk / Return Rank

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

IOCT

IOCT Risk / Return Rank: 44
IOCT Sharpe Ratio Rank: 41
IOCT Sortino Ratio Rank: 42
IOCT Omega Ratio Rank: 40
IOCT Calmar Ratio Rank: 47
IOCT Martin Ratio Rank: 52

PJAN

PJAN Risk / Return Rank: 82
PJAN Sharpe Ratio Rank: 81
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 89
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.

IOCT vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF- October (IOCT) 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.

	IOCT	PJAN	Difference
Sharpe ratio Return per unit of total volatility	1.48	2.69	-1.21
Sortino ratio Return per unit of downside risk	2.17	3.96	-1.79
Omega ratio Gain probability vs. loss probability	1.27	1.58	-0.31
Calmar ratio Return relative to maximum drawdown	2.38	3.42	-1.03
Martin ratio Return relative to average drawdown	9.02	18.26	-9.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IOCT vs. PJAN - Sharpe Ratio Comparison

The current IOCT Sharpe Ratio is 1.48, which is lower than the PJAN Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of IOCT 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.

Sharpe Ratios by Period

	IOCT	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.69	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.90	+0.01

Drawdowns

IOCT vs. PJAN - Drawdown Comparison

The maximum IOCT drawdown since its inception was -16.94%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for IOCT and PJAN.

Drawdown Indicators

	IOCT	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-16.94%	-21.25%	+4.31%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-4.63%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	-10.49%	+2.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.67%	-1.73%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.87%	+0.67%

Volatility

IOCT vs. PJAN - Volatility Comparison

Innovator International Developed Power Buffer ETF- October (IOCT) has a higher volatility of 2.31% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.06%. This indicates that IOCT'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

	IOCT	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	1.06%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	4.70%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	8.85%	5.81%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.36%	8.92%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	10.61%	-1.25%

IOCT vs. PJAN - Expense Ratio Comparison

IOCT has a 0.85% expense ratio, which is higher than PJAN's 0.79% expense ratio.

Dividends

IOCT vs. PJAN - Dividend Comparison

Neither IOCT nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IOCT and PJAN in my portfolio?

IOCT and PJAN 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, IOCT or PJAN?

IOCT has higher volatility (2.31%) compared to PJAN (1.06%). In terms of maximum drawdown, IOCT dropped -16.94% vs PJAN's -21.25%.

Which ETF is better, IOCT or PJAN?

On 3-year performance, PJAN leads with 13.06% vs 12.51% for IOCT. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOCT or PJAN?

Over the 3-year period, PJAN has performed better with a 13.06% return vs 12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOCT or PJAN?

PJAN is cheaper with a 0.79% expense ratio, compared with 0.85% for IOCT.

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

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

What is the main difference between IOCT and PJAN?

IOCT is categorized as Options Trading, while PJAN is Defined Outcome. Their fees differ too: 0.85% for IOCT and 0.79% for PJAN.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.69 vs 1.48), 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.