JAJL vs. QMAR

Last updated Jun 4, 2026

JAJL (Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul) and QMAR (FT Cboe Vest Nasdaq-100 Buffer ETF - March) are both exchange-traded funds - JAJL is a Defined Outcome fund actively managed by Innovator, while QMAR is a Nasdaq-100 fund actively managed by First Trust. Both are actively managed. Over the past year, JAJL returned 7.79% vs 23.38% for QMAR. A 0.70 correlation means they provide meaningful diversification when combined. JAJL charges 0.79%/yr vs 0.90%/yr for QMAR.

Performance

JAJL vs. QMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) and FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAJL achieves a 2.52% return, which is significantly lower than QMAR's 13.06% return.

JAJL

• 1D: -0.01%
• 1M: 0.79%
• YTD: 2.52%
• 6M: 2.86%
• 1Y: 7.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMAR

• 1D: -0.09%
• 1M: 2.81%
• YTD: 13.06%
• 6M: 14.01%
• 1Y: 23.38%
• 3Y*: 16.73%
• 5Y*: 12.13%
• 10Y*: —

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

JAJL vs. QMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	2.52%	6.56%	4.48%
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	13.06%	10.89%	6.10%

Correlation

The correlation between JAJL and QMAR is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.70

The correlation between JAJL and QMAR has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

JAJL vs. QMAR - Sectors Allocation Comparison

Sectors	JAJL	QMAR
Technology	36.2%	54.2%
Financial Services	11.9%	0.2%
Communication Services	10.9%	15.5%
Consumer Cyclical	10.1%	12.2%
Healthcare	8.4%	4.2%
Industrials	8.1%	2.8%
Consumer Defensive	4.9%	7.6%
Energy	3.5%	0.6%
Utilities	2.3%	1.4%
Real Estate	1.9%	0.1%
Basic Materials	1.8%	1.2%

Return for Risk

JAJL vs. QMAR — Risk / Return Rank

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

JAJL

JAJL Risk / Return Rank: 95
JAJL Sharpe Ratio Rank: 93
JAJL Sortino Ratio Rank: 96
JAJL Omega Ratio Rank: 96
JAJL Calmar Ratio Rank: 95
JAJL Martin Ratio Rank: 96

QMAR

QMAR Risk / Return Rank: 96
QMAR Sharpe Ratio Rank: 95
QMAR Sortino Ratio Rank: 97
QMAR Omega Ratio Rank: 97
QMAR Calmar Ratio Rank: 94
QMAR Martin Ratio Rank: 97

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.

JAJL vs. QMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) and FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR). 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.

	JAJL	QMAR	Difference
Sharpe ratio Return per unit of total volatility	3.38	3.86	-0.48
Sortino ratio Return per unit of downside risk	5.67	6.05	-0.38
Omega ratio Gain probability vs. loss probability	1.83	1.93	-0.10
Calmar ratio Return relative to maximum drawdown	7.76	7.31	+0.45
Martin ratio Return relative to average drawdown	38.16	52.66	-14.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAJL vs. QMAR - Sharpe Ratio Comparison

The current JAJL Sharpe Ratio is 3.38, which is comparable to the QMAR Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of JAJL and QMAR, 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

	JAJL	QMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.38	3.86	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.69	0.91	+1.78

Drawdowns

JAJL vs. QMAR - Drawdown Comparison

The maximum JAJL drawdown since its inception was -2.16%, smaller than the maximum QMAR drawdown of -19.83%. Use the drawdown chart below to compare losses from any high point for JAJL and QMAR.

Drawdown Indicators

	JAJL	QMAR	Difference
Max Drawdown Largest peak-to-trough decline	-2.16%	-19.83%	+17.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.01%	-3.21%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.83%	—
Current Drawdown Current decline from peak	-0.04%	-0.19%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.28%	-3.28%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.45%	-0.25%

Volatility

JAJL vs. QMAR - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) is 0.35%, while FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) has a volatility of 1.27%. This indicates that JAJL experiences smaller price fluctuations and is considered to be less risky than QMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAJL	QMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	1.27%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	4.85%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	6.09%	-3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	13.97%	-11.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	13.85%	-11.18%

JAJL vs. QMAR - Expense Ratio Comparison

JAJL has a 0.79% expense ratio, which is lower than QMAR's 0.90% expense ratio.

Dividends

JAJL vs. QMAR - Dividend Comparison

Neither JAJL nor QMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JAJL and QMAR in my portfolio?

JAJL and QMAR have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAJL or QMAR?

QMAR has higher volatility (1.27%) compared to JAJL (0.35%). In terms of maximum drawdown, JAJL dropped -2.16% vs QMAR's -19.83%.

Which ETF is better, JAJL or QMAR?

On 1-year performance, QMAR leads with 23.38% vs 7.79% for JAJL. On fees, JAJL is cheaper at 0.79% per year. On volatility, JAJL has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAJL or QMAR?

Over the 1-year period, QMAR has performed better with a 23.38% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAJL or QMAR?

JAJL is cheaper with a 0.79% expense ratio, compared with 0.90% for QMAR.

Which ETF pays a higher dividend yield, JAJL or QMAR?

JAJL and QMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between JAJL and QMAR?

JAJL is categorized as Defined Outcome, while QMAR is Nasdaq-100. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for JAJL and 0.90% for QMAR.

Which has better risk-adjusted returns?

QMAR currently has the higher Sharpe Ratio (3.86 vs 3.38), 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.