JANH vs. PJAN

Last updated Jun 6, 2026

JANH (Innovator Premium Income 20 Barrier ETF - January) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - JANH 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. JANH is actively managed, while PJAN is passively managed. Over the past year, JANH returned 7.47% vs 14.49% for PJAN. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

JANH vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - January (JANH) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANH achieves a 3.06% return, which is significantly lower than PJAN's 4.53% return.

JANH

• 1D: -0.36%
• 1M: 0.48%
• YTD: 3.06%
• 6M: 3.17%
• 1Y: 7.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: -0.75%
• 1M: 0.57%
• YTD: 4.53%
• 6M: 5.29%
• 1Y: 14.49%
• 3Y*: 12.70%
• 5Y*: 8.79%
• 10Y*: —

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

JANH vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANH Innovator Premium Income 20 Barrier ETF - January	3.06%	6.34%	7.08%
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.53%	11.29%	13.70%

Correlation

The correlation between JANH and PJAN is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.84

The correlation between JANH and PJAN has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

Return for Risk

JANH vs. PJAN — Risk / Return Rank

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

JANH

JANH Risk / Return Rank: 75
JANH Sharpe Ratio Rank: 71
JANH Sortino Ratio Rank: 79
JANH Omega Ratio Rank: 92
JANH Calmar Ratio Rank: 53
JANH Martin Ratio Rank: 81

PJAN

PJAN Risk / Return Rank: 81
PJAN Sharpe Ratio Rank: 81
PJAN Sortino Ratio Rank: 84
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 66
PJAN Martin Ratio Rank: 84

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.

JANH vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - January (JANH) 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.

	JANH	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.49	-0.34
Sortino ratio: Return per unit of downside risk	3.29	3.64	-0.36
Omega ratio: Gain probability vs. loss probability	1.58	1.53	+0.06
Calmar ratio: Return relative to maximum drawdown	2.47	3.14	-0.68
Martin ratio: Return relative to average drawdown	15.10	16.75	-1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANH vs. PJAN - Sharpe Ratio Comparison

The current JANH Sharpe Ratio is 2.15, which is comparable to the PJAN Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of JANH 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

	JANH	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.49	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.89	+0.19

Drawdowns

JANH vs. PJAN - Drawdown Comparison

The maximum JANH drawdown since its inception was -8.00%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for JANH and PJAN.

Drawdown Indicators

	JANH	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-8.00%	-21.25%	+13.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-4.63%	+1.59%
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	-0.36%	-0.83%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.31%	-1.73%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.87%	-0.37%

Volatility

JANH vs. PJAN - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - January (JANH) is 0.56%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 1.27%. This indicates that JANH experiences smaller price fluctuations and is considered to be less risky than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANH	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	1.27%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	4.78%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	5.86%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	8.93%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	10.60%	-4.22%

JANH vs. PJAN - Expense Ratio Comparison

Both JANH and PJAN have an expense ratio of 0.79%.

Dividends

JANH vs. PJAN - Dividend Comparison

JANH's dividend yield for the trailing twelve months is around 6.14%, while PJAN has not paid dividends to shareholders.

Position	TTM	2025	2024
JANH Innovator Premium Income 20 Barrier ETF - January	6.14%	6.20%	6.71%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANH and PJAN in my portfolio?

JANH and PJAN have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANH or PJAN?

PJAN has higher volatility (1.27%) compared to JANH (0.56%). In terms of maximum drawdown, JANH dropped -8.00% vs PJAN's -21.25%.

Which ETF is better, JANH or PJAN?

On 1-year performance, PJAN leads with 14.49% vs 7.47% for JANH. Both ETFs have the same 0.79% expense ratio. On volatility, JANH has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANH or PJAN?

Over the 1-year period, PJAN has performed better with a 14.49% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANH or PJAN?

JANH and PJAN have the same expense ratio: 0.79% per year.

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

JANH has the higher dividend yield at 6.14%, compared with 0.00% for PJAN.

What is the main difference between JANH and PJAN?

JANH is categorized as Options Trading, while PJAN is Defined Outcome.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.49 vs 2.15), 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.