JANJ vs. CAOS

Last updated Jun 4, 2026

JANJ (Innovator Premium Income 30 Barrier ETF - January) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past year, JANJ returned 5.91% vs 1.88% for CAOS. At a correlation of -0.24, they often move in opposite directions. JANJ charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

JANJ vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - January (JANJ) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANJ achieves a 2.40% return, which is significantly higher than CAOS's 0.82% return.

JANJ

• 1D: -0.04%
• 1M: 0.74%
• YTD: 2.40%
• 6M: 2.68%
• 1Y: 5.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

JANJ vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANJ Innovator Premium Income 30 Barrier ETF - January	2.40%	5.22%	6.05%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.67%

Correlation

The correlation between JANJ and CAOS is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.31
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	-0.24

Return for Risk

JANJ vs. CAOS — Risk / Return Rank

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

JANJ

JANJ Risk / Return Rank: 81
JANJ Sharpe Ratio Rank: 73
JANJ Sortino Ratio Rank: 85
JANJ Omega Ratio Rank: 94
JANJ Calmar Ratio Rank: 65
JANJ Martin Ratio Rank: 89

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

JANJ vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - January (JANJ) and Alpha Architect Tail Risk ETF (CAOS). 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.

	JANJ	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.35	1.24	+1.11
Sortino ratio Return per unit of downside risk	3.77	1.98	+1.79
Omega ratio Gain probability vs. loss probability	1.66	1.26	+0.41
Calmar ratio Return relative to maximum drawdown	3.16	2.49	+0.67
Martin ratio Return relative to average drawdown	20.10	6.22	+13.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANJ vs. CAOS - Sharpe Ratio Comparison

The current JANJ Sharpe Ratio is 2.35, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of JANJ and CAOS, 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

	JANJ	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	1.24	+1.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	1.21	+0.04

Drawdowns

JANJ vs. CAOS - Drawdown Comparison

The maximum JANJ drawdown since its inception was -5.75%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for JANJ and CAOS.

Drawdown Indicators

	JANJ	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.75%	-3.60%	-2.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-0.76%	-1.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.04%	-1.07%	+1.03%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.90%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.30%	-0.01%

Volatility

JANJ vs. CAOS - Volatility Comparison

Innovator Premium Income 30 Barrier ETF - January (JANJ) has a higher volatility of 0.32% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that JANJ's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANJ	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.26%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	1.03%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	1.52%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	4.26%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	4.26%	+0.29%

JANJ vs. CAOS - Expense Ratio Comparison

JANJ has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

JANJ vs. CAOS - Dividend Comparison

JANJ's dividend yield for the trailing twelve months is around 5.00%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
JANJ Innovator Premium Income 30 Barrier ETF - January	5.00%	5.07%	5.59%

Frequently Asked Questions

Can I hold both JANJ and CAOS in my portfolio?

JANJ and CAOS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANJ or CAOS?

JANJ has higher volatility (0.32%) compared to CAOS (0.26%). In terms of maximum drawdown, JANJ dropped -5.75% vs CAOS's -3.60%.

Which ETF is better, JANJ or CAOS?

On 1-year performance, JANJ leads with 5.91% vs 1.88% for CAOS. On fees, CAOS is cheaper at 0.63% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANJ or CAOS?

Over the 1-year period, JANJ has performed better with a 5.91% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANJ or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for JANJ.

Which ETF pays a higher dividend yield, JANJ or CAOS?

JANJ has the higher dividend yield at 5.00%, compared with 0.00% for CAOS.

What is the main difference between JANJ and CAOS?

They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for JANJ and 0.63% for CAOS.

Which has better risk-adjusted returns?

JANJ currently has the higher Sharpe Ratio (2.35 vs 1.24), 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.