JANJ vs. IWMY

Last updated Jul 2, 2026

JANJ (Innovator Premium Income 30 Barrier ETF - January) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds. JANJ is actively managed, while IWMY is passively managed. Over the past year, JANJ returned 5.35% vs 21.05% for IWMY. A 0.61 correlation means they provide meaningful diversification when combined. JANJ charges 0.79%/yr vs 0.99%/yr for IWMY.

Performance

JANJ vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - January (JANJ) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANJ achieves a 2.63% return, which is significantly lower than IWMY's 16.19% return.

JANJ

• 1D: -0.08%
• 1M: 0.26%
• YTD: 2.63%
• 6M: 2.63%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -0.20%
• 1M: 3.08%
• YTD: 16.19%
• 6M: 16.19%
• 1Y: 21.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANJ vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANJ Innovator Premium Income 30 Barrier ETF - January	2.63%	5.22%	5.92%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	16.19%	10.18%	5.56%

Correlation

The correlation between JANJ and IWMY is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.61

The correlation between JANJ and IWMY has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

JANJ vs. IWMY — Risk / Return Rank

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

JANJ

JANJ Risk / Return Rank: 84
JANJ Sharpe Ratio Rank: 78
JANJ Sortino Ratio Rank: 87
JANJ Omega Ratio Rank: 94
JANJ Calmar Ratio Rank: 68
JANJ Martin Ratio Rank: 91

IWMY

IWMY Risk / Return Rank: 41
IWMY Sharpe Ratio Rank: 41
IWMY Sortino Ratio Rank: 39
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 43

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. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - January (JANJ) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). 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.

	JANJ	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.30	+0.82
Sortino ratio: Return per unit of downside risk	3.36	1.79	+1.57
Omega ratio: Gain probability vs. loss probability	1.57	1.23	+0.34
Calmar ratio: Return relative to maximum drawdown	2.86	1.83	+1.03
Martin ratio: Return relative to average drawdown	18.02	5.97	+12.05

JANJ vs. IWMY - Sharpe Ratio Comparison

The current JANJ Sharpe Ratio is 2.11, which is higher than the IWMY Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of JANJ and IWMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JANJ vs. IWMY - Drawdown Comparison

The maximum JANJ drawdown since its inception was -5.75%, smaller than the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for JANJ and IWMY.

Drawdown Indicators

	JANJ	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-5.75%	-18.72%	+12.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-11.57%	+9.69%
Current Drawdown Current decline from peak	-0.08%	-0.20%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.18%	-2.92%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	3.54%	-3.24%

Volatility

JANJ vs. IWMY - Volatility Comparison

The current volatility for Innovator Premium Income 30 Barrier ETF - January (JANJ) is 0.62%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 5.96%. This indicates that JANJ experiences smaller price fluctuations and is considered to be less risky than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANJ	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	5.96%	-5.34%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	13.53%	-11.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	16.34%	-13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	15.89%	-11.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	15.89%	-11.39%

JANJ vs. IWMY - Expense Ratio Comparison

JANJ has a 0.79% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

JANJ vs. IWMY - Dividend Comparison

JANJ's dividend yield for the trailing twelve months is around 5.04%, less than IWMY's 42.89% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	42.89%	63.33%	107.92%	11.34%
JANJ Innovator Premium Income 30 Barrier ETF - January	5.04%	5.07%	5.59%	0.00%

Frequently Asked Questions

Can I hold both JANJ and IWMY in my portfolio?

JANJ and IWMY have a correlation of 0.61, 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 IWMY?

IWMY has higher volatility (5.96%) compared to JANJ (0.62%). In terms of maximum drawdown, JANJ dropped -5.75% vs IWMY's -18.72%.

Which ETF is better, JANJ or IWMY?

On 1-year performance, IWMY leads with 21.05% vs 5.35% for JANJ. On fees, JANJ is cheaper at 0.79% per year. On volatility, JANJ has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANJ or IWMY?

Over the 1-year period, IWMY has performed better with a 21.05% return vs 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANJ or IWMY?

JANJ is cheaper with a 0.79% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 42.89%, compared with 5.04% for JANJ.

What is the main difference between JANJ and IWMY?

They also come from different issuers: Innovator and Defiance. Their fees differ too: 0.79% for JANJ and 0.99% for IWMY.

Which has better risk-adjusted returns?

JANJ currently has the higher Sharpe Ratio (2.11 vs 1.30), 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.