JANW vs. AJAN

Last updated Jun 24, 2026

JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) and AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) are both Options Trading funds. Both are actively managed. Over the past year, JANW returned 11.63% vs 5.20% for AJAN. A 0.76 correlation means they provide meaningful diversification when combined. JANW charges 0.74%/yr vs 0.79%/yr for AJAN.

Performance

JANW vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANW achieves a 3.90% return, which is significantly higher than AJAN's 1.63% return.

JANW

• 1D: -0.35%
• 1M: -0.01%
• YTD: 3.90%
• 6M: 4.02%
• 1Y: 11.63%
• 3Y*: 10.35%
• 5Y*: 7.97%
• 10Y*: —

AJAN

• 1D: -0.17%
• 1M: -0.12%
• YTD: 1.63%
• 6M: 1.72%
• 1Y: 5.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANW vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	3.90%	10.05%	10.99%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.63%	6.12%	7.61%

Correlation

The correlation between JANW and AJAN is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.76

The correlation between JANW and AJAN has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

JANW vs. AJAN — Risk / Return Rank

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

JANW

JANW Risk / Return Rank: 84
JANW Sharpe Ratio Rank: 84
JANW Sortino Ratio Rank: 88
JANW Omega Ratio Rank: 90
JANW Calmar Ratio Rank: 69
JANW Martin Ratio Rank: 87

AJAN

AJAN Risk / Return Rank: 70
AJAN Sharpe Ratio Rank: 71
AJAN Sortino Ratio Rank: 79
AJAN Omega Ratio Rank: 83
AJAN Calmar Ratio Rank: 51
AJAN Martin Ratio Rank: 67

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.

JANW vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). 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.

	JANW	AJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.11	+0.39
Sortino ratio: Return per unit of downside risk	3.70	3.21	+0.49
Omega ratio: Gain probability vs. loss probability	1.53	1.46	+0.07
Calmar ratio: Return relative to maximum drawdown	3.20	2.33	+0.87
Martin ratio: Return relative to average drawdown	17.37	11.47	+5.90

JANW vs. AJAN - Sharpe Ratio Comparison

The current JANW Sharpe Ratio is 2.50, which is comparable to the AJAN Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of JANW and AJAN, 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

JANW vs. AJAN - Drawdown Comparison

The maximum JANW drawdown since its inception was -9.69%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for JANW and AJAN.

Drawdown Indicators

	JANW	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-4.11%	-5.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-2.24%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-8.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.69%	—	—
Current Drawdown Current decline from peak	-0.63%	-0.49%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.22%	-0.30%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.45%	+0.22%

Volatility

JANW vs. AJAN - Volatility Comparison

AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) has a higher volatility of 1.48% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.11%. This indicates that JANW's price experiences larger fluctuations and is considered to be riskier than AJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANW	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.11%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	2.29%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	2.48%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	3.82%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	3.82%	+2.85%

JANW vs. AJAN - Expense Ratio Comparison

JANW has a 0.74% expense ratio, which is lower than AJAN's 0.79% expense ratio.

Dividends

JANW vs. AJAN - Dividend Comparison

Neither JANW nor AJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANW and AJAN in my portfolio?

JANW and AJAN have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANW or AJAN?

JANW has higher volatility (1.48%) compared to AJAN (1.11%). In terms of maximum drawdown, JANW dropped -9.69% vs AJAN's -4.11%.

Which ETF is better, JANW or AJAN?

On 1-year performance, JANW leads with 11.63% vs 5.20% for AJAN. On fees, JANW is cheaper at 0.74% per year. On volatility, AJAN has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANW or AJAN?

Over the 1-year period, JANW has performed better with a 11.63% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANW or AJAN?

JANW is cheaper with a 0.74% expense ratio, compared with 0.79% for AJAN.

Which ETF pays a higher dividend yield, JANW or AJAN?

JANW and AJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between JANW and AJAN?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for JANW and 0.79% for AJAN.

Which has better risk-adjusted returns?

JANW currently has the higher Sharpe Ratio (2.50 vs 2.11), 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.