JANW vs. BJAN

Last updated Jun 13, 2026

JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) and BJAN (Innovator U.S. Equity Buffer ETF - January) are both exchange-traded funds - JANW is a Options Trading fund actively managed by Allianz, while BJAN is a Defined Outcome fund tracking the S&P 500. JANW is actively managed, while BJAN is passively managed. Over the past 5 years, JANW returned 8.08%/yr vs 10.40%/yr for BJAN. Their correlation of 0.90 suggests significant overlap in exposure. JANW charges 0.74%/yr vs 0.79%/yr for BJAN.

Performance

JANW vs. BJAN - 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 U.S. Equity Buffer ETF - January (BJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANW achieves a 4.00% return, which is significantly lower than BJAN's 6.13% return.

JANW

• 1D: 0.18%
• 1M: 0.23%
• YTD: 4.00%
• 6M: 4.45%
• 1Y: 12.31%
• 3Y*: 10.44%
• 5Y*: 8.08%
• 10Y*: —

BJAN

• 1D: 0.35%
• 1M: 0.00%
• YTD: 6.13%
• 6M: 7.42%
• 1Y: 19.73%
• 3Y*: 16.36%
• 5Y*: 10.40%
• 10Y*: —

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

JANW vs. BJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	4.00%	10.05%	10.99%	14.56%	-0.60%	6.31%
BJAN Innovator U.S. Equity Buffer ETF - January	6.13%	14.81%	17.36%	23.66%	-11.40%	13.86%

Correlation

The correlation between JANW and BJAN is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.90

The correlation between JANW and BJAN has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

JANW vs. BJAN - Sectors Allocation Comparison

Sectors	JANW	BJAN
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

JANW vs. BJAN — Risk / Return Rank

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

JANW

JANW Risk / Return Rank: 86
JANW Sharpe Ratio Rank: 87
JANW Sortino Ratio Rank: 90
JANW Omega Ratio Rank: 91
JANW Calmar Ratio Rank: 72
JANW Martin Ratio Rank: 89

BJAN

BJAN Risk / Return Rank: 81
BJAN Sharpe Ratio Rank: 84
BJAN Sortino Ratio Rank: 85
BJAN Omega Ratio Rank: 86
BJAN Calmar Ratio Rank: 68
BJAN 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.

JANW vs. BJAN - 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 U.S. Equity Buffer ETF - January (BJAN). 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	BJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.39	+0.12
Sortino ratio: Return per unit of downside risk	3.71	3.32	+0.38
Omega ratio: Gain probability vs. loss probability	1.54	1.46	+0.07
Calmar ratio: Return relative to maximum drawdown	3.23	3.00	+0.23
Martin ratio: Return relative to average drawdown	17.55	14.94	+2.61

JANW vs. BJAN - Sharpe Ratio Comparison

The current JANW Sharpe Ratio is 2.50, which is comparable to the BJAN Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of JANW and BJAN, 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. BJAN - Drawdown Comparison

The maximum JANW drawdown since its inception was -9.69%, smaller than the maximum BJAN drawdown of -26.86%. Use the drawdown chart below to compare losses from any high point for JANW and BJAN.

Drawdown Indicators

	JANW	BJAN	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-26.86%	+17.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-6.27%	+2.62%
Max Drawdown (3Y) Largest decline over 3 years	-8.66%	-13.81%	+5.15%
Max Drawdown (5Y) Largest decline over 5 years	-9.69%	-17.38%	+7.69%
Current Drawdown Current decline from peak	-0.54%	-1.06%	+0.52%
Average Drawdown Average peak-to-trough decline	-1.23%	-2.90%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.26%	-0.59%

Volatility

JANW vs. BJAN - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) is 1.31%, while Innovator U.S. Equity Buffer ETF - January (BJAN) has a volatility of 2.23%. This indicates that JANW experiences smaller price fluctuations and is considered to be less risky than BJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANW	BJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	2.23%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	6.34%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.71%	7.87%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.79%	11.99%	-5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	14.06%	-7.39%

JANW vs. BJAN - Expense Ratio Comparison

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

Dividends

JANW vs. BJAN - Dividend Comparison

Neither JANW nor BJAN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BJAN Innovator U.S. Equity Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.66%
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANW and BJAN in my portfolio?

With a correlation of 0.93, JANW and BJAN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JANW or BJAN?

BJAN has higher volatility (2.23%) compared to JANW (1.31%). In terms of maximum drawdown, JANW dropped -9.69% vs BJAN's -26.86%.

Which ETF is better, JANW or BJAN?

On 5-year performance, BJAN leads with 10.40% vs 8.08% for JANW. On fees, JANW is cheaper at 0.74% per year. On volatility, JANW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANW or BJAN?

Over the 5-year period, BJAN has performed better with a 10.40% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANW or BJAN?

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

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

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

What is the main difference between JANW and BJAN?

JANW is categorized as Options Trading, while BJAN is Defined Outcome. They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for JANW and 0.79% for BJAN.

Which has better risk-adjusted returns?

JANW currently has the higher Sharpe Ratio (2.50 vs 2.39), 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.