JANW vs. PJAN

Last updated Jun 13, 2026

JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - JANW is a Options Trading fund actively managed by Allianz, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. JANW is actively managed, while PJAN is passively managed. Over the past 5 years, JANW returned 8.08%/yr vs 8.76%/yr for PJAN. Their correlation of 0.87 suggests significant overlap in exposure. JANW charges 0.74%/yr vs 0.79%/yr for PJAN.

Performance

JANW vs. PJAN - 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 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, JANW achieves a 4.00% return, which is significantly lower than PJAN's 4.83% return.

JANW

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

PJAN

• 1D: 0.41%
• 1M: 0.16%
• YTD: 4.83%
• 6M: 5.48%
• 1Y: 14.36%
• 3Y*: 12.39%
• 5Y*: 8.76%
• 10Y*: —

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

JANW vs. PJAN - 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%
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.83%	11.29%	13.45%	18.18%	-5.29%	8.80%

Correlation

The correlation between JANW and PJAN is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.87

The correlation between JANW and PJAN has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

JANW vs. PJAN — 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

PJAN

PJAN Risk / Return Rank: 82
PJAN Sharpe Ratio Rank: 83
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 67
PJAN Martin Ratio Rank: 86

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. PJAN - 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 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.

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	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.33	+0.18
Sortino ratio: Return per unit of downside risk	3.71	3.40	+0.31
Omega ratio: Gain probability vs. loss probability	1.54	1.48	+0.05
Calmar ratio: Return relative to maximum drawdown	3.23	2.97	+0.26
Martin ratio: Return relative to average drawdown	17.55	15.67	+1.88

JANW vs. PJAN - Sharpe Ratio Comparison

The current JANW Sharpe Ratio is 2.50, which is comparable to the PJAN Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of JANW 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.

Drawdowns

JANW vs. PJAN - Drawdown Comparison

The maximum JANW drawdown since its inception was -9.69%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for JANW and PJAN.

Drawdown Indicators

	JANW	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-21.25%	+11.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-4.63%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-8.66%	-10.49%	+1.83%
Max Drawdown (5Y) Largest decline over 5 years	-9.69%	-11.93%	+2.24%
Current Drawdown Current decline from peak	-0.54%	-0.54%	0.00%
Average Drawdown Average peak-to-trough decline	-1.23%	-1.72%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.88%	-0.21%

Volatility

JANW vs. PJAN - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) is 1.31%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 1.64%. This indicates that JANW 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

	JANW	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.64%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	4.89%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.71%	5.91%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.79%	8.94%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	10.59%	-3.92%

JANW vs. PJAN - Expense Ratio Comparison

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

Dividends

JANW vs. PJAN - Dividend Comparison

Neither JANW nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANW and PJAN in my portfolio?

JANW and PJAN have a correlation of 0.89, 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 PJAN?

PJAN has higher volatility (1.64%) compared to JANW (1.31%). In terms of maximum drawdown, JANW dropped -9.69% vs PJAN's -21.25%.

Which ETF is better, JANW or PJAN?

On 5-year performance, PJAN leads with 8.76% 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 PJAN?

Over the 5-year period, PJAN has performed better with a 8.76% 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 PJAN?

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

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

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

What is the main difference between JANW and PJAN?

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

Which has better risk-adjusted returns?

JANW currently has the higher Sharpe Ratio (2.50 vs 2.33), 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.