JANZ vs. KFEB

Last updated Aug 2, 2026

JANZ (TrueShares Structured Outcome (January) ETF) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds. Both are actively managed. Over the past year, JANZ returned 15.58% vs 24.62% for KFEB. Their correlation of 0.81 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

JANZ vs. KFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (January) ETF (JANZ) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANZ achieves a 7.35% return, which is significantly lower than KFEB's 13.73% return.

JANZ

• 1D: 0.71%
• 1M: 0.20%
• 6M: 6.49%
• YTD: 7.35%
• 1Y: 15.58%
• 3Y*: 13.92%
• 5Y*: 9.89%
• 10Y*: —
• ALL TIME*: 11.44%

KFEB

• 1D: -0.08%
• 1M: -0.01%
• 6M: 7.62%
• YTD: 13.73%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JANZ TrueShares Structured Outcome (January) ETF	$139.93K	$79.26K	$602.93K
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	$31.40K	$47.27K	$136.55K

JANZ vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
JANZ TrueShares Structured Outcome (January) ETF	7.35%	10.56%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.73%	9.19%

Correlation

The correlation between JANZ and KFEB is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.81

The correlation between JANZ and KFEB has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

JANZ vs. KFEB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JANZ

JANZ Risk / Return Rank: 58
JANZ Sharpe Ratio Rank: 56
JANZ Sortino Ratio Rank: 55
JANZ Omega Ratio Rank: 53
JANZ Calmar Ratio Rank: 58
JANZ Martin Ratio Rank: 68

KFEB

KFEB Risk / Return Rank: 89
KFEB Sharpe Ratio Rank: 89
KFEB Sortino Ratio Rank: 90
KFEB Omega Ratio Rank: 87
KFEB Calmar Ratio Rank: 91
KFEB Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JANZ vs. KFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (January) ETF (JANZ) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). 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.

	JANZ	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.17	-0.81
Sortino ratio: Return per unit of downside risk	1.93	3.16	-1.24
Omega ratio: Gain probability vs. loss probability	1.24	1.38	-0.14
Calmar ratio: Return relative to maximum drawdown	2.09	4.04	-1.96
Martin ratio: Return relative to average drawdown	8.30	15.07	-6.76

JANZ vs. KFEB - Sharpe Ratio Comparison

The current JANZ Sharpe Ratio is 1.36, which is lower than the KFEB Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of JANZ and KFEB, 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

JANZ vs. KFEB - Drawdown Comparison

The maximum JANZ drawdown since its inception was -18.11%, which is greater than KFEB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for JANZ and KFEB.

Drawdown Indicators

	JANZ	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-14.16%	-3.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-5.80%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	—	—
Current Drawdown Current decline from peak	-1.37%	-0.45%	-0.92%
Average Drawdown Average peak-to-trough decline	-3.44%	-2.12%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.55%	+0.17%

Volatility

JANZ vs. KFEB - Volatility Comparison

TrueShares Structured Outcome (January) ETF (JANZ) has a higher volatility of 2.97% compared to Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) at 1.57%. This indicates that JANZ's price experiences larger fluctuations and is considered to be riskier than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANZ	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	1.57%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	7.19%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	10.82%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	12.75%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	12.75%	+0.22%

JANZ vs. KFEB - Expense Ratio Comparison

Both JANZ and KFEB have an expense ratio of 0.79%.

Dividends

JANZ vs. KFEB - Dividend Comparison

JANZ's dividend yield for the trailing twelve months is around 1.32%, while KFEB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	1.32%	1.42%	2.70%	2.58%	0.21%	4.52%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANZ and KFEB in my portfolio?

JANZ and KFEB have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANZ or KFEB?

JANZ has higher volatility (2.97%) compared to KFEB (1.57%). In terms of maximum drawdown, JANZ dropped -18.11% vs KFEB's -14.16%.

Which ETF is better, JANZ or KFEB?

On 1-year performance, KFEB leads with 24.62% vs 15.58% for JANZ. Both ETFs have the same 0.79% expense ratio. On volatility, KFEB has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANZ or KFEB?

Over the 1-year period, KFEB has performed better with a 24.62% return vs 15.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANZ or KFEB?

JANZ and KFEB have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, JANZ or KFEB?

JANZ has the higher dividend yield at 1.32%, compared with 0.00% for KFEB.

What is the main difference between JANZ and KFEB?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

KFEB currently has the higher Sharpe Ratio (2.17 vs 1.36), 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.