KBUF vs. AJAN

Last updated Apr 2, 2026

Compare and contrast key facts about KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN).

KBUF and AJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KBUF is an actively managed fund by KraneShares. It was launched on Feb 7, 2024. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023.

Performance

KBUF vs. AJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). The values are adjusted to include any dividend payments, if applicable.

KBUF vs. AJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-8.35%	18.04%	16.58%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	-0.63%	6.12%	6.56%

Returns By Period

In the year-to-date period, KBUF achieves a -8.35% return, which is significantly lower than AJAN's -0.63% return.

KBUF

• 1D: -0.32%
• 1M: -3.89%
• YTD: -8.35%
• 6M: -13.25%
• 1Y: -0.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJAN

• 1D: 0.11%
• 1M: -1.26%
• YTD: -0.63%
• 6M: 0.58%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBUF vs. AJAN - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is higher than AJAN's 0.79% expense ratio.

KBUF

KraneShares 90% KWEB Defined Outcome January 2026 ETF

AJAN

Innovator Equity Defined Protection ETF - 2 Yr To January 2026

Return for Risk

KBUF vs. AJAN — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 11
KBUF Sharpe Ratio Rank: 11
KBUF Sortino Ratio Rank: 10
KBUF Omega Ratio Rank: 10
KBUF Calmar Ratio Rank: 12
KBUF Martin Ratio Rank: 12

AJAN

AJAN Risk / Return Rank: 68
AJAN Sharpe Ratio Rank: 63
AJAN Sortino Ratio Rank: 67
AJAN Omega Ratio Rank: 83
AJAN Calmar Ratio Rank: 55
AJAN Martin Ratio Rank: 73

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.

KBUF vs. AJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.

	KBUF	AJAN	Difference
Sharpe ratio Return per unit of total volatility	-0.02	1.18	-1.20
Sortino ratio Return per unit of downside risk	0.06	1.77	-1.71
Omega ratio Gain probability vs. loss probability	1.01	1.34	-0.33
Calmar ratio Return relative to maximum drawdown	-0.00	1.56	-1.56
Martin ratio Return relative to average drawdown	-0.01	8.34	-8.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBUF vs. AJAN - Sharpe Ratio Comparison

The current KBUF Sharpe Ratio is -0.02, which is lower than the AJAN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of KBUF and AJAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KBUF	AJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	1.18	-1.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.53	-0.71

Correlation

The correlation between KBUF and AJAN is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KBUF vs. AJAN - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.20%, while AJAN has not paid dividends to shareholders.

	TTM	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.20%	7.51%	3.53%
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%

Drawdowns

KBUF vs. AJAN - Drawdown Comparison

The maximum KBUF drawdown since its inception was -14.55%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for KBUF and AJAN.

Drawdown Indicators

	KBUF	AJAN	Difference
Max Drawdown Largest peak-to-trough decline	-14.55%	-4.11%	-10.44%
Max Drawdown (1Y) Largest decline over 1 year	-14.55%	-3.34%	-11.21%
Current Drawdown Current decline from peak	-13.76%	-1.46%	-12.30%
Average Drawdown Average peak-to-trough decline	-3.39%	-0.30%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	0.63%	+4.29%

Volatility

KBUF vs. AJAN - Volatility Comparison

KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a higher volatility of 4.42% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.38%. This indicates that KBUF'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

	KBUF	AJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	1.38%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	1.72%	+7.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	4.42%	+8.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	3.86%	+10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.07%	3.86%	+10.21%