KJAN vs. BITI
KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KJAN is a Defined Outcome fund tracking the iShares Russell 2000 ETF, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, KJAN returned 11.37%/yr vs -31.77%/yr for BITI. Their -0.42 correlation means they have often moved in opposite directions in the past. KJAN charges 0.79%/yr vs 1.03%/yr for BITI.
Performance
KJAN vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, KJAN achieves a 10.40% return, which is significantly lower than BITI's 27.11% return.
KJAN
- 1D
- -0.16%
- 1M
- 0.28%
- 6M
- 7.46%
- YTD
- 10.40%
- 1Y
- 22.04%
- 3Y*
- 11.37%
- 5Y*
- 8.14%
- 10Y*
- —
- ALL TIME*
- 8.51%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $258.35K | $559.40K | $456.36K |
KJAN vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KJAN Innovator U.S. Small Cap Power Buffer ETF - January | 10.40% | 10.90% | 8.86% | 14.71% | 7.68% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between KJAN and BITI is -0.52, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.52 |
Correlation (3Y) Balances recent behavior with more history. | -0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.42 |
The correlation between KJAN and BITI shifts across timeframes, from -0.52 (1 year) to -0.41 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
KJAN vs. BITI — Risk / Return Rank
KJAN
BITI
KJAN vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) and ProShares Short Bitcoin ETF (BITI). 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.
| KJAN | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.24 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 2.53 | +1.32 |
| Martin ratioReturn relative to average drawdown | 13.97 | 6.17 | +7.79 |
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Drawdowns
KJAN vs. BITI - Drawdown Comparison
The maximum KJAN drawdown since its inception was -28.94%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KJAN and BITI.
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Drawdown Indicators
| KJAN | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.94% | -92.16% | +63.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -25.28% | +19.86% |
Max Drawdown (3Y)Largest decline over 3 years | -16.83% | -84.63% | +67.80% |
Max Drawdown (5Y)Largest decline over 5 years | -16.83% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -86.12% | +85.96% |
Average DrawdownAverage peak-to-trough decline | -4.02% | -68.59% | +64.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 10.35% | -8.86% |
Volatility
KJAN vs. BITI - Volatility Comparison
The current volatility for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) is 1.34%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that KJAN experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KJAN | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 9.13% | -7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.42% | 33.31% | -26.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.49% | 44.23% | -33.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.02% | 52.03% | -39.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.26% | 52.03% | -36.77% |
KJAN vs. BITI - Expense Ratio Comparison
KJAN has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
KJAN vs. BITI - Dividend Comparison
KJAN has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.30%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% |
KJAN Innovator U.S. Small Cap Power Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KJAN and BITI have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (9.13%) compared to KJAN (1.34%). In terms of maximum drawdown, KJAN dropped -28.94% vs BITI's -92.16%.
On 3-year performance, KJAN leads with 11.37% vs -31.77% for BITI. On fees, KJAN is cheaper at 0.79% per year. On volatility, KJAN has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KJAN has performed better with a 11.37% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KJAN is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 0.00% for KJAN.
KJAN is categorized as Defined Outcome, while BITI is Cryptocurrency. KJAN tracks iShares Russell 2000 ETF, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for KJAN and 1.03% for BITI.
KJAN currently has the higher Sharpe Ratio (1.99 vs 1.45), 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.
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