KJAN vs. BUFF

Last updated Jun 4, 2026

KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - KJAN tracks the iShares Russell 2000 ETF while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, KJAN returned 7.61%/yr vs 8.71%/yr for BUFF. A 0.76 correlation means they provide meaningful diversification when combined. KJAN charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

KJAN vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KJAN achieves a 8.07% return, which is significantly higher than BUFF's 5.42% return.

KJAN

• 1D: -0.37%
• 1M: 1.57%
• YTD: 8.07%
• 6M: 7.35%
• 1Y: 21.94%
• 3Y*: 12.69%
• 5Y*: 7.61%
• 10Y*: —

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

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

KJAN vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KJAN Innovator U.S. Small Cap Power Buffer ETF - January	8.07%	10.90%	8.86%	14.71%	-7.69%	11.72%	8.73%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	8.37%	-13.34%

Correlation

The correlation between KJAN and BUFF is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.76

The correlation between KJAN and BUFF has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

KJAN vs. BUFF - Sectors Allocation Comparison

Sectors	KJAN	BUFF
Industrials	17.5%	8.1%
Technology	16.9%	36.2%
Healthcare	16.5%	8.4%
Financial Services	15.9%	11.9%
Consumer Cyclical	8.4%	10.1%
Real Estate	6.2%	1.9%
Energy	6.2%	3.5%
Basic Materials	4.8%	1.8%
Utilities	2.9%	2.3%
Communication Services	2.5%	10.9%
Consumer Defensive	2.4%	4.9%

Return for Risk

KJAN vs. BUFF — Risk / Return Rank

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

KJAN

KJAN Risk / Return Rank: 69
KJAN Sharpe Ratio Rank: 61
KJAN Sortino Ratio Rank: 66
KJAN Omega Ratio Rank: 61
KJAN Calmar Ratio Rank: 79
KJAN Martin Ratio Rank: 76

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

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.

KJAN vs. BUFF - 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 Innovator Laddered Allocation Power Buffer ETF (BUFF). 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.

	KJAN	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.80	-0.76
Sortino ratio: Return per unit of downside risk	3.01	4.24	-1.23
Omega ratio: Gain probability vs. loss probability	1.37	1.58	-0.21
Calmar ratio: Return relative to maximum drawdown	4.07	4.02	+0.04
Martin ratio: Return relative to average drawdown	14.31	21.50	-7.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KJAN vs. BUFF - Sharpe Ratio Comparison

The current KJAN Sharpe Ratio is 2.05, which is comparable to the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of KJAN and BUFF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KJAN	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.80	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	1.04	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.49	+0.06

Drawdowns

KJAN vs. BUFF - Drawdown Comparison

The maximum KJAN drawdown since its inception was -28.94%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for KJAN and BUFF.

Drawdown Indicators

	KJAN	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-46.23%	+17.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-3.58%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-10.24%	-6.59%
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	-10.24%	-6.59%
Current Drawdown Current decline from peak	-0.46%	-0.27%	-0.19%
Average Drawdown Average peak-to-trough decline	-4.11%	-6.18%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.67%	+0.87%

Volatility

KJAN vs. BUFF - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) has a higher volatility of 1.96% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.02%. This indicates that KJAN's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJAN	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.02%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	3.83%	+3.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	5.15%	+5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	8.41%	+4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	17.67%	-2.25%

KJAN vs. BUFF - Expense Ratio Comparison

KJAN has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

KJAN vs. BUFF - Dividend Comparison

Neither KJAN nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
KJAN Innovator U.S. Small Cap Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KJAN and BUFF in my portfolio?

KJAN and BUFF have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KJAN or BUFF?

KJAN has higher volatility (1.96%) compared to BUFF (1.02%). In terms of maximum drawdown, KJAN dropped -28.94% vs BUFF's -46.23%.

Which ETF is better, KJAN or BUFF?

On 5-year performance, BUFF leads with 8.71% vs 7.61% for KJAN. On fees, KJAN is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJAN or BUFF?

Over the 5-year period, BUFF has performed better with a 8.71% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJAN or BUFF?

KJAN is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

Which ETF pays a higher dividend yield, KJAN or BUFF?

KJAN and BUFF have nearly identical dividend yields, around 0.00%.

What is the main difference between KJAN and BUFF?

KJAN tracks iShares Russell 2000 ETF, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for KJAN and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.05), 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.