KJAN vs. DBO

Last updated Jun 4, 2026

KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - KJAN is a Defined Outcome fund tracking the iShares Russell 2000 ETF, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, KJAN returned 7.61%/yr vs 15.98%/yr for DBO. At a 0.20 correlation, their price movements are largely independent. KJAN charges 0.79%/yr vs 0.78%/yr for DBO.

Performance

KJAN vs. DBO - 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 Invesco DB Oil Fund (DBO). 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 lower than DBO's 84.75% return.

KJAN

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

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

KJAN vs. DBO - 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%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-21.14%

Correlation

The correlation between KJAN and DBO is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.20

The correlation between KJAN and DBO shifts across timeframes, from -0.22 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

KJAN vs. DBO - Sectors Allocation Comparison

Sectors	KJAN	DBO
Industrials	17.5%	-
Technology	16.9%	-
Healthcare	16.5%	-
Financial Services	15.9%	116.0%
Consumer Cyclical	8.4%	-
Real Estate	6.2%	-
Energy	6.2%	-
Basic Materials	4.8%	-
Utilities	2.9%	-
Communication Services	2.5%	-
Consumer Defensive	2.4%	-

Return for Risk

KJAN vs. DBO — 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

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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. DBO - 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 Invesco DB Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.34	-0.29
Sortino ratio: Return per unit of downside risk	3.01	2.94	+0.07
Omega ratio: Gain probability vs. loss probability	1.37	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	4.07	4.44	-0.37
Martin ratio: Return relative to average drawdown	14.31	9.02	+5.28
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. DBO - Sharpe Ratio Comparison

The current KJAN Sharpe Ratio is 2.05, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of KJAN and DBO, 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	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.34	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.50	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.02	+0.52

Drawdowns

KJAN vs. DBO - Drawdown Comparison

The maximum KJAN drawdown since its inception was -28.94%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for KJAN and DBO.

Drawdown Indicators

	KJAN	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-90.18%	+61.24%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-18.19%	+12.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-28.20%	+11.37%
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	-37.68%	+20.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.46%	-51.38%	+50.92%
Average Drawdown Average peak-to-trough decline	-4.11%	-62.25%	+58.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	8.92%	-7.38%

Volatility

KJAN vs. DBO - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) is 1.96%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that KJAN experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJAN	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	12.61%	-10.65%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	28.20%	-21.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	34.46%	-23.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	32.29%	-19.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	31.78%	-16.36%

KJAN vs. DBO - Expense Ratio Comparison

KJAN has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

KJAN vs. DBO - Dividend Comparison

KJAN has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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%

Frequently Asked Questions

Can I hold both KJAN and DBO in my portfolio?

KJAN and DBO have a correlation of -0.22, 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 DBO?

DBO has higher volatility (12.61%) compared to KJAN (1.96%). In terms of maximum drawdown, KJAN dropped -28.94% vs DBO's -90.18%.

Which ETF is better, KJAN or DBO?

On 5-year performance, DBO leads with 15.98% vs 7.61% for KJAN. On fees, DBO is cheaper at 0.78% per year. On volatility, KJAN has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJAN or DBO?

Over the 5-year period, DBO has performed better with a 15.98% 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 DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for KJAN.

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

DBO has the higher dividend yield at 1.90%, compared with 0.00% for KJAN.

What is the main difference between KJAN and DBO?

KJAN is categorized as Defined Outcome, while DBO is Oil & Gas. KJAN tracks iShares Russell 2000 ETF, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for KJAN and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 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.