KJAN vs. IJS

Last updated Jun 24, 2026

KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and IJS (iShares S&P SmallCap 600 Value ETF) are both exchange-traded funds - KJAN is a Defined Outcome fund tracking the iShares Russell 2000 ETF, while IJS is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 5 years, KJAN returned 7.70%/yr vs 6.10%/yr for IJS. Their correlation of 0.89 suggests significant overlap in exposure. KJAN charges 0.79%/yr vs 0.25%/yr for IJS.

Performance

KJAN vs. IJS - 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 iShares S&P SmallCap 600 Value ETF (IJS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KJAN achieves a 9.48% return, which is significantly lower than IJS's 17.37% return.

KJAN

• 1D: -0.20%
• 1M: 1.51%
• YTD: 9.48%
• 6M: 6.97%
• 1Y: 22.34%
• 3Y*: 13.37%
• 5Y*: 7.70%
• 10Y*: —

IJS

• 1D: -0.23%
• 1M: 2.94%
• YTD: 17.37%
• 6M: 16.01%
• 1Y: 37.29%
• 3Y*: 15.33%
• 5Y*: 6.10%
• 10Y*: 10.48%

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

KJAN vs. IJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KJAN Innovator U.S. Small Cap Power Buffer ETF - January	9.48%	10.90%	8.86%	14.71%	-7.69%	11.72%	8.49%
IJS iShares S&P SmallCap 600 Value ETF	17.37%	6.54%	7.33%	14.68%	-11.34%	30.53%	2.63%

Correlation

The correlation between KJAN and IJS is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.89

The correlation between KJAN and IJS has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

KJAN vs. IJS - Sectors Allocation Comparison

Sectors	KJAN	IJS
Technology	19.1%	13.4%
Industrials	17.9%	11.6%
Healthcare	16.2%	7.3%
Financial Services	15.5%	19.4%
Consumer Cyclical	8.0%	15.4%
Real Estate	5.9%	8.6%
Energy	5.5%	7.0%
Basic Materials	4.6%	6.9%
Utilities	2.8%	2.1%
Communication Services	2.4%	4.4%
Consumer Defensive	2.3%	3.9%

Return for Risk

KJAN vs. IJS — Risk / Return Rank

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

KJAN

KJAN Risk / Return Rank: 76
KJAN Sharpe Ratio Rank: 71
KJAN Sortino Ratio Rank: 75
KJAN Omega Ratio Rank: 69
KJAN Calmar Ratio Rank: 84
KJAN Martin Ratio Rank: 81

IJS

IJS Risk / Return Rank: 69
IJS Sharpe Ratio Rank: 65
IJS Sortino Ratio Rank: 67
IJS Omega Ratio Rank: 60
IJS Calmar Ratio Rank: 80
IJS 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.

KJAN vs. IJS - 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 iShares S&P SmallCap 600 Value ETF (IJS). 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	IJS	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.05	+0.03
Sortino ratio: Return per unit of downside risk	3.04	2.93	+0.11
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	4.14	4.04	+0.11
Martin ratio: Return relative to average drawdown	14.61	13.28	+1.33

KJAN vs. IJS - Sharpe Ratio Comparison

The current KJAN Sharpe Ratio is 2.08, which is comparable to the IJS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of KJAN and IJS, 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

KJAN vs. IJS - Drawdown Comparison

The maximum KJAN drawdown since its inception was -28.94%, smaller than the maximum IJS drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for KJAN and IJS.

Drawdown Indicators

	KJAN	IJS	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-60.11%	+31.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-9.28%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-28.65%	+11.82%
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	-28.65%	+11.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.68%	—
Current Drawdown Current decline from peak	-0.20%	-1.64%	+1.44%
Average Drawdown Average peak-to-trough decline	-4.08%	-9.87%	+5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	2.82%	-1.29%

Volatility

KJAN vs. IJS - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) is 2.35%, while iShares S&P SmallCap 600 Value ETF (IJS) has a volatility of 4.85%. This indicates that KJAN experiences smaller price fluctuations and is considered to be less risky than IJS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJAN	IJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	4.85%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	6.80%	11.82%	-5.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	18.34%	-7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	21.94%	-8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	23.59%	-8.21%

KJAN vs. IJS - Expense Ratio Comparison

KJAN has a 0.79% expense ratio, which is higher than IJS's 0.25% expense ratio.

Dividends

KJAN vs. IJS - Dividend Comparison

KJAN has not paid dividends to shareholders, while IJS's dividend yield for the trailing twelve months is around 1.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJS iShares S&P SmallCap 600 Value ETF	1.36%	1.62%	1.78%	1.42%	1.46%	1.52%	1.00%	1.66%	1.75%	1.41%	1.22%	1.59%
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%	0.00%

Frequently Asked Questions

Can I hold both KJAN and IJS in my portfolio?

KJAN and IJS have a correlation of 0.86, 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 IJS?

IJS has higher volatility (4.85%) compared to KJAN (2.35%). In terms of maximum drawdown, KJAN dropped -28.94% vs IJS's -60.11%.

Which ETF is better, KJAN or IJS?

On 5-year performance, KJAN leads with 7.70% vs 6.10% for IJS. On fees, IJS is cheaper at 0.25% per year. On volatility, KJAN has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJAN or IJS?

Over the 5-year period, KJAN has performed better with a 7.70% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJAN or IJS?

IJS is cheaper with a 0.25% expense ratio, compared with 0.79% for KJAN.

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

IJS has the higher dividend yield at 1.36%, compared with 0.00% for KJAN.

What is the main difference between KJAN and IJS?

KJAN is categorized as Defined Outcome, while IJS is Small Cap Value Equities. KJAN tracks iShares Russell 2000 ETF, while IJS tracks S&P SmallCap 600 Value Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for KJAN and 0.25% for IJS.

Which has better risk-adjusted returns?

KJAN currently has the higher Sharpe Ratio (2.08 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.