KJAN vs. RWK

Last updated Jun 24, 2026

KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both exchange-traded funds - KJAN is a Defined Outcome fund tracking the iShares Russell 2000 ETF, while RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index. Both are passively managed. Over the past 5 years, KJAN returned 7.70%/yr vs 11.36%/yr for RWK. Their correlation of 0.88 suggests significant overlap in exposure. KJAN charges 0.79%/yr vs 0.39%/yr for RWK.

Performance

KJAN vs. RWK - 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 S&P MidCap 400 Revenue ETF (RWK). 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 RWK's 13.93% return.

KJAN

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

RWK

• 1D: -0.34%
• 1M: 3.57%
• YTD: 13.93%
• 6M: 12.02%
• 1Y: 26.41%
• 3Y*: 17.49%
• 5Y*: 11.36%
• 10Y*: 13.12%

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

KJAN vs. RWK - 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%
RWK Invesco S&P MidCap 400 Revenue ETF	13.93%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%

Correlation

The correlation between KJAN and RWK is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.88

The correlation between KJAN and RWK has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

KJAN vs. RWK - Sectors Allocation Comparison

Sectors	KJAN	RWK
Technology	19.1%	16.1%
Industrials	17.9%	22.1%
Healthcare	16.2%	4.2%
Financial Services	15.5%	12.1%
Consumer Cyclical	8.0%	20.4%
Real Estate	5.9%	2.6%
Energy	5.5%	5.0%
Basic Materials	4.6%	4.9%
Utilities	2.8%	1.6%
Communication Services	2.4%	0.7%
Consumer Defensive	2.3%	10.4%

Return for Risk

KJAN vs. RWK — 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

RWK

RWK Risk / Return Rank: 48
RWK Sharpe Ratio Rank: 48
RWK Sortino Ratio Rank: 51
RWK Omega Ratio Rank: 44
RWK Calmar Ratio Rank: 51
RWK Martin Ratio Rank: 48

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. RWK - 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 S&P MidCap 400 Revenue ETF (RWK). 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	RWK	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.58	+0.50
Sortino ratio: Return per unit of downside risk	3.04	2.39	+0.65
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	4.14	2.38	+1.76
Martin ratio: Return relative to average drawdown	14.61	7.64	+6.96

KJAN vs. RWK - Sharpe Ratio Comparison

The current KJAN Sharpe Ratio is 2.08, which is higher than the RWK Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of KJAN and RWK, 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. RWK - Drawdown Comparison

The maximum KJAN drawdown since its inception was -28.94%, smaller than the maximum RWK drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for KJAN and RWK.

Drawdown Indicators

	KJAN	RWK	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-56.49%	+27.55%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-11.14%	+5.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-24.58%	+7.75%
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	-24.58%	+7.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.20%	—
Current Drawdown Current decline from peak	-0.20%	-1.79%	+1.59%
Average Drawdown Average peak-to-trough decline	-4.08%	-7.53%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	3.46%	-1.93%

Volatility

KJAN vs. RWK - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) is 2.35%, while Invesco S&P MidCap 400 Revenue ETF (RWK) has a volatility of 4.36%. This indicates that KJAN experiences smaller price fluctuations and is considered to be less risky than RWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJAN	RWK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	4.36%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	6.80%	12.12%	-5.32%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	16.82%	-6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	21.09%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	22.93%	-7.55%

KJAN vs. RWK - Expense Ratio Comparison

KJAN has a 0.79% expense ratio, which is higher than RWK's 0.39% expense ratio.

Dividends

KJAN vs. RWK - Dividend Comparison

KJAN has not paid dividends to shareholders, while RWK's dividend yield for the trailing twelve months is around 1.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RWK Invesco S&P MidCap 400 Revenue ETF	1.04%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both KJAN and RWK in my portfolio?

KJAN and RWK have a correlation of 0.83, 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 RWK?

RWK has higher volatility (4.36%) compared to KJAN (2.35%). In terms of maximum drawdown, KJAN dropped -28.94% vs RWK's -56.49%.

Which ETF is better, KJAN or RWK?

On 5-year performance, RWK leads with 11.36% vs 7.70% for KJAN. On fees, RWK is cheaper at 0.39% 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 RWK?

Over the 5-year period, RWK has performed better with a 11.36% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJAN or RWK?

RWK is cheaper with a 0.39% expense ratio, compared with 0.79% for KJAN.

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

RWK has the higher dividend yield at 1.04%, compared with 0.00% for KJAN.

What is the main difference between KJAN and RWK?

KJAN is categorized as Defined Outcome, while RWK is Small Cap Blend Equities. KJAN tracks iShares Russell 2000 ETF, while RWK tracks S&P MidCap 400 Revenue-Weighted Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for KJAN and 0.39% for RWK.

Which has better risk-adjusted returns?

KJAN currently has the higher Sharpe Ratio (2.08 vs 1.58), 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.