KJAN vs. VOO

Last updated Aug 2, 2026

KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - KJAN is a Defined Outcome fund tracking the iShares Russell 2000 ETF, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KJAN returned 8.14%/yr vs 12.83%/yr for VOO. Their 0.80 correlation means they have sometimes moved together and sometimes differently. KJAN charges 0.79%/yr vs 0.03%/yr for VOO.

Performance

KJAN vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with KJAN having a 10.40% return and VOO slightly lower at 10.16%.

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%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KJAN Innovator U.S. Small Cap Power Buffer ETF - January	$258.35K	$559.40K	$456.36K
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

KJAN vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KJAN Innovator U.S. Small Cap Power Buffer ETF - January	10.40%	10.90%	8.86%	14.71%	-7.69%	11.72%	8.49%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%

Correlation

The correlation between KJAN and VOO is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.80

The correlation between KJAN and VOO has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

KJAN vs. VOO - Sectors Allocation Comparison

Sectors	KJAN	VOO
Healthcare	20.3%	8.9%
Financial Services	17.6%	11.4%
Technology	14.5%	38.6%
Industrials	14.1%	8.5%
Consumer Cyclical	9.2%	9.5%
Real Estate	6.7%	1.8%
Energy	5.5%	3.0%
Basic Materials	4.4%	1.7%
Utilities	2.8%	2.2%
Consumer Defensive	2.6%	4.5%
Communication Services	2.2%	9.9%

Return for Risk

KJAN vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KJAN

KJAN Risk / Return Rank: 87
KJAN Sharpe Ratio Rank: 85
KJAN Sortino Ratio Rank: 87
KJAN Omega Ratio Rank: 85
KJAN Calmar Ratio Rank: 90
KJAN Martin Ratio Rank: 89

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KJAN vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.53	+0.46
Sortino ratio: Return per unit of downside risk	2.97	2.13	+0.84
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	3.85	2.21	+1.65
Martin ratio: Return relative to average drawdown	13.97	9.44	+4.53

KJAN vs. VOO - Sharpe Ratio Comparison

The current KJAN Sharpe Ratio is 1.99, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of KJAN and VOO, 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. VOO - Drawdown Comparison

The maximum KJAN drawdown since its inception was -28.94%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for KJAN and VOO.

Drawdown Indicators

	KJAN	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-33.99%	+5.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-8.90%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-18.69%	+1.86%
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	-24.52%	+7.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.16%	-1.38%	+1.22%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.67%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.08%	-0.59%

Volatility

KJAN vs. VOO - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) is 1.34%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that KJAN experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJAN	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	3.54%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	6.42%	10.10%	-3.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	12.82%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	16.93%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.26%	18.01%	-2.75%

KJAN vs. VOO - Expense Ratio Comparison

KJAN has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

KJAN vs. VOO - Dividend Comparison

KJAN has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.

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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both KJAN and VOO in my portfolio?

KJAN and VOO have a correlation of 0.77, 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 VOO?

VOO has higher volatility (3.54%) compared to KJAN (1.34%). In terms of maximum drawdown, KJAN dropped -28.94% vs VOO's -33.99%.

Which ETF is better, KJAN or VOO?

On 5-year performance, VOO leads with 12.83% vs 8.14% for KJAN. On fees, VOO is cheaper at 0.03% 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.

Which ETF has performed better, KJAN or VOO?

Over the 5-year period, VOO has performed better with a 12.83% return vs 8.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJAN or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.79% for KJAN.

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

VOO has the higher dividend yield at 1.07%, compared with 0.00% for KJAN.

What is the main difference between KJAN and VOO?

KJAN is categorized as Defined Outcome, while VOO is S&P 500. KJAN tracks iShares Russell 2000 ETF, while VOO tracks S&P 500 Index. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for KJAN and 0.03% for VOO.

Which has better risk-adjusted returns?

KJAN currently has the higher Sharpe Ratio (1.99 vs 1.53), 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.