KOCT vs. PJAN

Last updated Jun 4, 2026

KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator - KOCT tracks the Russell 2000 Price Return Index while PJAN tracks the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, KOCT returned 6.48%/yr vs 8.92%/yr for PJAN. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KOCT vs. PJAN - Performance Comparison

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

Returns By Period

In the year-to-date period, KOCT achieves a 8.72% return, which is significantly higher than PJAN's 5.13% return.

KOCT

• 1D: -0.31%
• 1M: 1.83%
• YTD: 8.72%
• 6M: 8.65%
• 1Y: 22.22%
• 3Y*: 11.49%
• 5Y*: 6.48%
• 10Y*: —

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

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

KOCT vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	8.72%	10.14%	11.08%	9.02%	-7.87%	5.67%	2.57%	5.28%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	2.57%

Correlation

The correlation between KOCT and PJAN is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.71

The correlation between KOCT and PJAN has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

KOCT vs. PJAN — Risk / Return Rank

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

KOCT

KOCT Risk / Return Rank: 73
KOCT Sharpe Ratio Rank: 64
KOCT Sortino Ratio Rank: 72
KOCT Omega Ratio Rank: 63
KOCT Calmar Ratio Rank: 84
KOCT Martin Ratio Rank: 81

PJAN

PJAN Risk / Return Rank: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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.

KOCT vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). 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.

	KOCT	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.55	-0.42
Sortino ratio: Return per unit of downside risk	3.23	3.75	-0.52
Omega ratio: Gain probability vs. loss probability	1.38	1.54	-0.16
Calmar ratio: Return relative to maximum drawdown	4.50	3.19	+1.31
Martin ratio: Return relative to average drawdown	16.08	17.03	-0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOCT vs. PJAN - Sharpe Ratio Comparison

The current KOCT Sharpe Ratio is 2.13, which is comparable to the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of KOCT and PJAN, 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

	KOCT	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.55	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.00	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.90	-0.45

Drawdowns

KOCT vs. PJAN - Drawdown Comparison

The maximum KOCT drawdown since its inception was -28.22%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for KOCT and PJAN.

Drawdown Indicators

	KOCT	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-28.22%	-21.25%	-6.97%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-4.63%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	-10.49%	-4.54%
Max Drawdown (5Y) Largest decline over 5 years	-16.63%	-11.93%	-4.70%
Current Drawdown Current decline from peak	-0.37%	-0.26%	-0.11%
Average Drawdown Average peak-to-trough decline	-4.24%	-1.73%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	0.87%	+0.52%

Volatility

KOCT vs. PJAN - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) has a higher volatility of 2.15% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.07%. This indicates that KOCT's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOCT	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	1.07%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	4.71%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	5.81%	+4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.25%	8.93%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.60%	10.60%	+4.00%

KOCT vs. PJAN - Expense Ratio Comparison

Both KOCT and PJAN have an expense ratio of 0.79%.

Dividends

KOCT vs. PJAN - Dividend Comparison

Neither KOCT nor PJAN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOCT and PJAN in my portfolio?

KOCT and PJAN have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOCT or PJAN?

KOCT has higher volatility (2.15%) compared to PJAN (1.07%). In terms of maximum drawdown, KOCT dropped -28.22% vs PJAN's -21.25%.

Which ETF is better, KOCT or PJAN?

On 5-year performance, PJAN leads with 8.92% vs 6.48% for KOCT. Both ETFs have the same 0.79% expense ratio. On volatility, PJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOCT or PJAN?

Over the 5-year period, PJAN has performed better with a 8.92% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOCT or PJAN?

KOCT and PJAN have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KOCT or PJAN?

KOCT and PJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between KOCT and PJAN?

KOCT tracks Russell 2000 Price Return Index, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.55 vs 2.13), 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.