KONG vs. EJAN

Last updated Aug 2, 2026

KONG (Formidable Fortress ETF) and EJAN (Innovator Emerging Markets Power Buffer ETF January) are both exchange-traded funds - KONG is a Equity Hedged fund actively managed by Formidable, while EJAN is a Defined Outcome fund tracking the MSCI Emerging Markets Index. KONG is actively managed, while EJAN is passively managed. Over the past 5 years, KONG returned 3.91%/yr vs 3.53%/yr for EJAN. Their 0.48 correlation means their historical movements had little consistent relationship. Both charge a 0.89% expense ratio.

Performance

KONG vs. EJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Formidable Fortress ETF (KONG) and Innovator Emerging Markets Power Buffer ETF January (EJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KONG achieves a 4.41% return, which is significantly lower than EJAN's 6.14% return.

KONG

• 1D: 1.20%
• 1M: 1.10%
• 6M: 3.01%
• YTD: 4.41%
• 1Y: 6.66%
• 3Y*: 8.45%
• 5Y*: 3.91%
• 10Y*: —
• ALL TIME*: 5.47%

EJAN

• 1D: 0.42%
• 1M: 0.75%
• 6M: 3.18%
• YTD: 6.14%
• 1Y: 11.50%
• 3Y*: 6.90%
• 5Y*: 3.53%
• 10Y*: —
• ALL TIME*: 4.32%

*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)
EJAN Innovator Emerging Markets Power Buffer ETF January	$267.44K	$193.23K	$472.80K
KONG Formidable Fortress ETF	$14.31K	$9.16K	$24.80K

KONG vs. EJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KONG Formidable Fortress ETF	4.41%	6.56%	9.67%	12.71%	-9.63%	5.15%
EJAN Innovator Emerging Markets Power Buffer ETF January	6.14%	14.78%	2.69%	5.37%	-8.01%	-3.55%

Correlation

The correlation between KONG and EJAN is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 22, 2021	0.48

KONG vs. EJAN - Sectors Allocation Comparison

Sectors	KONG	EJAN
Technology	31.3%	45.2%
Industrials	14.4%	6.3%
Healthcare	13.1%	2.5%
Financial Services	7.7%	18.5%
Communication Services	7.3%	6.0%
Real Estate	5.7%	1.0%
Energy	5.5%	3.2%
Basic Materials	4.7%	5.5%
Consumer Cyclical	2.8%	7.5%
Utilities	2.4%	1.8%
Consumer Defensive	2.1%	2.6%

Return for Risk

KONG vs. EJAN — Risk / Return Rank

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

KONG

KONG Risk / Return Rank: 25
KONG Sharpe Ratio Rank: 25
KONG Sortino Ratio Rank: 23
KONG Omega Ratio Rank: 23
KONG Calmar Ratio Rank: 24
KONG Martin Ratio Rank: 30

EJAN

EJAN Risk / Return Rank: 56
EJAN Sharpe Ratio Rank: 53
EJAN Sortino Ratio Rank: 53
EJAN Omega Ratio Rank: 67
EJAN Calmar Ratio Rank: 47
EJAN Martin Ratio Rank: 61

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.

KONG vs. EJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable Fortress ETF (KONG) and Innovator Emerging Markets Power Buffer ETF January (EJAN). 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.

	KONG	EJAN	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.30	-0.74
Sortino ratio: Return per unit of downside risk	0.85	1.87	-1.02
Omega ratio: Gain probability vs. loss probability	1.10	1.29	-0.18
Calmar ratio: Return relative to maximum drawdown	0.73	1.69	-0.96
Martin ratio: Return relative to average drawdown	2.73	7.40	-4.68

KONG vs. EJAN - Sharpe Ratio Comparison

The current KONG Sharpe Ratio is 0.56, which is lower than the EJAN Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of KONG and EJAN, 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

KONG vs. EJAN - Drawdown Comparison

The maximum KONG drawdown since its inception was -19.98%, smaller than the maximum EJAN drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for KONG and EJAN.

Drawdown Indicators

	KONG	EJAN	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-22.23%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-6.63%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-11.75%	-3.73%
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	-20.84%	+2.50%
Current Drawdown Current decline from peak	0.00%	-0.80%	+0.80%
Average Drawdown Average peak-to-trough decline	-5.68%	-5.67%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	1.51%	+0.77%

Volatility

KONG vs. EJAN - Volatility Comparison

Formidable Fortress ETF (KONG) has a higher volatility of 3.27% compared to Innovator Emerging Markets Power Buffer ETF January (EJAN) at 2.75%. This indicates that KONG's price experiences larger fluctuations and is considered to be riskier than EJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KONG	EJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	2.75%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	8.21%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	8.64%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	11.15%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.50%	12.63%	+1.87%

KONG vs. EJAN - Expense Ratio Comparison

Both KONG and EJAN have an expense ratio of 0.89%.

Dividends

KONG vs. EJAN - Dividend Comparison

KONG's dividend yield for the trailing twelve months is around 0.35%, while EJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KONG Formidable Fortress ETF	0.35%	0.37%	0.78%	0.69%	0.49%	0.12%

Frequently Asked Questions

Can I hold both KONG and EJAN in my portfolio?

KONG and EJAN have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KONG or EJAN?

KONG has higher volatility (3.27%) compared to EJAN (2.75%). In terms of maximum drawdown, KONG dropped -19.98% vs EJAN's -22.23%.

Which ETF is better, KONG or EJAN?

On 5-year performance, KONG leads with 3.91% vs 3.53% for EJAN. Both ETFs have the same 0.89% expense ratio. On volatility, EJAN has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KONG or EJAN?

Over the 5-year period, KONG has performed better with a 3.91% return vs 3.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KONG or EJAN?

KONG and EJAN have the same expense ratio: 0.89% per year.

Which ETF pays a higher dividend yield, KONG or EJAN?

KONG has the higher dividend yield at 0.35%, compared with 0.00% for EJAN.

What is the main difference between KONG and EJAN?

KONG is categorized as Equity Hedged, while EJAN is Defined Outcome. They also come from different issuers: Formidable and Innovator.

Which has better risk-adjusted returns?

EJAN currently has the higher Sharpe Ratio (1.30 vs 0.56), 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.