KSEP vs. PJAN

Last updated Jun 4, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator. KSEP is actively managed, while PJAN is passively managed. Over the past year, KSEP returned 20.63% vs 14.71% for PJAN. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KSEP 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 - September (KSEP) 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, KSEP achieves a 8.77% return, which is significantly higher than PJAN's 5.13% return.

KSEP

• 1D: -0.28%
• 1M: 1.76%
• YTD: 8.77%
• 6M: 8.72%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 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)

KSEP vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	8.77%	8.54%	3.08%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	3.78%

Correlation

The correlation between KSEP 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 (All Time) Calculated using the full available price history since Sep 4, 2024	0.73

The correlation between KSEP and PJAN has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

KSEP vs. PJAN — Risk / Return Rank

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

KSEP

KSEP Risk / Return Rank: 71
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 69
KSEP Omega Ratio Rank: 63
KSEP Calmar Ratio Rank: 83
KSEP 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.

KSEP 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 - September (KSEP) 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.

	KSEP	PJAN	Difference
Sharpe ratio Return per unit of total volatility	2.04	2.55	-0.50
Sortino ratio Return per unit of downside risk	3.10	3.75	-0.65
Omega ratio Gain probability vs. loss probability	1.37	1.54	-0.17
Calmar ratio Return relative to maximum drawdown	4.36	3.19	+1.17
Martin ratio Return relative to average drawdown	15.77	17.03	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSEP vs. PJAN - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 2.04, which is comparable to the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of KSEP 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

	KSEP	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.55	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.90	+0.13

Drawdowns

KSEP vs. PJAN - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for KSEP and PJAN.

Drawdown Indicators

	KSEP	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-21.25%	+6.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-4.63%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-0.28%	-0.26%	-0.02%
Average Drawdown Average peak-to-trough decline	-2.45%	-1.73%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	0.87%	+0.44%

Volatility

KSEP vs. PJAN - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a higher volatility of 1.63% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.07%. This indicates that KSEP'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

	KSEP	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.07%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	6.27%	4.71%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	5.81%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	8.93%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	10.60%	+1.05%

KSEP vs. PJAN - Expense Ratio Comparison

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

Dividends

KSEP vs. PJAN - Dividend Comparison

Neither KSEP nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KSEP and PJAN in my portfolio?

KSEP 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, KSEP or PJAN?

KSEP has higher volatility (1.63%) compared to PJAN (1.07%). In terms of maximum drawdown, KSEP dropped -14.92% vs PJAN's -21.25%.

Which ETF is better, KSEP or PJAN?

On 1-year performance, KSEP leads with 20.63% vs 14.71% for PJAN. 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, KSEP or PJAN?

Over the 1-year period, KSEP has performed better with a 20.63% return vs 14.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or PJAN?

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

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

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

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.55 vs 2.04), 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.