LJAN vs. WNTR

Last updated Jul 2, 2026

LJAN (Innovator Premium Income 15 Buffer ETF - January) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - LJAN is a Options Trading fund actively managed by Innovator, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, LJAN returned 5.46% vs 96.96% for WNTR. At a correlation of -0.46, they often move in opposite directions. LJAN charges 0.79%/yr vs 1.01%/yr for WNTR.

Performance

LJAN vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - January (LJAN) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LJAN achieves a 2.89% return, which is significantly lower than WNTR's 9.66% return.

LJAN

• 1D: 0.02%
• 1M: 0.30%
• YTD: 2.89%
• 6M: 2.89%
• 1Y: 5.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -4.55%
• 1M: 31.38%
• YTD: 9.66%
• 6M: 9.66%
• 1Y: 96.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LJAN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
LJAN Innovator Premium Income 15 Buffer ETF - January	2.89%	4.37%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.66%	52.78%

Correlation

The correlation between LJAN and WNTR is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.42
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.46

Return for Risk

LJAN vs. WNTR — Risk / Return Rank

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

LJAN

LJAN Risk / Return Rank: 84
LJAN Sharpe Ratio Rank: 81
LJAN Sortino Ratio Rank: 88
LJAN Omega Ratio Rank: 91
LJAN Calmar Ratio Rank: 71
LJAN Martin Ratio Rank: 91

WNTR

WNTR Risk / Return Rank: 53
WNTR Sharpe Ratio Rank: 65
WNTR Sortino Ratio Rank: 51
WNTR Omega Ratio Rank: 54
WNTR Calmar Ratio Rank: 54
WNTR Martin Ratio Rank: 42

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.

LJAN vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - January (LJAN) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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.

	LJAN	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.82	+0.38
Sortino ratio: Return per unit of downside risk	3.39	2.17	+1.22
Omega ratio: Gain probability vs. loss probability	1.50	1.29	+0.21
Calmar ratio: Return relative to maximum drawdown	2.99	2.29	+0.70
Martin ratio: Return relative to average drawdown	17.93	5.89	+12.04

LJAN vs. WNTR - Sharpe Ratio Comparison

The current LJAN Sharpe Ratio is 2.20, which is comparable to the WNTR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of LJAN and WNTR, 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

LJAN vs. WNTR - Drawdown Comparison

The maximum LJAN drawdown since its inception was -4.83%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for LJAN and WNTR.

Drawdown Indicators

	LJAN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-42.65%	+37.82%
Max Drawdown (1Y) Largest decline over 1 year	-1.83%	-42.65%	+40.82%
Current Drawdown Current decline from peak	0.00%	-10.54%	+10.54%
Average Drawdown Average peak-to-trough decline	-0.18%	-20.69%	+20.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	16.68%	-16.37%

Volatility

LJAN vs. WNTR - Volatility Comparison

The current volatility for Innovator Premium Income 15 Buffer ETF - January (LJAN) is 0.54%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 20.51%. This indicates that LJAN experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LJAN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	20.51%	-19.97%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	47.31%	-45.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	53.75%	-51.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	53.64%	-49.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	53.64%	-49.69%

LJAN vs. WNTR - Expense Ratio Comparison

LJAN has a 0.79% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

LJAN vs. WNTR - Dividend Comparison

LJAN's dividend yield for the trailing twelve months is around 4.96%, less than WNTR's 101.22% yield.

Position	TTM	2025	2024
LJAN Innovator Premium Income 15 Buffer ETF - January	4.96%	5.08%	5.59%
WNTR YieldMax Short MSTR Option Income Strategy ETF	101.22%	58.56%	0.00%

Frequently Asked Questions

Can I hold both LJAN and WNTR in my portfolio?

LJAN and WNTR have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LJAN or WNTR?

WNTR has higher volatility (20.51%) compared to LJAN (0.54%). In terms of maximum drawdown, LJAN dropped -4.83% vs WNTR's -42.65%.

Which ETF is better, LJAN or WNTR?

On 1-year performance, WNTR leads with 96.96% vs 5.46% for LJAN. On fees, LJAN is cheaper at 0.79% per year. On volatility, LJAN has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LJAN or WNTR?

Over the 1-year period, WNTR has performed better with a 96.96% return vs 5.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LJAN or WNTR?

LJAN is cheaper with a 0.79% expense ratio, compared with 1.01% for WNTR.

Which ETF pays a higher dividend yield, LJAN or WNTR?

WNTR has the higher dividend yield at 101.22%, compared with 4.96% for LJAN.

What is the main difference between LJAN and WNTR?

LJAN is categorized as Options Trading, while WNTR is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for LJAN and 1.01% for WNTR.

Which has better risk-adjusted returns?

LJAN currently has the higher Sharpe Ratio (2.20 vs 1.82), 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.