NJAN vs. DJAN

Last updated Aug 5, 2026

NJAN (Innovator Growth-100 Power Buffer ETF - January) and DJAN (FT Cboe Vest U.S. Equity Deep Buffer ETF - January) are both exchange-traded funds - NJAN is a Defined Outcome fund tracking the NASDAQ-100 Index, while DJAN is a Options Trading fund actively managed by FT Vest. NJAN is passively managed, while DJAN is actively managed. Over the past 5 years, NJAN returned 7.57%/yr vs 7.87%/yr for DJAN. Their correlation of 0.83 means they have usually moved in the same direction. NJAN charges 0.79%/yr vs 0.85%/yr for DJAN.

Performance

NJAN vs. DJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - January (NJAN) and FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NJAN achieves a 8.06% return, which is significantly higher than DJAN's 6.60% return.

NJAN

• 1D: 0.83%
• 1M: 1.42%
• 6M: 7.78%
• YTD: 8.06%
• 1Y: 15.08%
• 3Y*: 13.89%
• 5Y*: 7.57%
• 10Y*: —
• ALL TIME*: 8.28%

DJAN

• 1D: 0.55%
• 1M: 1.72%
• 6M: 6.15%
• YTD: 6.60%
• 1Y: 13.11%
• 3Y*: 12.14%
• 5Y*: 7.87%
• 10Y*: —
• ALL TIME*: 8.04%

*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)
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January	$394.72K	$451.70K	$642.15K
NJAN Innovator Growth-100 Power Buffer ETF - January	$285.12K	$524.75K	$731.29K

NJAN vs. DJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NJAN Innovator Growth-100 Power Buffer ETF - January	8.06%	14.20%	15.35%	20.95%	-18.92%	12.16%
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January	6.60%	11.09%	13.05%	13.81%	-5.73%	6.87%

Correlation

The correlation between NJAN and DJAN is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 19, 2021	0.83

The correlation between NJAN and DJAN has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

NJAN vs. DJAN — Risk / Return Rank

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

NJAN

NJAN Risk / Return Rank: 77
NJAN Sharpe Ratio Rank: 79
NJAN Sortino Ratio Rank: 80
NJAN Omega Ratio Rank: 81
NJAN Calmar Ratio Rank: 65
NJAN Martin Ratio Rank: 80

DJAN

DJAN Risk / Return Rank: 86
DJAN Sharpe Ratio Rank: 87
DJAN Sortino Ratio Rank: 89
DJAN Omega Ratio Rank: 90
DJAN Calmar Ratio Rank: 77
DJAN Martin Ratio Rank: 89

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.

NJAN vs. DJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - January (NJAN) and FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN). 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.

	NJAN	DJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.26	-0.24
Sortino ratio: Return per unit of downside risk	2.90	3.31	-0.41
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	2.57	3.09	-0.52
Martin ratio: Return relative to average drawdown	11.74	14.90	-3.17

NJAN vs. DJAN - Sharpe Ratio Comparison

The current NJAN Sharpe Ratio is 2.02, which is comparable to the DJAN Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of NJAN and DJAN, 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

NJAN vs. DJAN - Drawdown Comparison

The maximum NJAN drawdown since its inception was -20.70%, which is greater than DJAN's maximum drawdown of -9.57%. Use the drawdown chart below to compare losses from any high point for NJAN and DJAN.

Drawdown Indicators

	NJAN	DJAN	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-9.57%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-4.27%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-9.33%	-3.81%
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	-9.57%	-11.13%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.74%	-1.86%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	0.88%	+0.41%

Volatility

NJAN vs. DJAN - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - January (NJAN) has a higher volatility of 2.40% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) at 1.65%. This indicates that NJAN's price experiences larger fluctuations and is considered to be riskier than DJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJAN	DJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	1.65%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	6.40%	4.76%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	5.88%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	7.10%	+5.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.83%	6.91%	+5.92%

NJAN vs. DJAN - Expense Ratio Comparison

NJAN has a 0.79% expense ratio, which is lower than DJAN's 0.85% expense ratio.

Dividends

NJAN vs. DJAN - Dividend Comparison

Neither NJAN nor DJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NJAN and DJAN in my portfolio?

NJAN and DJAN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NJAN or DJAN?

NJAN has higher volatility (2.40%) compared to DJAN (1.65%). In terms of maximum drawdown, NJAN dropped -20.70% vs DJAN's -9.57%.

Which ETF is better, NJAN or DJAN?

On 5-year performance, DJAN leads with 7.87% vs 7.57% for NJAN. On fees, NJAN is cheaper at 0.79% per year. On volatility, DJAN has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJAN or DJAN?

Over the 5-year period, DJAN has performed better with a 7.87% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJAN or DJAN?

NJAN is cheaper with a 0.79% expense ratio, compared with 0.85% for DJAN.

Which ETF pays a higher dividend yield, NJAN or DJAN?

NJAN and DJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between NJAN and DJAN?

NJAN is categorized as Defined Outcome, while DJAN is Options Trading. They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.79% for NJAN and 0.85% for DJAN.

Which has better risk-adjusted returns?

DJAN currently has the higher Sharpe Ratio (2.26 vs 2.02), 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.