NJAN vs. PAPR

Last updated Jun 25, 2026

NJAN (Innovator Growth-100 Power Buffer ETF - January) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds from Innovator - NJAN tracks the NASDAQ-100 Index while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past 5 years, NJAN returned 7.49%/yr vs 8.10%/yr for PAPR. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

NJAN vs. PAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, NJAN achieves a 6.03% return, which is significantly lower than PAPR's 7.36% return.

NJAN

• 1D: -0.16%
• 1M: -0.56%
• YTD: 6.03%
• 6M: 6.14%
• 1Y: 15.72%
• 3Y*: 13.53%
• 5Y*: 7.49%
• 10Y*: —

PAPR

• 1D: 0.12%
• 1M: -0.02%
• YTD: 7.36%
• 6M: 7.33%
• 1Y: 13.33%
• 3Y*: 11.16%
• 5Y*: 8.10%
• 10Y*: —

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

NJAN vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NJAN Innovator Growth-100 Power Buffer ETF - January	6.03%	14.20%	15.35%	20.95%	-18.92%	11.55%	8.45%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.36%	6.58%	12.28%	16.45%	-4.29%	7.51%	4.62%

Correlation

The correlation between NJAN and PAPR is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.78

The correlation between NJAN and PAPR has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

NJAN vs. PAPR — Risk / Return Rank

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

NJAN

NJAN Risk / Return Rank: 75
NJAN Sharpe Ratio Rank: 78
NJAN Sortino Ratio Rank: 79
NJAN Omega Ratio Rank: 82
NJAN Calmar Ratio Rank: 61
NJAN Martin Ratio Rank: 76

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 97
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

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.

NJAN vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - January (NJAN) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.18	3.96	-1.77
Sortino ratio: Return per unit of downside risk	3.09	6.82	-3.72
Omega ratio: Gain probability vs. loss probability	1.43	1.93	-0.50
Calmar ratio: Return relative to maximum drawdown	2.68	11.54	-8.86
Martin ratio: Return relative to average drawdown	12.61	58.72	-46.10

NJAN vs. PAPR - Sharpe Ratio Comparison

The current NJAN Sharpe Ratio is 2.18, which is lower than the PAPR Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of NJAN and PAPR, 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. PAPR - Drawdown Comparison

The maximum NJAN drawdown since its inception was -20.70%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for NJAN and PAPR.

Drawdown Indicators

	NJAN	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-15.31%	-5.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-1.16%	-4.74%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-11.87%	-1.27%
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	-11.87%	-8.83%
Current Drawdown Current decline from peak	-1.37%	-0.54%	-0.83%
Average Drawdown Average peak-to-trough decline	-3.79%	-1.56%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.23%	+1.02%

Volatility

NJAN vs. PAPR - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - January (NJAN) has a higher volatility of 2.45% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.43%. This indicates that NJAN's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJAN	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	1.43%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	2.77%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.28%	3.42%	+3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.33%	8.22%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.90%	9.42%	+3.48%

NJAN vs. PAPR - Expense Ratio Comparison

Both NJAN and PAPR have an expense ratio of 0.79%.

Dividends

NJAN vs. PAPR - Dividend Comparison

Neither NJAN nor PAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NJAN Innovator Growth-100 Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both NJAN and PAPR in my portfolio?

NJAN and PAPR have a correlation of 0.79, 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 PAPR?

NJAN has higher volatility (2.45%) compared to PAPR (1.43%). In terms of maximum drawdown, NJAN dropped -20.70% vs PAPR's -15.31%.

Which ETF is better, NJAN or PAPR?

On 5-year performance, PAPR leads with 8.10% vs 7.49% for NJAN. Both ETFs have the same 0.79% expense ratio. On volatility, PAPR has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJAN or PAPR?

Over the 5-year period, PAPR has performed better with a 8.10% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJAN or PAPR?

NJAN and PAPR have the same expense ratio: 0.79% per year.

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

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

What is the main difference between NJAN and PAPR?

NJAN tracks NASDAQ-100 Index, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.96 vs 2.18), 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.