PAPR vs. ZJAN
Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN).
PAPR and ZJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAPR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect April Series Index. It was launched on Apr 1, 2019. ZJAN is an actively managed fund by Innovator. It was launched on Dec 31, 2024.
Performance
PAPR vs. ZJAN - Performance Comparison
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PAPR vs. ZJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 1.74% | 6.74% |
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January | -0.37% | 6.79% |
Returns By Period
In the year-to-date period, PAPR achieves a 1.74% return, which is significantly higher than ZJAN's -0.37% return.
PAPR
- 1D
- 0.45%
- 1M
- 0.61%
- YTD
- 1.74%
- 6M
- 3.75%
- 1Y
- 11.61%
- 3Y*
- 10.62%
- 5Y*
- 7.56%
- 10Y*
- —
ZJAN
- 1D
- 0.41%
- 1M
- -0.91%
- YTD
- -0.37%
- 6M
- 1.43%
- 1Y
- 6.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PAPR vs. ZJAN - Expense Ratio Comparison
Both PAPR and ZJAN have an expense ratio of 0.79%.
Return for Risk
PAPR vs. ZJAN — Risk / Return Rank
PAPR
ZJAN
PAPR vs. ZJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN). 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.
| PAPR | ZJAN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 2.29 | -0.93 |
Sortino ratioReturn per unit of downside risk | 2.06 | 3.36 | -1.31 |
Omega ratioGain probability vs. loss probability | 1.46 | 1.55 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 3.75 | -2.05 |
Martin ratioReturn relative to average drawdown | 11.88 | 18.43 | -6.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAPR | ZJAN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 2.29 | -0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.67 | -0.91 |
Correlation
The correlation between PAPR and ZJAN is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PAPR vs. ZJAN - Dividend Comparison
Neither PAPR nor ZJAN has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% |
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PAPR vs. ZJAN - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, which is greater than ZJAN's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for PAPR and ZJAN.
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Drawdown Indicators
| PAPR | ZJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -3.20% | -12.11% |
Max Drawdown (1Y)Largest decline over 1 year | -7.26% | -1.87% | -5.39% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.93% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -0.39% | -1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.38% | +0.66% |
Volatility
PAPR vs. ZJAN - Volatility Comparison
Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a higher volatility of 1.01% compared to Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) at 0.88%. This indicates that PAPR's price experiences larger fluctuations and is considered to be riskier than ZJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAPR | ZJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.88% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 1.59% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 3.01% | +5.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.23% | 3.11% | +5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.53% | 3.11% | +6.42% |