PDEC vs. PJAN

Last updated Jun 4, 2026

PDEC (Innovator U.S. Equity Power Buffer ETF - December) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator - PDEC tracks the S&P 500 while PJAN tracks the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, PDEC returned 8.60%/yr vs 8.92%/yr for PJAN. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PDEC vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - December (PDEC) 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, PDEC achieves a 5.69% return, which is significantly higher than PJAN's 5.13% return.

PDEC

• 1D: -0.22%
• 1M: 2.25%
• YTD: 5.69%
• 6M: 6.10%
• 1Y: 17.23%
• 3Y*: 12.39%
• 5Y*: 8.60%
• 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)

PDEC vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PDEC Innovator U.S. Equity Power Buffer ETF - December	5.69%	12.91%	9.46%	17.43%	-5.95%	9.59%	8.45%	1.58%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	0.50%

Correlation

The correlation between PDEC and PJAN is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	0.87

The correlation between PDEC and PJAN has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

PDEC vs. PJAN — Risk / Return Rank

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

PDEC

PDEC Risk / Return Rank: 81
PDEC Sharpe Ratio Rank: 79
PDEC Sortino Ratio Rank: 84
PDEC Omega Ratio Rank: 83
PDEC Calmar Ratio Rank: 72
PDEC Martin Ratio Rank: 87

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.

PDEC vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - December (PDEC) 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.

	PDEC	PJAN	Difference
Sharpe ratio Return per unit of total volatility	2.57	2.55	+0.02
Sortino ratio Return per unit of downside risk	3.78	3.75	+0.03
Omega ratio Gain probability vs. loss probability	1.51	1.54	-0.03
Calmar ratio Return relative to maximum drawdown	3.62	3.19	+0.43
Martin ratio Return relative to average drawdown	18.75	17.03	+1.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDEC vs. PJAN - Sharpe Ratio Comparison

The current PDEC Sharpe Ratio is 2.57, which is comparable to the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of PDEC 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

	PDEC	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.55	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.00	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.90	-0.08

Drawdowns

PDEC vs. PJAN - Drawdown Comparison

The maximum PDEC drawdown since its inception was -19.31%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for PDEC and PJAN.

Drawdown Indicators

	PDEC	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-19.31%	-21.25%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.78%	-4.63%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-10.77%	-10.49%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-11.53%	-11.93%	+0.40%
Current Drawdown Current decline from peak	-0.22%	-0.26%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.02%	-1.73%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.87%	+0.05%

Volatility

PDEC vs. PJAN - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - December (PDEC) and Innovator U.S. Equity Power Buffer ETF - January (PJAN) have volatilities of 1.09% and 1.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDEC	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.07%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	4.71%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	5.81%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	8.93%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	10.60%	+0.36%

PDEC vs. PJAN - Expense Ratio Comparison

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

Dividends

PDEC vs. PJAN - Dividend Comparison

Neither PDEC nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PDEC and PJAN in my portfolio?

With a correlation of 0.91, PDEC and PJAN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PDEC or PJAN?

PDEC has higher volatility (1.09%) compared to PJAN (1.07%). In terms of maximum drawdown, PDEC dropped -19.31% vs PJAN's -21.25%.

Which ETF is better, PDEC or PJAN?

On 5-year performance, PJAN leads with 8.92% vs 8.60% for PDEC. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDEC or PJAN?

Over the 5-year period, PJAN has performed better with a 8.92% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDEC or PJAN?

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

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

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

What is the main difference between PDEC and PJAN?

PDEC tracks S&P 500, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index.

Which has better risk-adjusted returns?

PDEC currently has the higher Sharpe Ratio (2.57 vs 2.55), 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.