PJAN vs. ARCC

Last updated Jun 13, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) is Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while ARCC (Ares Capital Corporation) is a stock. Over the past 5 years, PJAN returned 8.76%/yr vs 9.04%/yr for ARCC. At a 0.50 correlation, their price movements are largely independent.

Performance

PJAN vs. ARCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - January (PJAN) and Ares Capital Corporation (ARCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJAN achieves a 4.83% return, which is significantly higher than ARCC's -2.20% return.

PJAN

• 1D: 0.41%
• 1M: 0.16%
• YTD: 4.83%
• 6M: 5.48%
• 1Y: 14.36%
• 3Y*: 12.39%
• 5Y*: 8.76%
• 10Y*: —

ARCC

• 1D: 1.00%
• 1M: 1.69%
• YTD: -2.20%
• 6M: -2.87%
• 1Y: -3.87%
• 3Y*: 10.27%
• 5Y*: 9.04%
• 10Y*: 13.20%

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

PJAN vs. ARCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.83%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	12.97%
ARCC Ares Capital Corporation	-2.20%	1.07%	19.78%	20.03%	-3.84%	36.14%	0.86%	31.30%

Correlation

The correlation between PJAN and ARCC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.50

The correlation between PJAN and ARCC has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

Return for Risk

PJAN vs. ARCC — Risk / Return Rank

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

PJAN

PJAN Risk / Return Rank: 82
PJAN Sharpe Ratio Rank: 83
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 67
PJAN Martin Ratio Rank: 86

ARCC

ARCC Risk / Return Rank: 31
ARCC Sharpe Ratio Rank: 31
ARCC Sortino Ratio Rank: 26
ARCC Omega Ratio Rank: 26
ARCC Calmar Ratio Rank: 35
ARCC Martin Ratio Rank: 35

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.

PJAN vs. ARCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - January (PJAN) and Ares Capital Corporation (ARCC). 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.

	PJAN	ARCC	Difference
Sharpe ratio: Return per unit of total volatility	2.33	-0.27	+2.60
Sortino ratio: Return per unit of downside risk	3.40	-0.26	+3.66
Omega ratio: Gain probability vs. loss probability	1.48	0.97	+0.52
Calmar ratio: Return relative to maximum drawdown	2.97	-0.26	+3.24
Martin ratio: Return relative to average drawdown	15.67	-0.47	+16.15

PJAN vs. ARCC - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.33, which is higher than the ARCC Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of PJAN and ARCC, 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

PJAN vs. ARCC - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for PJAN and ARCC.

Drawdown Indicators

	PJAN	ARCC	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-79.36%	+58.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-19.35%	+14.72%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-19.35%	+8.86%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	-21.76%	+9.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.77%	—
Current Drawdown Current decline from peak	-0.54%	-10.98%	+10.44%
Average Drawdown Average peak-to-trough decline	-1.72%	-9.10%	+7.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	10.68%	-9.80%

Volatility

PJAN vs. ARCC - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.64%, while Ares Capital Corporation (ARCC) has a volatility of 3.72%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than ARCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	ARCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	3.72%	-2.08%
Volatility (6M) Calculated over the trailing 6-month period	4.89%	14.83%	-9.94%
Volatility (1Y) Calculated over the trailing 1-year period	5.91%	18.48%	-12.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	19.96%	-11.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	25.58%	-14.99%

Dividends

PJAN vs. ARCC - Dividend Comparison

PJAN has not paid dividends to shareholders, while ARCC's dividend yield for the trailing twelve months is around 9.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARCC Ares Capital Corporation	7.48%	9.49%	8.77%	9.59%	10.12%	7.65%	9.47%	9.01%	9.88%	9.67%	9.22%	11.02%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJAN and ARCC in my portfolio?

PJAN and ARCC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJAN or ARCC?

ARCC has higher volatility (3.72%) compared to PJAN (1.64%). In terms of maximum drawdown, PJAN dropped -21.25% vs ARCC's -79.36%.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 vs -0.27), 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.