PJAN vs. BAPR

Last updated Jun 4, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator - PJAN tracks the Cboe S&P 500 15% Buffer Protect January Series Index while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, PJAN returned 8.92%/yr vs 11.17%/yr for BAPR. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PJAN vs. BAPR - 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 Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJAN achieves a 5.13% return, which is significantly lower than BAPR's 10.81% return.

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

BAPR

• 1D: -0.23%
• 1M: 2.21%
• YTD: 10.81%
• 6M: 11.74%
• 1Y: 20.12%
• 3Y*: 15.31%
• 5Y*: 11.17%
• 10Y*: —

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

PJAN vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	5.26%
BAPR Innovator U.S. Equity Buffer ETF - April	10.81%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	10.49%

Correlation

The correlation between PJAN and BAPR is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 2, 2019	0.86

The correlation between PJAN and BAPR has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

PJAN vs. BAPR — Risk / Return Rank

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

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

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 97
BAPR 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.

PJAN vs. BAPR - 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 Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	PJAN	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.59	-1.04
Sortino ratio: Return per unit of downside risk	3.75	6.11	-2.36
Omega ratio: Gain probability vs. loss probability	1.54	1.87	-0.33
Calmar ratio: Return relative to maximum drawdown	3.19	10.46	-7.26
Martin ratio: Return relative to average drawdown	17.03	57.55	-40.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJAN vs. BAPR - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.55, which is comparable to the BAPR Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of PJAN and BAPR, 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

	PJAN	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.59	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.98	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.84	+0.06

Drawdowns

PJAN vs. BAPR - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for PJAN and BAPR.

Drawdown Indicators

	PJAN	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-23.91%	+2.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-1.93%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-15.58%	+5.09%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	-15.58%	+3.65%
Current Drawdown Current decline from peak	-0.26%	-0.23%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.73%	-2.59%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.35%	+0.52%

Volatility

PJAN vs. BAPR - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - January (PJAN) and Innovator U.S. Equity Buffer ETF - April (BAPR) have volatilities of 1.07% and 1.06%, 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

	PJAN	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.06%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	4.53%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	5.64%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.93%	11.49%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	13.12%	-2.52%

PJAN vs. BAPR - Expense Ratio Comparison

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

Dividends

PJAN vs. BAPR - Dividend Comparison

Neither PJAN nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PJAN and BAPR in my portfolio?

PJAN and BAPR have a correlation of 0.89, 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 BAPR?

PJAN has higher volatility (1.07%) compared to BAPR (1.06%). In terms of maximum drawdown, PJAN dropped -21.25% vs BAPR's -23.91%.

Which ETF is better, PJAN or BAPR?

On 5-year performance, BAPR leads with 11.17% vs 8.92% for PJAN. 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, PJAN or BAPR?

Over the 5-year period, BAPR has performed better with a 11.17% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJAN or BAPR?

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

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

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

What is the main difference between PJAN and BAPR?

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

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.59 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.