PJAN vs. BNO
PJAN (Innovator U.S. Equity Power Buffer ETF - January) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, PJAN returned 8.92%/yr vs 24.16%/yr for BNO. At a 0.15 correlation, their price movements are largely independent. PJAN charges 0.79%/yr vs 0.90%/yr for BNO.
Performance
PJAN vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PJAN achieves a 5.13% return, which is significantly lower than BNO's 90.47% return.
PJAN
- 1D
- -0.26%
- 1M
- 1.94%
- YTD
- 5.13%
- 6M
- 5.96%
- 1Y
- 14.71%
- 3Y*
- 12.96%
- 5Y*
- 8.92%
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
PJAN vs. BNO - 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% | 12.34% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 34.00% |
Correlation
The correlation between PJAN and BNO is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019 | 0.15 |
The correlation between PJAN and BNO shifts across timeframes, from -0.30 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJAN vs. BNO — Risk / Return Rank
PJAN
BNO
PJAN vs. BNO - 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 United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.38 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 5.17 | -1.98 |
| Martin ratioReturn relative to average drawdown | 17.03 | 9.76 | +7.27 |
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
| PJAN | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 2.23 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 0.69 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.14 | +0.75 |
Drawdowns
PJAN vs. BNO - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PJAN and BNO.
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Drawdown Indicators
| PJAN | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -87.06% | +65.81% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -17.87% | +13.24% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -23.75% | +13.26% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -33.70% | +21.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.26% | -10.29% | +10.03% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -40.17% | +38.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 9.45% | -8.58% |
Volatility
PJAN vs. BNO - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.07%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJAN | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 14.22% | -13.15% |
Volatility (6M)Calculated over the trailing 6-month period | 4.71% | 36.10% | -31.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.81% | 41.46% | -35.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.93% | 35.38% | -26.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 36.68% | -26.08% |
PJAN vs. BNO - Expense Ratio Comparison
PJAN has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
PJAN vs. BNO - Dividend Comparison
Neither PJAN nor BNO has paid dividends to shareholders.
Frequently Asked Questions
PJAN and BNO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to PJAN (1.07%). In terms of maximum drawdown, PJAN dropped -21.25% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs 8.92% for PJAN. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 24.16% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJAN is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.
PJAN and BNO have nearly identical dividend yields, around 0.00%.
PJAN is categorized as Defined Outcome, while BNO is Oil & Gas. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for PJAN and 0.90% for BNO.
PJAN currently has the higher Sharpe Ratio (2.55 vs 2.23), 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.
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