PJAN vs. BXSL
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 BXSL (Blackstone Secured Lending Fund) is a stock. Over the past 3 years, PJAN returned 12.39%/yr vs 7.49%/yr for BXSL. At a 0.34 correlation, their price movements are largely independent.
Performance
PJAN vs. BXSL - Performance Comparison
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Returns By Period
In the year-to-date period, PJAN achieves a 4.83% return, which is significantly higher than BXSL's -6.39% return.
PJAN
- 1D
- 0.41%
- 1M
- 0.16%
- YTD
- 4.83%
- 6M
- 5.48%
- 1Y
- 14.36%
- 3Y*
- 12.39%
- 5Y*
- 8.76%
- 10Y*
- —
BXSL
- 1D
- -0.21%
- 1M
- -1.08%
- YTD
- -6.39%
- 6M
- -9.95%
- 1Y
- -15.35%
- 3Y*
- 7.49%
- 5Y*
- —
- 10Y*
- —
PJAN vs. BXSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PJAN Innovator U.S. Equity Power Buffer ETF - January | 4.83% | 11.29% | 13.45% | 18.18% | -5.29% | 0.45% |
BXSL Blackstone Secured Lending Fund | -6.39% | -9.36% | 29.02% | 37.82% | -26.03% | 32.04% |
Correlation
The correlation between PJAN and BXSL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021 | 0.34 |
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Return for Risk
PJAN vs. BXSL — Risk / Return Rank
PJAN
BXSL
PJAN vs. BXSL - 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 Blackstone Secured Lending Fund (BXSL). 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 | BXSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.12 | ||
| Sortino ratioReturn per unit of downside risk | +4.49 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.88 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | -0.68 | +3.65 |
| Martin ratioReturn relative to average drawdown | 15.67 | -1.01 | +16.69 |
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Drawdowns
PJAN vs. BXSL - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum BXSL drawdown of -36.80%. Use the drawdown chart below to compare losses from any high point for PJAN and BXSL.
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Drawdown Indicators
| PJAN | BXSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -36.80% | +15.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -23.47% | +18.84% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -24.21% | +13.72% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | -20.54% | +20.00% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -14.15% | +12.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 15.73% | -14.85% |
Volatility
PJAN vs. BXSL - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.64%, while Blackstone Secured Lending Fund (BXSL) has a volatility of 5.42%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than BXSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJAN | BXSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 5.42% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 16.42% | -11.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.91% | 20.20% | -14.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 23.85% | -14.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 23.85% | -13.26% |
Dividends
PJAN vs. BXSL - Dividend Comparison
PJAN has not paid dividends to shareholders, while BXSL's dividend yield for the trailing twelve months is around 12.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | 12.91% | 11.70% | 9.53% | 10.64% | 13.02% | 1.56% |
PJAN Innovator U.S. Equity Power Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PJAN and BXSL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BXSL has higher volatility (5.42%) compared to PJAN (1.64%). In terms of maximum drawdown, PJAN dropped -21.25% vs BXSL's -36.80%.
PJAN currently has the higher Sharpe Ratio (2.33 vs -0.79), 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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