PJAN vs. CGDV

Last updated Jun 13, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and CGDV (Capital Group Dividend Value ETF) are both exchange-traded funds - PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while CGDV is a Large Cap Value Equities fund actively managed by Capital Group. PJAN is passively managed, while CGDV is actively managed. Over the past 3 years, PJAN returned 12.39%/yr vs 24.15%/yr for CGDV. Their correlation of 0.87 suggests significant overlap in exposure. PJAN charges 0.79%/yr vs 0.33%/yr for CGDV.

Performance

PJAN vs. CGDV - 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 Capital Group Dividend Value ETF (CGDV). 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 lower than CGDV's 11.55% return.

PJAN

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

CGDV

• 1D: 0.66%
• 1M: 0.35%
• YTD: 11.55%
• 6M: 12.50%
• 1Y: 28.33%
• 3Y*: 24.15%
• 5Y*: —
• 10Y*: —

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

PJAN vs. CGDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.83%	11.29%	13.45%	18.18%	0.64%
CGDV Capital Group Dividend Value ETF	11.55%	25.50%	20.10%	28.81%	-0.44%

Correlation

The correlation between PJAN and CGDV is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.87

The correlation between PJAN and CGDV has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

PJAN vs. CGDV — 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

CGDV

CGDV Risk / Return Rank: 78
CGDV Sharpe Ratio Rank: 82
CGDV Sortino Ratio Rank: 81
CGDV Omega Ratio Rank: 82
CGDV Calmar Ratio Rank: 65
CGDV Martin Ratio Rank: 79

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. CGDV - 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 Capital Group Dividend Value ETF (CGDV). 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	CGDV	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.27	+0.06
Sortino ratio: Return per unit of downside risk	3.40	3.11	+0.29
Omega ratio: Gain probability vs. loss probability	1.48	1.42	+0.06
Calmar ratio: Return relative to maximum drawdown	2.97	2.83	+0.15
Martin ratio: Return relative to average drawdown	15.67	13.19	+2.49

PJAN vs. CGDV - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.33, which is comparable to the CGDV Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PJAN and CGDV, 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. CGDV - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, roughly equal to the maximum CGDV drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for PJAN and CGDV.

Drawdown Indicators

	PJAN	CGDV	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-21.82%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-9.75%	+5.12%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-14.28%	+3.79%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	—	—
Current Drawdown Current decline from peak	-0.54%	-0.98%	+0.44%
Average Drawdown Average peak-to-trough decline	-1.72%	-3.60%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.09%	-1.21%

Volatility

PJAN vs. CGDV - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.64%, while Capital Group Dividend Value ETF (CGDV) has a volatility of 4.52%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than CGDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	CGDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	4.52%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	4.89%	9.80%	-4.91%
Volatility (1Y) Calculated over the trailing 1-year period	5.91%	12.13%	-6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	15.57%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	15.57%	-4.98%

PJAN vs. CGDV - Expense Ratio Comparison

PJAN has a 0.79% expense ratio, which is higher than CGDV's 0.33% expense ratio.

Dividends

PJAN vs. CGDV - Dividend Comparison

PJAN has not paid dividends to shareholders, while CGDV's dividend yield for the trailing twelve months is around 1.17%.

Position	TTM	2025	2024	2023	2022
CGDV Capital Group Dividend Value ETF	1.17%	1.29%	1.60%	1.65%	1.36%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJAN and CGDV in my portfolio?

PJAN and CGDV have a correlation of 0.82, 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 CGDV?

CGDV has higher volatility (4.52%) compared to PJAN (1.64%). In terms of maximum drawdown, PJAN dropped -21.25% vs CGDV's -21.82%.

Which ETF is better, PJAN or CGDV?

On 3-year performance, CGDV leads with 24.15% vs 12.39% for PJAN. On fees, CGDV is cheaper at 0.33% per year. On volatility, PJAN has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJAN or CGDV?

Over the 3-year period, CGDV has performed better with a 24.15% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJAN or CGDV?

CGDV is cheaper with a 0.33% expense ratio, compared with 0.79% for PJAN.

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

CGDV has the higher dividend yield at 1.17%, compared with 0.00% for PJAN.

What is the main difference between PJAN and CGDV?

PJAN is categorized as Defined Outcome, while CGDV is Large Cap Value Equities. They also come from different issuers: Innovator and Capital Group. Their fees differ too: 0.79% for PJAN and 0.33% for CGDV.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 vs 2.27), 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.