PJAN vs. COWZ
PJAN (Innovator U.S. Equity Power Buffer ETF - January) and COWZ (Pacer US Cash Cows 100 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 COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, PJAN returned 8.96%/yr vs 10.60%/yr for COWZ. A 0.68 correlation means they provide meaningful diversification when combined. PJAN charges 0.79%/yr vs 0.49%/yr for COWZ.
Performance
PJAN vs. COWZ - Performance Comparison
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Returns By Period
In the year-to-date period, PJAN achieves a 5.32% return, which is significantly lower than COWZ's 8.30% return.
PJAN
- 1D
- 0.18%
- 1M
- 1.81%
- YTD
- 5.32%
- 6M
- 6.15%
- 1Y
- 14.92%
- 3Y*
- 13.02%
- 5Y*
- 8.96%
- 10Y*
- —
COWZ
- 1D
- 0.11%
- 1M
- 2.05%
- YTD
- 8.30%
- 6M
- 8.95%
- 1Y
- 22.75%
- 3Y*
- 14.62%
- 5Y*
- 10.60%
- 10Y*
- —
PJAN vs. COWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJAN Innovator U.S. Equity Power Buffer ETF - January | 5.32% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.34% |
COWZ Pacer US Cash Cows 100 ETF | 8.30% | 8.98% | 10.64% | 14.73% | 0.19% | 42.57% | 11.65% | 22.04% |
Correlation
The correlation between PJAN and COWZ is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019 | 0.68 |
The correlation between PJAN and COWZ shifts across timeframes, from 0.50 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJAN vs. COWZ — Risk / Return Rank
PJAN
COWZ
PJAN vs. COWZ - 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 Pacer US Cash Cows 100 ETF (COWZ). 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 | COWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.37 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 4.57 | -1.33 |
| Martin ratioReturn relative to average drawdown | 17.28 | 12.47 | +4.81 |
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 | COWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 2.06 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.01 | 0.60 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.65 | +0.25 |
Drawdowns
PJAN vs. COWZ - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for PJAN and COWZ.
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Drawdown Indicators
| PJAN | COWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -38.63% | +17.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -5.00% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -22.00% | +11.51% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -22.00% | +10.07% |
Current DrawdownCurrent decline from peak | -0.08% | -0.80% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -4.80% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.83% | -0.96% |
Volatility
PJAN vs. COWZ - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.05%, while Pacer US Cash Cows 100 ETF (COWZ) has a volatility of 2.50%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJAN | COWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 2.50% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.71% | 7.12% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 11.08% | -5.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.93% | 17.63% | -8.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 19.92% | -9.32% |
PJAN vs. COWZ - Expense Ratio Comparison
PJAN has a 0.79% expense ratio, which is higher than COWZ's 0.49% expense ratio.
Dividends
PJAN vs. COWZ - Dividend Comparison
PJAN has not paid dividends to shareholders, while COWZ's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
COWZ Pacer US Cash Cows 100 ETF | 2.16% | 2.19% | 1.82% | 1.92% | 1.96% | 1.48% | 2.54% | 1.96% | 1.67% | 1.95% | 0.13% |
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% |
Frequently Asked Questions
PJAN and COWZ have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COWZ has higher volatility (2.50%) compared to PJAN (1.05%). In terms of maximum drawdown, PJAN dropped -21.25% vs COWZ's -38.63%.
On 5-year performance, COWZ leads with 10.60% vs 8.96% for PJAN. On fees, COWZ is cheaper at 0.49% per year. On volatility, PJAN has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COWZ has performed better with a 10.60% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COWZ is cheaper with a 0.49% expense ratio, compared with 0.79% for PJAN.
COWZ has the higher dividend yield at 2.16%, compared with 0.00% for PJAN.
PJAN is categorized as Defined Outcome, while COWZ is Mid Cap Value Equities. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: Innovator and Pacer. Their fees differ too: 0.79% for PJAN and 0.49% for COWZ.
PJAN currently has the higher Sharpe Ratio (2.58 vs 2.06), 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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