PJAN vs. IAUM

Last updated Jun 13, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, PJAN returned 12.39%/yr vs 29.28%/yr for IAUM. At a 0.10 correlation, their price movements are largely independent. PJAN charges 0.79%/yr vs 0.09%/yr for IAUM.

Performance

PJAN vs. IAUM - 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 iShares Gold Trust Micro (IAUM). 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 higher than IAUM's -2.40% return.

PJAN

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

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

PJAN vs. IAUM - 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%	2.55%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between PJAN and IAUM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	0.10

The correlation between PJAN and IAUM shifts across timeframes, from 0.10 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PJAN vs. IAUM — 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

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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. IAUM - 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 iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	2.33	0.90	+1.43
Sortino ratio: Return per unit of downside risk	3.40	1.26	+2.14
Omega ratio: Gain probability vs. loss probability	1.48	1.19	+0.30
Calmar ratio: Return relative to maximum drawdown	2.97	1.00	+1.97
Martin ratio: Return relative to average drawdown	15.67	2.87	+12.81

PJAN vs. IAUM - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.33, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of PJAN and IAUM, 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. IAUM - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum IAUM drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for PJAN and IAUM.

Drawdown Indicators

	PJAN	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-24.37%	+3.12%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-24.37%	+19.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-24.37%	+13.88%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	—	—
Current Drawdown Current decline from peak	-0.54%	-21.99%	+21.45%
Average Drawdown Average peak-to-trough decline	-1.72%	-5.38%	+3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	8.46%	-7.58%

Volatility

PJAN vs. IAUM - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.64%, while iShares Gold Trust Micro (IAUM) has a volatility of 7.71%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	7.71%	-6.07%
Volatility (6M) Calculated over the trailing 6-month period	4.89%	23.82%	-18.93%
Volatility (1Y) Calculated over the trailing 1-year period	5.91%	27.06%	-21.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	18.05%	-9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	18.05%	-7.46%

PJAN vs. IAUM - Expense Ratio Comparison

PJAN has a 0.79% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

PJAN vs. IAUM - Dividend Comparison

Neither PJAN nor IAUM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PJAN and IAUM in my portfolio?

PJAN and IAUM have a correlation of 0.21, 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 IAUM?

IAUM has higher volatility (7.71%) compared to PJAN (1.64%). In terms of maximum drawdown, PJAN dropped -21.25% vs IAUM's -24.37%.

Which ETF is better, PJAN or IAUM?

On 3-year performance, IAUM leads with 29.28% vs 12.39% for PJAN. On fees, IAUM is cheaper at 0.09% 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 IAUM?

Over the 3-year period, IAUM has performed better with a 29.28% 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 IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.79% for PJAN.

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

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

What is the main difference between PJAN and IAUM?

PJAN is categorized as Defined Outcome, while IAUM is Gold. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PJAN and 0.09% for IAUM.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 vs 0.90), 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.