PJAN vs. INOV

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - January (PJAN) and Innovator International Developed Power Buffer ETF - November (INOV).

PJAN and INOV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PJAN is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect January Series Index. It was launched on Jan 2, 2019. INOV is an actively managed fund by Innovator. It was launched on Oct 31, 2023.

Performance

PJAN vs. INOV - 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 Innovator International Developed Power Buffer ETF - November (INOV). The values are adjusted to include any dividend payments, if applicable.

PJAN vs. INOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJAN Innovator U.S. Equity Power Buffer ETF - January	-1.66%	11.29%	13.45%	7.91%
INOV Innovator International Developed Power Buffer ETF - November	1.50%	20.64%	5.90%	7.73%

Returns By Period

In the year-to-date period, PJAN achieves a -1.66% return, which is significantly lower than INOV's 1.50% return.

PJAN

• 1D: 0.24%
• 1M: -2.16%
• YTD: -1.66%
• 6M: 0.95%
• 1Y: 11.31%
• 3Y*: 11.66%
• 5Y*: 7.86%
• 10Y*: —

INOV

• 1D: 1.06%
• 1M: -2.79%
• YTD: 1.50%
• 6M: 4.99%
• 1Y: 16.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJAN vs. INOV - Expense Ratio Comparison

PJAN has a 0.79% expense ratio, which is lower than INOV's 0.85% expense ratio.

INOV

Innovator International Developed Power Buffer ETF - November

PJAN

Innovator U.S. Equity Power Buffer ETF - January

Return for Risk

PJAN vs. INOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PJAN

PJAN Risk / Return Rank: 67
PJAN Sharpe Ratio Rank: 62
PJAN Sortino Ratio Rank: 66
PJAN Omega Ratio Rank: 75
PJAN Calmar Ratio Rank: 58
PJAN Martin Ratio Rank: 75

INOV

INOV Risk / Return Rank: 80
INOV Sharpe Ratio Rank: 82
INOV Sortino Ratio Rank: 83
INOV Omega Ratio Rank: 87
INOV Calmar Ratio Rank: 75
INOV Martin Ratio Rank: 76

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. INOV - 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 Innovator International Developed Power Buffer ETF - November (INOV). 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	INOV	Difference
Sharpe ratio Return per unit of total volatility	1.15	1.65	-0.50
Sortino ratio Return per unit of downside risk	1.74	2.31	-0.57
Omega ratio Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio Return relative to maximum drawdown	1.57	2.26	-0.69
Martin ratio Return relative to average drawdown	8.42	9.08	-0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJAN vs. INOV - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 1.15, which is lower than the INOV Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PJAN and INOV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PJAN	INOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.65	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.80	-0.98

Correlation

The correlation between PJAN and INOV is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PJAN vs. INOV - Dividend Comparison

Neither PJAN nor INOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PJAN vs. INOV - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, which is greater than INOV's maximum drawdown of -8.01%. Use the drawdown chart below to compare losses from any high point for PJAN and INOV.

Drawdown Indicators

	PJAN	INOV	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-8.01%	-13.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-7.24%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	—	—
Current Drawdown Current decline from peak	-2.71%	-4.06%	+1.35%
Average Drawdown Average peak-to-trough decline	-1.76%	-0.85%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	1.80%	-0.43%

Volatility

PJAN vs. INOV - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 3.24%, while Innovator International Developed Power Buffer ETF - November (INOV) has a volatility of 4.70%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than INOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	INOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	4.70%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	4.60%	6.75%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	9.88%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.91%	8.34%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.69%	8.34%	+2.35%