PJAN vs. LOUP
PJAN (Innovator U.S. Equity Power Buffer ETF - January) and LOUP (Innovator Deepwater Frontier Tech 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 LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index. Both are passively managed. Over the past 5 years, PJAN returned 8.92%/yr vs 12.98%/yr for LOUP. A 0.74 correlation means they provide meaningful diversification when combined. PJAN charges 0.79%/yr vs 0.70%/yr for LOUP.
Performance
PJAN vs. LOUP - Performance Comparison
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Returns By Period
In the year-to-date period, PJAN achieves a 5.13% return, which is significantly lower than LOUP's 28.21% return.
PJAN
- 1D
- -0.26%
- 1M
- 1.94%
- YTD
- 5.13%
- 6M
- 5.96%
- 1Y
- 14.71%
- 3Y*
- 12.96%
- 5Y*
- 8.92%
- 10Y*
- —
LOUP
- 1D
- -1.87%
- 1M
- 18.57%
- YTD
- 28.21%
- 6M
- 26.83%
- 1Y
- 75.49%
- 3Y*
- 37.37%
- 5Y*
- 12.98%
- 10Y*
- —
PJAN vs. LOUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJAN Innovator U.S. Equity Power Buffer ETF - January | 5.13% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.34% |
LOUP Innovator Deepwater Frontier Tech ETF | 28.21% | 43.24% | 21.80% | 51.31% | -46.00% | 7.54% | 86.25% | 32.18% |
Correlation
The correlation between PJAN and LOUP is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019 | 0.74 |
The correlation between PJAN and LOUP has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
PJAN vs. LOUP — Risk / Return Rank
PJAN
LOUP
PJAN vs. LOUP - 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 Deepwater Frontier Tech ETF (LOUP). 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 | LOUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.41 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 3.61 | -0.42 |
| Martin ratioReturn relative to average drawdown | 17.03 | 12.23 | +4.80 |
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 | LOUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 2.66 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 0.40 | +0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.59 | +0.30 |
Drawdowns
PJAN vs. LOUP - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum LOUP drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for PJAN and LOUP.
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Drawdown Indicators
| PJAN | LOUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -58.68% | +37.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -21.00% | +16.37% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -35.23% | +24.74% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -55.63% | +43.70% |
Current DrawdownCurrent decline from peak | -0.26% | -1.87% | +1.61% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -20.04% | +18.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 6.19% | -5.32% |
Volatility
PJAN vs. LOUP - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.07%, while Innovator Deepwater Frontier Tech ETF (LOUP) has a volatility of 8.23%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJAN | LOUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 8.23% | -7.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.71% | 21.94% | -17.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.81% | 28.51% | -22.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.93% | 32.38% | -23.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 31.96% | -21.36% |
PJAN vs. LOUP - Expense Ratio Comparison
PJAN has a 0.79% expense ratio, which is higher than LOUP's 0.70% expense ratio.
Dividends
PJAN vs. LOUP - Dividend Comparison
Neither PJAN nor LOUP has paid dividends to shareholders.
Frequently Asked Questions
PJAN and LOUP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LOUP has higher volatility (8.23%) compared to PJAN (1.07%). In terms of maximum drawdown, PJAN dropped -21.25% vs LOUP's -58.68%.
On 5-year performance, LOUP leads with 12.98% vs 8.92% for PJAN. On fees, LOUP is cheaper at 0.70% per year. On volatility, PJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LOUP has performed better with a 12.98% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LOUP is cheaper with a 0.70% expense ratio, compared with 0.79% for PJAN.
PJAN and LOUP have nearly identical dividend yields, around 0.00%.
PJAN is categorized as Defined Outcome, while LOUP is Technology Equities. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while LOUP tracks Deepwater Frontier Tech Index. Their fees differ too: 0.79% for PJAN and 0.70% for LOUP.
LOUP currently has the higher Sharpe Ratio (2.66 vs 2.55), 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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