PJAN vs. NVDO

Last updated Jun 4, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. PJAN is passively managed, while NVDO is actively managed. A 0.53 correlation means they provide meaningful diversification when combined. PJAN charges 0.79%/yr vs 0.77%/yr for NVDO.

Performance

PJAN vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJAN achieves a 5.13% return, which is significantly lower than NVDO's 18.85% return.

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

NVDO

• 1D: -2.46%
• 1M: 14.15%
• YTD: 18.85%
• 6M: 29.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJAN vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	4.47%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	18.85%	11.12%

Correlation

The correlation between PJAN and NVDO is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.53

Return for Risk

PJAN vs. NVDO — Risk / Return Rank

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

PJAN

PJAN Risk / Return Rank: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	2.55	—	—
Sortino ratio: Return per unit of downside risk	3.75	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	3.19	—	—
Martin ratio: Return relative to average drawdown	17.03	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PJAN	NVDO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.30	-0.41

Drawdowns

PJAN vs. NVDO - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, which is greater than NVDO's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for PJAN and NVDO.

Drawdown Indicators

	PJAN	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-16.25%	-5.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	—	—
Current Drawdown Current decline from peak	-0.26%	-2.68%	+2.42%
Average Drawdown Average peak-to-trough decline	-1.73%	-4.99%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	—	—

Volatility

Volatility by Period

	PJAN	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	31.93%	-26.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.93%	31.93%	-23.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	31.93%	-21.33%

PJAN vs. NVDO - Expense Ratio Comparison

PJAN has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

PJAN vs. NVDO - Dividend Comparison

PJAN has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.02%.

Position	TTM	2025
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.02%	16.66%
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJAN and NVDO in my portfolio?

PJAN and NVDO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PJAN or NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PJAN or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for PJAN.

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

NVDO has the higher dividend yield at 14.02%, compared with 0.00% for PJAN.

What is the main difference between PJAN and NVDO?

They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for PJAN and 0.77% for NVDO.