PJAN vs. SCHE
PJAN (Innovator U.S. Equity Power Buffer ETF - January) and SCHE (Schwab Emerging Markets Equity 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 SCHE is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 5 years, PJAN returned 8.76%/yr vs 4.83%/yr for SCHE. A 0.62 correlation means they provide meaningful diversification when combined. PJAN charges 0.79%/yr vs 0.11%/yr for SCHE.
Performance
PJAN vs. SCHE - Performance Comparison
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Returns By Period
In the year-to-date period, PJAN achieves a 4.83% return, which is significantly lower than SCHE's 10.50% return.
PJAN
- 1D
- 0.41%
- 1M
- 0.16%
- YTD
- 4.83%
- 6M
- 5.48%
- 1Y
- 14.36%
- 3Y*
- 12.39%
- 5Y*
- 8.76%
- 10Y*
- —
SCHE
- 1D
- 0.84%
- 1M
- -0.58%
- YTD
- 10.50%
- 6M
- 12.18%
- 1Y
- 26.49%
- 3Y*
- 16.79%
- 5Y*
- 4.83%
- 10Y*
- 9.02%
PJAN vs. SCHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJAN Innovator U.S. Equity Power Buffer ETF - January | 4.83% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.97% |
SCHE Schwab Emerging Markets Equity ETF | 10.50% | 26.54% | 10.60% | 8.93% | -17.84% | -0.65% | 14.49% | 20.31% |
Correlation
The correlation between PJAN and SCHE is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.62 |
The correlation between PJAN and SCHE has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.
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Return for Risk
PJAN vs. SCHE — Risk / Return Rank
PJAN
SCHE
PJAN vs. SCHE - 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 Schwab Emerging Markets Equity ETF (SCHE). 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 | SCHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.27 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.18 | +0.79 |
| Martin ratioReturn relative to average drawdown | 15.67 | 7.70 | +7.98 |
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Drawdowns
PJAN vs. SCHE - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum SCHE drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for PJAN and SCHE.
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Drawdown Indicators
| PJAN | SCHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -36.20% | +14.95% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -11.29% | +6.66% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -17.08% | +6.59% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -33.31% | +21.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.20% | — |
Current DrawdownCurrent decline from peak | -0.54% | -2.66% | +2.12% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -12.58% | +10.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 3.20% | -2.32% |
Volatility
PJAN vs. SCHE - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.64%, while Schwab Emerging Markets Equity ETF (SCHE) has a volatility of 6.91%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than SCHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJAN | SCHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 6.91% | -5.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 14.48% | -9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.91% | 16.97% | -11.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 17.79% | -8.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 19.49% | -8.90% |
PJAN vs. SCHE - Expense Ratio Comparison
PJAN has a 0.79% expense ratio, which is higher than SCHE's 0.11% expense ratio.
Dividends
PJAN vs. SCHE - Dividend Comparison
PJAN has not paid dividends to shareholders, while SCHE's dividend yield for the trailing twelve months is around 2.61%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SCHE Schwab Emerging Markets Equity ETF | 2.61% | 2.88% | 3.03% | 3.83% | 2.88% | 2.86% | 2.09% | 3.27% | 2.64% | 2.31% | 2.27% | 2.50% |
Frequently Asked Questions
PJAN and SCHE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHE has higher volatility (6.91%) compared to PJAN (1.64%). In terms of maximum drawdown, PJAN dropped -21.25% vs SCHE's -36.20%.
On 5-year performance, PJAN leads with 8.76% vs 4.83% for SCHE. On fees, SCHE is cheaper at 0.11% 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.
Over the 5-year period, PJAN has performed better with a 8.76% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHE is cheaper with a 0.11% expense ratio, compared with 0.79% for PJAN.
SCHE has the higher dividend yield at 2.61%, compared with 0.00% for PJAN.
PJAN is categorized as Defined Outcome, while SCHE is Emerging Markets Equities. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while SCHE tracks FTSE Emerging Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.79% for PJAN and 0.11% for SCHE.
PJAN currently has the higher Sharpe Ratio (2.33 vs 1.45), 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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