PJAN vs. SIVR

Last updated Jun 13, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and SIVR (abrdn Physical Silver Shares 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 SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 5 years, PJAN returned 8.76%/yr vs 19.07%/yr for SIVR. At a 0.19 correlation, their price movements are largely independent. PJAN charges 0.79%/yr vs 0.30%/yr for SIVR.

Performance

PJAN vs. SIVR - 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 abrdn Physical Silver Shares ETF (SIVR). 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 SIVR's -4.75% return.

PJAN

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

SIVR

• 1D: 0.78%
• 1M: -18.81%
• YTD: -4.75%
• 6M: 9.46%
• 1Y: 86.32%
• 3Y*: 41.59%
• 5Y*: 19.07%
• 10Y*: 14.22%

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

PJAN vs. SIVR - 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%
SIVR abrdn Physical Silver Shares ETF	-4.75%	145.34%	21.08%	-0.91%	2.59%	-12.33%	47.52%	15.17%

Correlation

The correlation between PJAN and SIVR is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.19

Return for Risk

PJAN vs. SIVR — 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

SIVR

SIVR Risk / Return Rank: 43
SIVR Sharpe Ratio Rank: 47
SIVR Sortino Ratio Rank: 38
SIVR Omega Ratio Rank: 54
SIVR Calmar Ratio Rank: 43
SIVR Martin Ratio Rank: 32

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. SIVR - 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 abrdn Physical Silver Shares ETF (SIVR). 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	SIVR	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.44	+0.89
Sortino ratio: Return per unit of downside risk	3.40	1.76	+1.64
Omega ratio: Gain probability vs. loss probability	1.48	1.29	+0.19
Calmar ratio: Return relative to maximum drawdown	2.97	1.90	+1.07
Martin ratio: Return relative to average drawdown	15.67	4.12	+11.55

PJAN vs. SIVR - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.33, which is higher than the SIVR Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PJAN and SIVR, 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. SIVR - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum SIVR drawdown of -75.85%. Use the drawdown chart below to compare losses from any high point for PJAN and SIVR.

Drawdown Indicators

	PJAN	SIVR	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-75.85%	+54.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-45.33%	+40.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-45.33%	+34.84%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	-45.33%	+33.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.33%	—
Current Drawdown Current decline from peak	-0.54%	-41.89%	+41.35%
Average Drawdown Average peak-to-trough decline	-1.72%	-47.83%	+46.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	20.85%	-19.97%

Volatility

PJAN vs. SIVR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.64%, while abrdn Physical Silver Shares ETF (SIVR) has a volatility of 16.37%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	SIVR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	16.37%	-14.73%
Volatility (6M) Calculated over the trailing 6-month period	4.89%	59.11%	-54.22%
Volatility (1Y) Calculated over the trailing 1-year period	5.91%	59.76%	-53.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	36.48%	-27.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	32.03%	-21.44%

PJAN vs. SIVR - Expense Ratio Comparison

PJAN has a 0.79% expense ratio, which is higher than SIVR's 0.30% expense ratio.

Dividends

PJAN vs. SIVR - Dividend Comparison

Neither PJAN nor SIVR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PJAN and SIVR in my portfolio?

PJAN and SIVR have a correlation of 0.28, 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 SIVR?

SIVR has higher volatility (16.37%) compared to PJAN (1.64%). In terms of maximum drawdown, PJAN dropped -21.25% vs SIVR's -75.85%.

Which ETF is better, PJAN or SIVR?

On 5-year performance, SIVR leads with 19.07% vs 8.76% for PJAN. On fees, SIVR is cheaper at 0.30% 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 SIVR?

Over the 5-year period, SIVR has performed better with a 19.07% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJAN or SIVR?

SIVR is cheaper with a 0.30% expense ratio, compared with 0.79% for PJAN.

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

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

What is the main difference between PJAN and SIVR?

PJAN is categorized as Defined Outcome, while SIVR is Silver. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: Innovator and abrdn. Their fees differ too: 0.79% for PJAN and 0.30% for SIVR.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 vs 1.44), 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.