PJAN vs. UUP
PJAN (Innovator U.S. Equity Power Buffer ETF - January) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 5 years, PJAN returned 8.81%/yr vs 5.89%/yr for UUP. At a correlation of -0.22, they often move in opposite directions. PJAN charges 0.79%/yr vs 0.75%/yr for UUP.
Performance
PJAN vs. UUP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PJAN having a 5.59% return and UUP slightly lower at 5.44%.
PJAN
- 1D
- -0.36%
- 1M
- 0.73%
- 6M
- 4.57%
- YTD
- 5.59%
- 1Y
- 12.43%
- 3Y*
- 11.97%
- 5Y*
- 8.81%
- 10Y*
- —
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
PJAN vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJAN Innovator U.S. Equity Power Buffer ETF - January | 5.59% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.97% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% |
Correlation
The correlation between PJAN and UUP is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | -0.22 |
The correlation between PJAN and UUP shifts across timeframes, from -0.31 (1 year) to -0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PJAN vs. UUP — Risk / Return Rank
PJAN
UUP
PJAN vs. UUP - 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 Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.28 | +0.42 |
| Martin ratioReturn relative to average drawdown | 14.09 | 6.26 | +7.83 |
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Drawdowns
PJAN vs. UUP - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, roughly equal to the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for PJAN and UUP.
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Drawdown Indicators
| PJAN | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -22.19% | +0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -3.65% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -10.05% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -10.37% | -1.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -0.36% | -1.26% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -8.88% | +7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.33% | -0.45% |
Volatility
PJAN vs. UUP - Volatility Comparison
Innovator U.S. Equity Power Buffer ETF - January (PJAN) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.51% and 1.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJAN | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.45% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.01% | 4.34% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 6.03% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.96% | 7.22% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.55% | 6.90% | +3.65% |
PJAN vs. UUP - Expense Ratio Comparison
PJAN has a 0.79% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
PJAN vs. UUP - Dividend Comparison
PJAN has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
PJAN and UUP have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PJAN has higher volatility (1.51%) compared to UUP (1.45%). In terms of maximum drawdown, PJAN dropped -21.25% vs UUP's -22.19%.
On 5-year performance, PJAN leads with 8.81% vs 5.89% for UUP. On fees, UUP is cheaper at 0.75% per year. Their volatility is very similar. 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 8.81% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.79% for PJAN.
UUP has the higher dividend yield at 3.25%, compared with 0.00% for PJAN.
PJAN is categorized as Defined Outcome, while UUP is Currency. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for PJAN and 0.75% for UUP.
PJAN currently has the higher Sharpe Ratio (2.13 vs 1.38), 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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