PJAN vs. WNTR

Last updated Jun 26, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and WNTR (YieldMax Short MSTR Option Income Strategy 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 WNTR is a Derivative Income fund actively managed by YieldMax. PJAN is passively managed, while WNTR is actively managed. Over the past year, PJAN returned 12.69% vs 115.98% for WNTR. At a correlation of -0.50, they often move in opposite directions. PJAN charges 0.79%/yr vs 1.01%/yr for WNTR.

Performance

PJAN vs. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJAN achieves a 4.49% return, which is significantly lower than WNTR's 17.65% return.

PJAN

• 1D: -0.05%
• 1M: -0.34%
• YTD: 4.49%
• 6M: 4.67%
• 1Y: 12.69%
• 3Y*: 12.31%
• 5Y*: 8.66%
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJAN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.49%	12.17%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between PJAN and WNTR is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.50

The correlation between PJAN and WNTR has been stable across timeframes, ranging from -0.50 to -0.47 - a consistent structural relationship.

Return for Risk

PJAN vs. WNTR — Risk / Return Rank

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

PJAN

PJAN Risk / Return Rank: 78
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 82
PJAN Omega Ratio Rank: 85
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.20	-0.03
Sortino ratio: Return per unit of downside risk	3.17	2.46	+0.71
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.11
Calmar ratio: Return relative to maximum drawdown	2.75	2.73	+0.02
Martin ratio: Return relative to average drawdown	14.42	6.99	+7.43

PJAN vs. WNTR - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.16, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PJAN and WNTR, 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. WNTR - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PJAN and WNTR.

Drawdown Indicators

	PJAN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-42.65%	+21.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-42.65%	+38.02%
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	-0.95%	-4.02%	+3.07%
Average Drawdown Average peak-to-trough decline	-1.72%	-20.87%	+19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	16.66%	-15.78%

Volatility

PJAN vs. WNTR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.75%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that PJAN experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	18.14%	-16.39%
Volatility (6M) Calculated over the trailing 6-month period	4.97%	46.41%	-41.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	53.16%	-47.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.95%	53.31%	-44.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.58%	53.31%	-42.73%

PJAN vs. WNTR - Expense Ratio Comparison

PJAN has a 0.79% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

PJAN vs. WNTR - Dividend Comparison

PJAN has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 94.34%.

Position	TTM	2025
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%

Frequently Asked Questions

Can I hold both PJAN and WNTR in my portfolio?

PJAN and WNTR have a correlation of -0.47, 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 WNTR?

WNTR has higher volatility (18.14%) compared to PJAN (1.75%). In terms of maximum drawdown, PJAN dropped -21.25% vs WNTR's -42.65%.

Which ETF is better, PJAN or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 12.69% for PJAN. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJAN or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 12.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJAN or WNTR?

PJAN is cheaper with a 0.79% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 0.00% for PJAN.

What is the main difference between PJAN and WNTR?

PJAN is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for PJAN and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 2.16), 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.