PJAN vs. XDQQ

Last updated Jun 4, 2026

PJAN (Innovator U.S. Equity Power Buffer ETF - January) and XDQQ (Innovator Growth Accelerated ETF - Quarterly) are both exchange-traded funds - PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while XDQQ is a Leveraged Equities fund actively managed by Innovator. PJAN is passively managed, while XDQQ is actively managed. Over the past 5 years, PJAN returned 8.92%/yr vs 8.32%/yr for XDQQ. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PJAN vs. XDQQ - 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 Innovator Growth Accelerated ETF - Quarterly (XDQQ). 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 higher than XDQQ's 2.58% return.

PJAN

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

XDQQ

• 1D: -0.05%
• 1M: 1.36%
• YTD: 2.58%
• 6M: 2.48%
• 1Y: 17.06%
• 3Y*: 17.94%
• 5Y*: 8.32%
• 10Y*: —

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

PJAN vs. XDQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-5.29%	5.02%
XDQQ Innovator Growth Accelerated ETF - Quarterly	2.58%	13.75%	31.47%	30.15%	-33.74%	18.29%

Correlation

The correlation between PJAN and XDQQ is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.84

The correlation between PJAN and XDQQ has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

PJAN vs. XDQQ — 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

XDQQ

XDQQ Risk / Return Rank: 35
XDQQ Sharpe Ratio Rank: 34
XDQQ Sortino Ratio Rank: 31
XDQQ Omega Ratio Rank: 39
XDQQ Calmar Ratio Rank: 30
XDQQ Martin Ratio Rank: 41

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. XDQQ - 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 Innovator Growth Accelerated ETF - Quarterly (XDQQ). 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	XDQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.24	+1.31
Sortino ratio: Return per unit of downside risk	3.75	1.70	+2.05
Omega ratio: Gain probability vs. loss probability	1.54	1.26	+0.29
Calmar ratio: Return relative to maximum drawdown	3.19	1.45	+1.75
Martin ratio: Return relative to average drawdown	17.03	6.57	+10.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJAN vs. XDQQ - Sharpe Ratio Comparison

The current PJAN Sharpe Ratio is 2.55, which is higher than the XDQQ Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PJAN and XDQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PJAN	XDQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	1.24	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.42	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.46	+0.43

Drawdowns

PJAN vs. XDQQ - Drawdown Comparison

The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum XDQQ drawdown of -35.63%. Use the drawdown chart below to compare losses from any high point for PJAN and XDQQ.

Drawdown Indicators

	PJAN	XDQQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.25%	-35.63%	+14.38%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-11.84%	+7.21%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-23.17%	+12.68%
Max Drawdown (5Y) Largest decline over 5 years	-11.93%	-35.63%	+23.70%
Current Drawdown Current decline from peak	-0.26%	-0.05%	-0.21%
Average Drawdown Average peak-to-trough decline	-1.73%	-10.84%	+9.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.60%	-1.73%

Volatility

PJAN vs. XDQQ - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a higher volatility of 1.07% compared to Innovator Growth Accelerated ETF - Quarterly (XDQQ) at 0.40%. This indicates that PJAN's price experiences larger fluctuations and is considered to be riskier than XDQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJAN	XDQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.40%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	11.13%	-6.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	13.81%	-8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.93%	19.81%	-10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	19.66%	-9.06%

PJAN vs. XDQQ - Expense Ratio Comparison

Both PJAN and XDQQ have an expense ratio of 0.79%.

Dividends

PJAN vs. XDQQ - Dividend Comparison

Neither PJAN nor XDQQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PJAN and XDQQ in my portfolio?

PJAN and XDQQ have a correlation of 0.78, 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 XDQQ?

PJAN has higher volatility (1.07%) compared to XDQQ (0.40%). In terms of maximum drawdown, PJAN dropped -21.25% vs XDQQ's -35.63%.

Which ETF is better, PJAN or XDQQ?

On 5-year performance, PJAN leads with 8.92% vs 8.32% for XDQQ. Both ETFs have the same 0.79% expense ratio. On volatility, XDQQ has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJAN or XDQQ?

Over the 5-year period, PJAN has performed better with a 8.92% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJAN or XDQQ?

PJAN and XDQQ have the same expense ratio: 0.79% per year.

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

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

What is the main difference between PJAN and XDQQ?

PJAN is categorized as Defined Outcome, while XDQQ is Leveraged Equities.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.55 vs 1.24), 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.