PSEP vs. JAJL

Last updated Jun 23, 2026

PSEP (Innovator U.S. Equity Power Buffer ETF - September) and JAJL (Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul) are both Defined Outcome funds from Innovator. PSEP is passively managed, while JAJL is actively managed. Over the past year, PSEP returned 14.82% vs 8.02% for JAJL. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

PSEP vs. JAJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - September (PSEP) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSEP achieves a 5.06% return, which is significantly higher than JAJL's 2.76% return.

PSEP

• 1D: -0.03%
• 1M: 0.59%
• YTD: 5.06%
• 6M: 5.05%
• 1Y: 14.82%
• 3Y*: 12.68%
• 5Y*: 9.30%
• 10Y*: —

JAJL

• 1D: -0.01%
• 1M: 0.41%
• YTD: 2.76%
• 6M: 2.87%
• 1Y: 8.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSEP vs. JAJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSEP Innovator U.S. Equity Power Buffer ETF - September	5.06%	11.85%	4.31%
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	2.76%	6.56%	4.20%

Correlation

The correlation between PSEP and JAJL is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.70

The correlation between PSEP and JAJL has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

PSEP vs. JAJL — Risk / Return Rank

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

PSEP

PSEP Risk / Return Rank: 85
PSEP Sharpe Ratio Rank: 85
PSEP Sortino Ratio Rank: 89
PSEP Omega Ratio Rank: 89
PSEP Calmar Ratio Rank: 74
PSEP Martin Ratio Rank: 89

JAJL

JAJL Risk / Return Rank: 97
JAJL Sharpe Ratio Rank: 96
JAJL Sortino Ratio Rank: 98
JAJL Omega Ratio Rank: 97
JAJL Calmar Ratio Rank: 96
JAJL Martin Ratio Rank: 97

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.

PSEP vs. JAJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - September (PSEP) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). 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.

	PSEP	JAJL	Difference
Sharpe ratio: Return per unit of total volatility	2.64	3.96	-1.32
Sortino ratio: Return per unit of downside risk	3.90	7.35	-3.45
Omega ratio: Gain probability vs. loss probability	1.54	1.98	-0.44
Calmar ratio: Return relative to maximum drawdown	3.64	7.98	-4.34
Martin ratio: Return relative to average drawdown	19.25	42.83	-23.58

PSEP vs. JAJL - Sharpe Ratio Comparison

The current PSEP Sharpe Ratio is 2.64, which is lower than the JAJL Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of PSEP and JAJL, 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

PSEP vs. JAJL - Drawdown Comparison

The maximum PSEP drawdown since its inception was -17.90%, which is greater than JAJL's maximum drawdown of -2.16%. Use the drawdown chart below to compare losses from any high point for PSEP and JAJL.

Drawdown Indicators

	PSEP	JAJL	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-2.16%	-15.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-1.01%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.01%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.55%	-0.27%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.19%	+0.58%

Volatility

PSEP vs. JAJL - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - September (PSEP) has a higher volatility of 1.26% compared to Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) at 0.46%. This indicates that PSEP's price experiences larger fluctuations and is considered to be riskier than JAJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSEP	JAJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	0.46%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	1.43%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	2.04%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	2.66%	+5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	2.66%	+7.43%

PSEP vs. JAJL - Expense Ratio Comparison

Both PSEP and JAJL have an expense ratio of 0.79%.

Dividends

PSEP vs. JAJL - Dividend Comparison

Neither PSEP nor JAJL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSEP and JAJL in my portfolio?

PSEP and JAJL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSEP or JAJL?

PSEP has higher volatility (1.26%) compared to JAJL (0.46%). In terms of maximum drawdown, PSEP dropped -17.90% vs JAJL's -2.16%.

Which ETF is better, PSEP or JAJL?

On 1-year performance, PSEP leads with 14.82% vs 8.02% for JAJL. Both ETFs have the same 0.79% expense ratio. On volatility, JAJL has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSEP or JAJL?

Over the 1-year period, PSEP has performed better with a 14.82% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSEP or JAJL?

PSEP and JAJL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PSEP or JAJL?

PSEP and JAJL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

JAJL currently has the higher Sharpe Ratio (3.96 vs 2.64), 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.