QTJL vs. PJAN

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Growth Accelerated Plus ETF - July (QTJL) and Innovator U.S. Equity Power Buffer ETF - January (PJAN).

QTJL and PJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QTJL is an actively managed fund by Innovator. It was launched on Jul 1, 2021. PJAN is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 15% Buffer Protect January Series Index. It was launched on Jan 2, 2019.

Performance

QTJL vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated Plus ETF - July (QTJL) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

QTJL vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QTJL Innovator Growth Accelerated Plus ETF - July	-1.09%	21.07%	16.50%	42.39%	-30.16%	9.32%
PJAN Innovator U.S. Equity Power Buffer ETF - January	-1.66%	11.29%	13.45%	18.18%	-5.29%	2.31%

Returns By Period

In the year-to-date period, QTJL achieves a -1.09% return, which is significantly higher than PJAN's -1.66% return.

QTJL

• 1D: 1.13%
• 1M: -1.59%
• YTD: -1.09%
• 6M: 1.75%
• 1Y: 26.28%
• 3Y*: 18.12%
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.24%
• 1M: -2.16%
• YTD: -1.66%
• 6M: 0.95%
• 1Y: 11.31%
• 3Y*: 11.66%
• 5Y*: 7.86%
• 10Y*: —

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

QTJL vs. PJAN - Expense Ratio Comparison

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

QTJL

Innovator Growth Accelerated Plus ETF - July

PJAN

Innovator U.S. Equity Power Buffer ETF - January

Return for Risk

QTJL vs. PJAN — Risk / Return Rank

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

QTJL

QTJL Risk / Return Rank: 73
QTJL Sharpe Ratio Rank: 61
QTJL Sortino Ratio Rank: 70
QTJL Omega Ratio Rank: 82
QTJL Calmar Ratio Rank: 64
QTJL Martin Ratio Rank: 85

PJAN

PJAN Risk / Return Rank: 67
PJAN Sharpe Ratio Rank: 62
PJAN Sortino Ratio Rank: 66
PJAN Omega Ratio Rank: 75
PJAN Calmar Ratio Rank: 58
PJAN Martin Ratio Rank: 75

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.

QTJL vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - July (QTJL) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). 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.

	QTJL	PJAN	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.15	-0.02
Sortino ratio Return per unit of downside risk	1.85	1.74	+0.11
Omega ratio Gain probability vs. loss probability	1.34	1.29	+0.04
Calmar ratio Return relative to maximum drawdown	1.78	1.57	+0.22
Martin ratio Return relative to average drawdown	10.86	8.42	+2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QTJL vs. PJAN - Sharpe Ratio Comparison

The current QTJL Sharpe Ratio is 1.13, which is comparable to the PJAN Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of QTJL and PJAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QTJL	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.15	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.82	-0.37

Correlation

The correlation between QTJL and PJAN is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QTJL vs. PJAN - Dividend Comparison

Neither QTJL nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

QTJL vs. PJAN - Drawdown Comparison

The maximum QTJL drawdown since its inception was -33.40%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for QTJL and PJAN.

Drawdown Indicators

	QTJL	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-33.40%	-21.25%	-12.15%
Max Drawdown (1Y) Largest decline over 1 year	-15.42%	-7.35%	-8.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-2.74%	-2.71%	-0.03%
Average Drawdown Average peak-to-trough decline	-8.22%	-1.76%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.37%	+1.16%

Volatility

QTJL vs. PJAN - Volatility Comparison

Innovator Growth Accelerated Plus ETF - July (QTJL) has a higher volatility of 5.68% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 3.24%. This indicates that QTJL's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTJL	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	3.24%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	4.60%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	23.29%	9.87%	+13.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	8.91%	+11.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	10.69%	+10.06%