RBUF vs. PJAN

Last updated Aug 1, 2026

RBUF (Innovator U.S. Small Cap 10 Buffer ETF - Quarterly) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator. RBUF is actively managed, while PJAN is passively managed. Over the past year, RBUF returned 12.90% vs 12.78% for PJAN. Their 0.73 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

RBUF vs. PJAN - Performance Comparison

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

Returns By Period

In the year-to-date period, RBUF achieves a 6.49% return, which is significantly higher than PJAN's 6.02% return.

RBUF

• 1D: -0.20%
• 1M: -0.19%
• 6M: 4.44%
• YTD: 6.49%
• 1Y: 12.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.55%

PJAN

• 1D: 0.32%
• 1M: 0.59%
• 6M: 5.15%
• YTD: 6.02%
• 1Y: 12.78%
• 3Y*: 11.94%
• 5Y*: 8.89%
• 10Y*: —
• ALL TIME*: 9.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PJAN Innovator U.S. Equity Power Buffer ETF - January	$1.97M	$4.01M	$3.82M
RBUF Innovator U.S. Small Cap 10 Buffer ETF - Quarterly	$432.28K	$738.18K	$514.75K

RBUF vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RBUF Innovator U.S. Small Cap 10 Buffer ETF - Quarterly	6.49%	10.88%	4.34%
PJAN Innovator U.S. Equity Power Buffer ETF - January	6.02%	11.29%	5.02%

Correlation

The correlation between RBUF and PJAN is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.73

The correlation between RBUF and PJAN has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

RBUF vs. PJAN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RBUF

RBUF Risk / Return Rank: 87
RBUF Sharpe Ratio Rank: 82
RBUF Sortino Ratio Rank: 85
RBUF Omega Ratio Rank: 86
RBUF Calmar Ratio Rank: 90
RBUF Martin Ratio Rank: 92

PJAN

PJAN Risk / Return Rank: 84
PJAN Sharpe Ratio Rank: 84
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 73
PJAN Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RBUF vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (RBUF) 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.

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.

	RBUF	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.97	-0.03
Sortino ratio: Return per unit of downside risk	2.85	2.87	-0.02
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.88	2.55	+1.33
Martin ratio: Return relative to average drawdown	16.53	13.26	+3.27

RBUF vs. PJAN - Sharpe Ratio Comparison

The current RBUF Sharpe Ratio is 1.94, which is comparable to the PJAN Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of RBUF and PJAN, 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

RBUF vs. PJAN - Drawdown Comparison

The maximum RBUF drawdown since its inception was -11.36%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for RBUF and PJAN.

Drawdown Indicators

	RBUF	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-11.36%	-21.25%	+9.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-4.63%	+1.54%
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	-0.59%	-0.06%	-0.53%
Average Drawdown Average peak-to-trough decline	-1.26%	-1.70%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.89%	-0.16%

Volatility

RBUF vs. PJAN - Volatility Comparison

Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (RBUF) has a higher volatility of 1.80% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.56%. This indicates that RBUF'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

	RBUF	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	1.56%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	3.84%	5.01%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.22%	6.01%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	8.97%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.49%	10.52%	-2.03%

RBUF vs. PJAN - Expense Ratio Comparison

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

Dividends

RBUF vs. PJAN - Dividend Comparison

Neither RBUF nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RBUF and PJAN in my portfolio?

RBUF and PJAN have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RBUF or PJAN?

RBUF has higher volatility (1.80%) compared to PJAN (1.56%). In terms of maximum drawdown, RBUF dropped -11.36% vs PJAN's -21.25%.

Which ETF is better, RBUF or PJAN?

On 1-year performance, RBUF leads with 12.90% vs 12.78% for PJAN. Both ETFs have the same 0.79% expense ratio. On volatility, PJAN has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RBUF or PJAN?

Over the 1-year period, RBUF has performed better with a 12.90% return vs 12.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RBUF or PJAN?

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

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

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

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (1.97 vs 1.94), 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.