SCHE vs. BJAN

Last updated Jun 13, 2026

SCHE (Schwab Emerging Markets Equity ETF) and BJAN (Innovator U.S. Equity Buffer ETF - January) are both exchange-traded funds - SCHE is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while BJAN is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, SCHE returned 4.83%/yr vs 10.40%/yr for BJAN. A 0.64 correlation means they provide meaningful diversification when combined. SCHE charges 0.11%/yr vs 0.79%/yr for BJAN.

Performance

SCHE vs. BJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Emerging Markets Equity ETF (SCHE) and Innovator U.S. Equity Buffer ETF - January (BJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHE achieves a 10.50% return, which is significantly higher than BJAN's 6.13% return.

SCHE

• 1D: 0.84%
• 1M: -0.58%
• YTD: 10.50%
• 6M: 12.18%
• 1Y: 26.49%
• 3Y*: 16.79%
• 5Y*: 4.83%
• 10Y*: 9.02%

BJAN

• 1D: 0.35%
• 1M: 0.00%
• YTD: 6.13%
• 6M: 7.42%
• 1Y: 19.73%
• 3Y*: 16.36%
• 5Y*: 10.40%
• 10Y*: —

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

SCHE vs. BJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SCHE Schwab Emerging Markets Equity ETF	10.50%	26.54%	10.60%	8.93%	-17.84%	-0.65%	14.49%	20.31%
BJAN Innovator U.S. Equity Buffer ETF - January	6.13%	14.81%	17.36%	23.66%	-11.40%	13.86%	12.54%	22.27%

Correlation

The correlation between SCHE and BJAN 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 (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.64

The correlation between SCHE and BJAN has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

SCHE vs. BJAN - Sectors Allocation Comparison

Sectors	SCHE	BJAN
Technology	32.1%	36.2%
Financial Services	13.7%	11.9%
Consumer Cyclical	8.7%	10.1%
Communication Services	5.2%	10.9%
Industrials	4.8%	8.1%
Basic Materials	3.7%	1.8%
Energy	3.1%	3.5%
Healthcare	2.7%	8.4%
Utilities	2.1%	2.3%
Consumer Defensive	2.0%	4.9%
Real Estate	1.0%	1.9%

Return for Risk

SCHE vs. BJAN — Risk / Return Rank

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

SCHE

SCHE Risk / Return Rank: 49
SCHE Sharpe Ratio Rank: 48
SCHE Sortino Ratio Rank: 46
SCHE Omega Ratio Rank: 49
SCHE Calmar Ratio Rank: 50
SCHE Martin Ratio Rank: 52

BJAN

BJAN Risk / Return Rank: 81
BJAN Sharpe Ratio Rank: 84
BJAN Sortino Ratio Rank: 85
BJAN Omega Ratio Rank: 86
BJAN Calmar Ratio Rank: 68
BJAN Martin Ratio Rank: 84

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.

SCHE vs. BJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Emerging Markets Equity ETF (SCHE) and Innovator U.S. Equity Buffer ETF - January (BJAN). 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.

	SCHE	BJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.39	-0.93
Sortino ratio: Return per unit of downside risk	2.04	3.32	-1.28
Omega ratio: Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	2.18	3.00	-0.81
Martin ratio: Return relative to average drawdown	7.70	14.94	-7.24

SCHE vs. BJAN - Sharpe Ratio Comparison

The current SCHE Sharpe Ratio is 1.45, which is lower than the BJAN Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SCHE and BJAN, 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

SCHE vs. BJAN - Drawdown Comparison

The maximum SCHE drawdown since its inception was -36.20%, which is greater than BJAN's maximum drawdown of -26.86%. Use the drawdown chart below to compare losses from any high point for SCHE and BJAN.

Drawdown Indicators

	SCHE	BJAN	Difference
Max Drawdown Largest peak-to-trough decline	-36.20%	-26.86%	-9.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-6.27%	-5.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	-13.81%	-3.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.31%	-17.38%	-15.93%
Max Drawdown (10Y) Largest decline over 10 years	-36.20%	—	—
Current Drawdown Current decline from peak	-2.66%	-1.06%	-1.60%
Average Drawdown Average peak-to-trough decline	-12.58%	-2.90%	-9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	1.26%	+1.94%

Volatility

SCHE vs. BJAN - Volatility Comparison

Schwab Emerging Markets Equity ETF (SCHE) has a higher volatility of 6.91% compared to Innovator U.S. Equity Buffer ETF - January (BJAN) at 2.23%. This indicates that SCHE's price experiences larger fluctuations and is considered to be riskier than BJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHE	BJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	2.23%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	6.34%	+8.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	7.87%	+9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	11.99%	+5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	14.06%	+5.43%

SCHE vs. BJAN - Expense Ratio Comparison

SCHE has a 0.11% expense ratio, which is lower than BJAN's 0.79% expense ratio.

Dividends

SCHE vs. BJAN - Dividend Comparison

SCHE's dividend yield for the trailing twelve months is around 2.61%, while BJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BJAN Innovator U.S. Equity Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.66%	0.00%	0.00%	0.00%	0.00%
SCHE Schwab Emerging Markets Equity ETF	2.61%	2.88%	3.03%	3.83%	2.88%	2.86%	2.09%	3.27%	2.64%	2.31%	2.27%	2.50%

Frequently Asked Questions

Can I hold both SCHE and BJAN in my portfolio?

SCHE and BJAN 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, SCHE or BJAN?

SCHE has higher volatility (6.91%) compared to BJAN (2.23%). In terms of maximum drawdown, SCHE dropped -36.20% vs BJAN's -26.86%.

Which ETF is better, SCHE or BJAN?

On 5-year performance, BJAN leads with 10.40% vs 4.83% for SCHE. On fees, SCHE is cheaper at 0.11% per year. On volatility, BJAN has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHE or BJAN?

Over the 5-year period, BJAN has performed better with a 10.40% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHE or BJAN?

SCHE is cheaper with a 0.11% expense ratio, compared with 0.79% for BJAN.

Which ETF pays a higher dividend yield, SCHE or BJAN?

SCHE has the higher dividend yield at 2.61%, compared with 0.00% for BJAN.

What is the main difference between SCHE and BJAN?

SCHE is categorized as Emerging Markets Equities, while BJAN is Defined Outcome. SCHE tracks FTSE Emerging Index, while BJAN tracks S&P 500. They also come from different issuers: Charles Schwab and Innovator. Their fees differ too: 0.11% for SCHE and 0.79% for BJAN.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.39 vs 1.45), 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.