SCHF vs. PJAN

Last updated Jun 13, 2026

SCHF (Schwab International Equity ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - SCHF is a Foreign Large Cap Equities fund tracking the FTSE Developed ex U.S. Index, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, SCHF returned 9.76%/yr vs 8.76%/yr for PJAN. A 0.73 correlation means they provide meaningful diversification when combined. SCHF charges 0.06%/yr vs 0.79%/yr for PJAN.

Performance

SCHF vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab International Equity ETF (SCHF) 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, SCHF achieves a 15.39% return, which is significantly higher than PJAN's 4.83% return.

SCHF

• 1D: 0.29%
• 1M: 1.69%
• YTD: 15.39%
• 6M: 17.24%
• 1Y: 31.75%
• 3Y*: 19.18%
• 5Y*: 9.76%
• 10Y*: 10.82%

PJAN

• 1D: 0.41%
• 1M: 0.16%
• YTD: 4.83%
• 6M: 5.48%
• 1Y: 14.36%
• 3Y*: 12.39%
• 5Y*: 8.76%
• 10Y*: —

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

SCHF vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SCHF Schwab International Equity ETF	15.39%	34.55%	3.28%	18.35%	-14.80%	11.40%	9.48%	22.26%
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.83%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	12.97%

Correlation

The correlation between SCHF and PJAN is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.73

The correlation between SCHF and PJAN has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

SCHF vs. PJAN — Risk / Return Rank

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

SCHF

SCHF Risk / Return Rank: 63
SCHF Sharpe Ratio Rank: 64
SCHF Sortino Ratio Rank: 62
SCHF Omega Ratio Rank: 63
SCHF Calmar Ratio Rank: 61
SCHF Martin Ratio Rank: 64

PJAN

PJAN Risk / Return Rank: 82
PJAN Sharpe Ratio Rank: 83
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 67
PJAN Martin Ratio Rank: 86

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.

SCHF vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab International Equity ETF (SCHF) 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.

	SCHF	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.33	-0.51
Sortino ratio: Return per unit of downside risk	2.52	3.40	-0.88
Omega ratio: Gain probability vs. loss probability	1.33	1.48	-0.15
Calmar ratio: Return relative to maximum drawdown	2.64	2.97	-0.33
Martin ratio: Return relative to average drawdown	10.14	15.67	-5.53

SCHF vs. PJAN - Sharpe Ratio Comparison

The current SCHF Sharpe Ratio is 1.82, which is comparable to the PJAN Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SCHF 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

SCHF vs. PJAN - Drawdown Comparison

The maximum SCHF drawdown since its inception was -34.87%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for SCHF and PJAN.

Drawdown Indicators

	SCHF	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-34.87%	-21.25%	-13.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	-4.63%	-6.85%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	-10.49%	-2.92%
Max Drawdown (5Y) Largest decline over 5 years	-29.14%	-11.93%	-17.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.87%	—	—
Current Drawdown Current decline from peak	-1.00%	-0.54%	-0.46%
Average Drawdown Average peak-to-trough decline	-7.37%	-1.72%	-5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	0.88%	+2.11%

Volatility

SCHF vs. PJAN - Volatility Comparison

Schwab International Equity ETF (SCHF) has a higher volatility of 6.91% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.64%. This indicates that SCHF'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

	SCHF	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	1.64%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	4.89%	+9.53%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	5.91%	+10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.56%	8.94%	+7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	10.59%	+6.65%

SCHF vs. PJAN - Expense Ratio Comparison

SCHF has a 0.06% expense ratio, which is lower than PJAN's 0.79% expense ratio.

Dividends

SCHF vs. PJAN - Dividend Comparison

SCHF's dividend yield for the trailing twelve months is around 2.96%, while PJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHF Schwab International Equity ETF	2.96%	3.42%	3.26%	2.97%	2.80%	3.19%	2.08%	2.95%	3.06%	2.35%	2.58%	2.26%

Frequently Asked Questions

Can I hold both SCHF and PJAN in my portfolio?

SCHF and PJAN have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHF or PJAN?

SCHF has higher volatility (6.91%) compared to PJAN (1.64%). In terms of maximum drawdown, SCHF dropped -34.87% vs PJAN's -21.25%.

Which ETF is better, SCHF or PJAN?

On 5-year performance, SCHF leads with 9.76% vs 8.76% for PJAN. On fees, SCHF is cheaper at 0.06% per year. On volatility, PJAN has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHF or PJAN?

Over the 5-year period, SCHF has performed better with a 9.76% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHF or PJAN?

SCHF is cheaper with a 0.06% expense ratio, compared with 0.79% for PJAN.

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

SCHF has the higher dividend yield at 2.96%, compared with 0.00% for PJAN.

What is the main difference between SCHF and PJAN?

SCHF is categorized as Foreign Large Cap Equities, while PJAN is Defined Outcome. SCHF tracks FTSE Developed ex U.S. Index, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. They also come from different issuers: Charles Schwab and Innovator. Their fees differ too: 0.06% for SCHF and 0.79% for PJAN.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 vs 1.82), 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.