SIVR vs. BJAN

Last updated Jun 13, 2026

SIVR (abrdn Physical Silver Shares ETF) and BJAN (Innovator U.S. Equity Buffer ETF - January) are both exchange-traded funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), while BJAN is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, SIVR returned 19.07%/yr vs 10.40%/yr for BJAN. At a 0.20 correlation, their price movements are largely independent. SIVR charges 0.30%/yr vs 0.79%/yr for BJAN.

Performance

SIVR vs. BJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Silver Shares ETF (SIVR) 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, SIVR achieves a -4.75% return, which is significantly lower than BJAN's 6.13% return.

SIVR

• 1D: 0.78%
• 1M: -18.81%
• YTD: -4.75%
• 6M: 9.46%
• 1Y: 86.32%
• 3Y*: 41.59%
• 5Y*: 19.07%
• 10Y*: 14.22%

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)

SIVR vs. BJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SIVR abrdn Physical Silver Shares ETF	-4.75%	145.34%	21.08%	-0.91%	2.59%	-12.33%	47.52%	15.17%
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 SIVR and BJAN is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.20

Return for Risk

SIVR vs. BJAN — Risk / Return Rank

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

SIVR

SIVR Risk / Return Rank: 43
SIVR Sharpe Ratio Rank: 47
SIVR Sortino Ratio Rank: 38
SIVR Omega Ratio Rank: 54
SIVR Calmar Ratio Rank: 43
SIVR Martin Ratio Rank: 32

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.

SIVR vs. BJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) 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.

	SIVR	BJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.39	-0.95
Sortino ratio: Return per unit of downside risk	1.76	3.32	-1.56
Omega ratio: Gain probability vs. loss probability	1.29	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	1.90	3.00	-1.10
Martin ratio: Return relative to average drawdown	4.12	14.94	-10.82

SIVR vs. BJAN - Sharpe Ratio Comparison

The current SIVR Sharpe Ratio is 1.44, which is lower than the BJAN Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SIVR 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

SIVR vs. BJAN - Drawdown Comparison

The maximum SIVR drawdown since its inception was -75.85%, which is greater than BJAN's maximum drawdown of -26.86%. Use the drawdown chart below to compare losses from any high point for SIVR and BJAN.

Drawdown Indicators

	SIVR	BJAN	Difference
Max Drawdown Largest peak-to-trough decline	-75.85%	-26.86%	-48.99%
Max Drawdown (1Y) Largest decline over 1 year	-45.33%	-6.27%	-39.06%
Max Drawdown (3Y) Largest decline over 3 years	-45.33%	-13.81%	-31.52%
Max Drawdown (5Y) Largest decline over 5 years	-45.33%	-17.38%	-27.95%
Max Drawdown (10Y) Largest decline over 10 years	-45.33%	—	—
Current Drawdown Current decline from peak	-41.89%	-1.06%	-40.83%
Average Drawdown Average peak-to-trough decline	-47.83%	-2.90%	-44.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.85%	1.26%	+19.59%

Volatility

SIVR vs. BJAN - Volatility Comparison

abrdn Physical Silver Shares ETF (SIVR) has a higher volatility of 16.37% compared to Innovator U.S. Equity Buffer ETF - January (BJAN) at 2.23%. This indicates that SIVR'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

	SIVR	BJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.37%	2.23%	+14.14%
Volatility (6M) Calculated over the trailing 6-month period	59.11%	6.34%	+52.77%
Volatility (1Y) Calculated over the trailing 1-year period	59.76%	7.87%	+51.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.48%	11.99%	+24.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.03%	14.06%	+17.97%

SIVR vs. BJAN - Expense Ratio Comparison

SIVR has a 0.30% expense ratio, which is lower than BJAN's 0.79% expense ratio.

Dividends

SIVR vs. BJAN - Dividend Comparison

Neither SIVR nor BJAN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BJAN Innovator U.S. Equity Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.66%
SIVR abrdn Physical Silver Shares ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIVR and BJAN in my portfolio?

SIVR and BJAN have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIVR or BJAN?

SIVR has higher volatility (16.37%) compared to BJAN (2.23%). In terms of maximum drawdown, SIVR dropped -75.85% vs BJAN's -26.86%.

Which ETF is better, SIVR or BJAN?

On 5-year performance, SIVR leads with 19.07% vs 10.40% for BJAN. On fees, SIVR is cheaper at 0.30% 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, SIVR or BJAN?

Over the 5-year period, SIVR has performed better with a 19.07% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIVR or BJAN?

SIVR is cheaper with a 0.30% expense ratio, compared with 0.79% for BJAN.

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

SIVR and BJAN have nearly identical dividend yields, around 0.00%.

What is the main difference between SIVR and BJAN?

SIVR is categorized as Silver, while BJAN is Defined Outcome. SIVR tracks LBMA Silver Price ($/ozt), while BJAN tracks S&P 500. They also come from different issuers: abrdn and Innovator. Their fees differ too: 0.30% for SIVR and 0.79% for BJAN.

Which has better risk-adjusted returns?

BJAN currently has the higher Sharpe Ratio (2.39 vs 1.44), 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.