SIVR vs. PJAN

Last updated Jun 13, 2026

SIVR (abrdn Physical Silver Shares ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), 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, SIVR returned 19.07%/yr vs 8.76%/yr for PJAN. At a 0.19 correlation, their price movements are largely independent. SIVR charges 0.30%/yr vs 0.79%/yr for PJAN.

Performance

SIVR vs. PJAN - 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 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, SIVR achieves a -4.75% return, which is significantly lower than PJAN's 4.83% 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%

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)

SIVR vs. PJAN - 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%
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 SIVR and PJAN 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	0.19

Return for Risk

SIVR vs. PJAN — 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

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.

SIVR vs. PJAN - 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 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.

	SIVR	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.33	-0.89
Sortino ratio: Return per unit of downside risk	1.76	3.40	-1.64
Omega ratio: Gain probability vs. loss probability	1.29	1.48	-0.19
Calmar ratio: Return relative to maximum drawdown	1.90	2.97	-1.07
Martin ratio: Return relative to average drawdown	4.12	15.67	-11.55

SIVR vs. PJAN - Sharpe Ratio Comparison

The current SIVR Sharpe Ratio is 1.44, which is lower than the PJAN Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SIVR 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

SIVR vs. PJAN - Drawdown Comparison

The maximum SIVR drawdown since its inception was -75.85%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for SIVR and PJAN.

Drawdown Indicators

	SIVR	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-75.85%	-21.25%	-54.60%
Max Drawdown (1Y) Largest decline over 1 year	-45.33%	-4.63%	-40.70%
Max Drawdown (3Y) Largest decline over 3 years	-45.33%	-10.49%	-34.84%
Max Drawdown (5Y) Largest decline over 5 years	-45.33%	-11.93%	-33.40%
Max Drawdown (10Y) Largest decline over 10 years	-45.33%	—	—
Current Drawdown Current decline from peak	-41.89%	-0.54%	-41.35%
Average Drawdown Average peak-to-trough decline	-47.83%	-1.72%	-46.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.85%	0.88%	+19.97%

Volatility

SIVR vs. PJAN - Volatility Comparison

abrdn Physical Silver Shares ETF (SIVR) has a higher volatility of 16.37% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.64%. This indicates that SIVR'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

	SIVR	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.37%	1.64%	+14.73%
Volatility (6M) Calculated over the trailing 6-month period	59.11%	4.89%	+54.22%
Volatility (1Y) Calculated over the trailing 1-year period	59.76%	5.91%	+53.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.48%	8.94%	+27.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.03%	10.59%	+21.44%

SIVR vs. PJAN - Expense Ratio Comparison

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

Dividends

SIVR vs. PJAN - Dividend Comparison

Neither SIVR nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SIVR and PJAN in my portfolio?

SIVR and PJAN 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 PJAN?

SIVR has higher volatility (16.37%) compared to PJAN (1.64%). In terms of maximum drawdown, SIVR dropped -75.85% vs PJAN's -21.25%.

Which ETF is better, SIVR or PJAN?

On 5-year performance, SIVR leads with 19.07% vs 8.76% for PJAN. On fees, SIVR is cheaper at 0.30% 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, SIVR or PJAN?

Over the 5-year period, SIVR has performed better with a 19.07% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIVR or PJAN?

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

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

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

What is the main difference between SIVR and PJAN?

SIVR is categorized as Silver, while PJAN is Defined Outcome. SIVR tracks LBMA Silver Price ($/ozt), while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. They also come from different issuers: abrdn and Innovator. Their fees differ too: 0.30% for SIVR and 0.79% for PJAN.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.33 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.