TAPR vs. PJAN

Last updated Jun 4, 2026

TAPR (Innovator Equity Defined Protection ETF - 2 Yr to April 2027) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - TAPR is a Options Trading fund actively managed by Innovator, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. TAPR is actively managed, while PJAN is passively managed. Over the past year, TAPR returned 6.62% vs 14.71% for PJAN. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

TAPR vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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, TAPR achieves a 2.13% return, which is significantly lower than PJAN's 5.13% return.

TAPR

• 1D: 0.00%
• 1M: 0.76%
• YTD: 2.13%
• 6M: 2.58%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

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

TAPR vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027	2.13%	6.44%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	13.19%

Correlation

The correlation between TAPR and PJAN is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.85

The correlation between TAPR and PJAN has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

TAPR vs. PJAN — Risk / Return Rank

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

TAPR

TAPR Risk / Return Rank: 88
TAPR Sharpe Ratio Rank: 89
TAPR Sortino Ratio Rank: 93
TAPR Omega Ratio Rank: 93
TAPR Calmar Ratio Rank: 76
TAPR Martin Ratio Rank: 89

PJAN

PJAN Risk / Return Rank: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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.

TAPR vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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.

	TAPR	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.55	+0.45
Sortino ratio: Return per unit of downside risk	4.75	3.75	+0.99
Omega ratio: Gain probability vs. loss probability	1.63	1.54	+0.09
Calmar ratio: Return relative to maximum drawdown	3.81	3.19	+0.61
Martin ratio: Return relative to average drawdown	19.55	17.03	+2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAPR vs. PJAN - Sharpe Ratio Comparison

The current TAPR Sharpe Ratio is 2.99, which is comparable to the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TAPR 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.

Sharpe Ratios by Period

	TAPR	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.55	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.90	+1.10

Drawdowns

TAPR vs. PJAN - Drawdown Comparison

The maximum TAPR drawdown since its inception was -2.60%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for TAPR and PJAN.

Drawdown Indicators

	TAPR	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-2.60%	-21.25%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-4.63%	+2.88%
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	-0.01%	-0.26%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.22%	-1.73%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.87%	-0.53%

Volatility

TAPR vs. PJAN - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) is 0.30%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 1.07%. This indicates that TAPR experiences smaller price fluctuations and is considered to be less risky than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAPR	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	1.07%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	4.71%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	5.81%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	8.93%	-5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	10.60%	-6.87%

TAPR vs. PJAN - Expense Ratio Comparison

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

Dividends

TAPR vs. PJAN - Dividend Comparison

Neither TAPR nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TAPR and PJAN in my portfolio?

TAPR and PJAN have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAPR or PJAN?

PJAN has higher volatility (1.07%) compared to TAPR (0.30%). In terms of maximum drawdown, TAPR dropped -2.60% vs PJAN's -21.25%.

Which ETF is better, TAPR or PJAN?

On 1-year performance, PJAN leads with 14.71% vs 6.62% for TAPR. Both ETFs have the same 0.79% expense ratio. On volatility, TAPR has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAPR or PJAN?

Over the 1-year period, PJAN has performed better with a 14.71% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAPR or PJAN?

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

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

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

What is the main difference between TAPR and PJAN?

TAPR is categorized as Options Trading, while PJAN is Defined Outcome.

Which has better risk-adjusted returns?

TAPR currently has the higher Sharpe Ratio (2.99 vs 2.55), 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.