TJAN vs. QDTE

Last updated Jun 6, 2026

TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - TJAN is a Options Trading fund actively managed by Innovator, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, TJAN returned 7.84% vs 33.31% for QDTE. A 0.79 correlation means they provide meaningful diversification when combined. TJAN charges 0.79%/yr vs 0.97%/yr for QDTE.

Performance

TJAN vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TJAN achieves a 2.43% return, which is significantly lower than QDTE's 10.39% return.

TJAN

• 1D: -0.36%
• 1M: 0.25%
• YTD: 2.43%
• 6M: 2.81%
• 1Y: 7.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -4.88%
• 1M: 0.29%
• YTD: 10.39%
• 6M: 9.51%
• 1Y: 33.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TJAN vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	2.43%	7.40%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	10.39%	19.48%

Correlation

The correlation between TJAN and QDTE is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.79

The correlation between TJAN and QDTE has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

TJAN vs. QDTE — Risk / Return Rank

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

TJAN

TJAN Risk / Return Rank: 89
TJAN Sharpe Ratio Rank: 89
TJAN Sortino Ratio Rank: 93
TJAN Omega Ratio Rank: 92
TJAN Calmar Ratio Rank: 77
TJAN Martin Ratio Rank: 90

QDTE

QDTE Risk / Return Rank: 65
QDTE Sharpe Ratio Rank: 66
QDTE Sortino Ratio Rank: 58
QDTE Omega Ratio Rank: 65
QDTE Calmar Ratio Rank: 67
QDTE Martin Ratio Rank: 72

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.

TJAN vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). 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.

	TJAN	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.14	+0.69
Sortino ratio: Return per unit of downside risk	4.42	2.69	+1.72
Omega ratio: Gain probability vs. loss probability	1.59	1.38	+0.20
Calmar ratio: Return relative to maximum drawdown	3.74	3.28	+0.46
Martin ratio: Return relative to average drawdown	19.86	13.15	+6.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TJAN vs. QDTE - Sharpe Ratio Comparison

The current TJAN Sharpe Ratio is 2.84, which is higher than the QDTE Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of TJAN and QDTE, 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

	TJAN	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	2.14	+0.69
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.12	+0.47

Drawdowns

TJAN vs. QDTE - Drawdown Comparison

The maximum TJAN drawdown since its inception was -4.83%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for TJAN and QDTE.

Drawdown Indicators

	TJAN	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-22.86%	+18.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-10.20%	+8.10%
Current Drawdown Current decline from peak	-0.36%	-5.46%	+5.10%
Average Drawdown Average peak-to-trough decline	-0.44%	-3.14%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	2.54%	-2.14%

Volatility

TJAN vs. QDTE - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) is 0.47%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 6.32%. This indicates that TJAN experiences smaller price fluctuations and is considered to be less risky than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TJAN	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	6.32%	-5.85%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	12.14%	-9.98%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	15.63%	-12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	18.70%	-14.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	18.70%	-14.29%

TJAN vs. QDTE - Expense Ratio Comparison

TJAN has a 0.79% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

TJAN vs. QDTE - Dividend Comparison

TJAN has not paid dividends to shareholders, while QDTE's dividend yield for the trailing twelve months is around 44.96%.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.96%	49.49%	32.09%
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TJAN and QDTE in my portfolio?

TJAN and QDTE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TJAN or QDTE?

QDTE has higher volatility (6.32%) compared to TJAN (0.47%). In terms of maximum drawdown, TJAN dropped -4.83% vs QDTE's -22.86%.

Which ETF is better, TJAN or QDTE?

On 1-year performance, QDTE leads with 33.31% vs 7.84% for TJAN. On fees, TJAN is cheaper at 0.79% per year. On volatility, TJAN has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TJAN or QDTE?

Over the 1-year period, QDTE has performed better with a 33.31% return vs 7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TJAN or QDTE?

TJAN is cheaper with a 0.79% expense ratio, compared with 0.97% for QDTE.

Which ETF pays a higher dividend yield, TJAN or QDTE?

QDTE has the higher dividend yield at 44.96%, compared with 0.00% for TJAN.

What is the main difference between TJAN and QDTE?

TJAN is categorized as Options Trading, while QDTE is Derivative Income. They also come from different issuers: Innovator and Roundhill. Their fees differ too: 0.79% for TJAN and 0.97% for QDTE.

Which has better risk-adjusted returns?

TJAN currently has the higher Sharpe Ratio (2.84 vs 2.14), 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.