TOCT vs. PJAN

Last updated Jul 11, 2026

TOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2027) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator. TOCT is actively managed, while PJAN is passively managed. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

TOCT 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 October 2027 (TOCT) 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, TOCT achieves a 2.28% return, which is significantly lower than PJAN's 5.98% return.

TOCT

• 1D: 0.13%
• 1M: 0.57%
• 6M: 2.09%
• YTD: 2.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.21%
• 1M: 1.51%
• 6M: 5.08%
• YTD: 5.98%
• 1Y: 12.84%
• 3Y*: 12.40%
• 5Y*: 8.86%
• 10Y*: —

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

TOCT vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025
TOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2027	2.28%	0.34%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.98%	2.67%

Correlation

The correlation between TOCT and PJAN 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 (All Time) Calculated using the full available price history since Oct 1, 2025	0.81

Return for Risk

TOCT vs. PJAN — Risk / Return Rank

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

TOCT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PJAN

PJAN Risk / Return Rank: 83
PJAN Sharpe Ratio Rank: 85
PJAN Sortino Ratio Rank: 87
PJAN Omega Ratio Rank: 89
PJAN Calmar Ratio Rank: 68
PJAN Martin Ratio Rank: 87

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.

TOCT 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 October 2027 (TOCT) 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.

	TOCT	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	—	2.17	—
Sortino ratio: Return per unit of downside risk	—	3.17	—
Omega ratio: Gain probability vs. loss probability	—	1.45	—
Calmar ratio: Return relative to maximum drawdown	—	2.74	—
Martin ratio: Return relative to average drawdown	—	14.32	—

Drawdowns

TOCT vs. PJAN - Drawdown Comparison

The maximum TOCT drawdown since its inception was -2.02%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for TOCT and PJAN.

Drawdown Indicators

	TOCT	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-2.02%	-21.25%	+19.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.63%	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.71%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.88%	—

Volatility

Volatility by Period

	TOCT	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.99%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	5.86%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.99%	8.95%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.99%	10.55%	-7.56%

TOCT vs. PJAN - Expense Ratio Comparison

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

Dividends

TOCT vs. PJAN - Dividend Comparison

Neither TOCT nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOCT and PJAN in my portfolio?

TOCT and PJAN 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 ETF is better, TOCT or PJAN?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOCT or PJAN?

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

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

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