UAPR vs. PJAN

Last updated Jun 23, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator - UAPR tracks the S&P 500 while PJAN tracks the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, UAPR returned 6.46%/yr vs 8.82%/yr for PJAN. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

UAPR vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) 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, UAPR achieves a 6.90% return, which is significantly higher than PJAN's 5.06% return.

UAPR

• 1D: 0.04%
• 1M: 0.29%
• YTD: 6.90%
• 6M: 6.99%
• 1Y: 13.73%
• 3Y*: 10.80%
• 5Y*: 6.46%
• 10Y*: —

PJAN

• 1D: -0.10%
• 1M: 0.43%
• YTD: 5.06%
• 6M: 5.35%
• 1Y: 14.78%
• 3Y*: 12.51%
• 5Y*: 8.82%
• 10Y*: —

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

UAPR vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.90%	6.27%	12.38%	10.60%	-5.67%	5.32%	-5.05%	6.24%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.06%	11.29%	13.45%	18.18%	-5.29%	8.80%	7.68%	5.36%

Correlation

The correlation between UAPR and PJAN is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 1, 2019	0.79

The correlation between UAPR and PJAN has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

UAPR vs. PJAN — Risk / Return Rank

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

UAPR

UAPR Risk / Return Rank: 98
UAPR Sharpe Ratio Rank: 97
UAPR Sortino Ratio Rank: 98
UAPR Omega Ratio Rank: 97
UAPR Calmar Ratio Rank: 98
UAPR Martin Ratio Rank: 98

PJAN

PJAN Risk / Return Rank: 81
PJAN Sharpe Ratio Rank: 81
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 67
PJAN Martin Ratio Rank: 85

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.

UAPR vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) 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.

	UAPR	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	4.23	2.51	+1.72
Sortino ratio: Return per unit of downside risk	7.16	3.68	+3.48
Omega ratio: Gain probability vs. loss probability	2.01	1.53	+0.48
Calmar ratio: Return relative to maximum drawdown	12.40	3.21	+9.20
Martin ratio: Return relative to average drawdown	62.56	16.90	+45.67

UAPR vs. PJAN - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 4.23, which is higher than the PJAN Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of UAPR 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

UAPR vs. PJAN - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for UAPR and PJAN.

Drawdown Indicators

	UAPR	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-21.25%	+6.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-4.63%	+3.52%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-10.49%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-11.93%	+1.09%
Current Drawdown Current decline from peak	-0.19%	-0.40%	+0.21%
Average Drawdown Average peak-to-trough decline	-3.29%	-1.72%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.88%	-0.66%

Volatility

UAPR vs. PJAN - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) is 1.24%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 1.71%. This indicates that UAPR 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

	UAPR	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.71%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	4.96%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	5.93%	-2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	8.95%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.40%	10.58%	-2.18%

UAPR vs. PJAN - Expense Ratio Comparison

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

Dividends

UAPR vs. PJAN - Dividend Comparison

Neither UAPR nor PJAN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%

Frequently Asked Questions

Can I hold both UAPR and PJAN in my portfolio?

UAPR and PJAN have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAPR or PJAN?

PJAN has higher volatility (1.71%) compared to UAPR (1.24%). In terms of maximum drawdown, UAPR dropped -14.61% vs PJAN's -21.25%.

Which ETF is better, UAPR or PJAN?

On 5-year performance, PJAN leads with 8.82% vs 6.46% for UAPR. Both ETFs have the same 0.79% expense ratio. On volatility, UAPR has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAPR or PJAN?

Over the 5-year period, PJAN has performed better with a 8.82% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAPR or PJAN?

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

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

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

What is the main difference between UAPR and PJAN?

UAPR tracks S&P 500, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index.

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (4.23 vs 2.51), 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.