UDEC vs. ZJAN

Last updated Jun 4, 2026

UDEC (Innovator U.S. Equity Ultra Buffer ETF - December) and ZJAN (Innovator Equity Defined Protection ETF - 1 Yr January) are both Defined Outcome funds from Innovator. UDEC is passively managed, while ZJAN is actively managed. Over the past year, UDEC returned 17.31% vs 7.49% for ZJAN. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UDEC vs. ZJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDEC achieves a 5.14% return, which is significantly higher than ZJAN's 2.27% return.

UDEC

• 1D: -0.12%
• 1M: 2.11%
• YTD: 5.14%
• 6M: 5.49%
• 1Y: 17.31%
• 3Y*: 12.44%
• 5Y*: 7.26%
• 10Y*: —

ZJAN

• 1D: -0.05%
• 1M: 0.76%
• YTD: 2.27%
• 6M: 2.87%
• 1Y: 7.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UDEC vs. ZJAN - Yearly Performance Comparison

	2026 (YTD)	2025
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	5.14%	13.00%
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	2.27%	6.79%

Correlation

The correlation between UDEC and ZJAN is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.86

The correlation between UDEC and ZJAN has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

UDEC vs. ZJAN — Risk / Return Rank

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

UDEC

UDEC Risk / Return Rank: 84
UDEC Sharpe Ratio Rank: 82
UDEC Sortino Ratio Rank: 86
UDEC Omega Ratio Rank: 86
UDEC Calmar Ratio Rank: 77
UDEC Martin Ratio Rank: 88

ZJAN

ZJAN Risk / Return Rank: 94
ZJAN Sharpe Ratio Rank: 94
ZJAN Sortino Ratio Rank: 96
ZJAN Omega Ratio Rank: 96
ZJAN Calmar Ratio Rank: 90
ZJAN Martin Ratio Rank: 95

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.

UDEC vs. ZJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN). 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.

	UDEC	ZJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.66	3.70	-1.04
Sortino ratio: Return per unit of downside risk	3.89	5.70	-1.81
Omega ratio: Gain probability vs. loss probability	1.53	1.83	-0.30
Calmar ratio: Return relative to maximum drawdown	3.91	5.52	-1.60
Martin ratio: Return relative to average drawdown	19.15	28.73	-9.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDEC vs. ZJAN - Sharpe Ratio Comparison

The current UDEC Sharpe Ratio is 2.66, which is comparable to the ZJAN Sharpe Ratio of 3.70. The chart below compares the historical Sharpe Ratios of UDEC and ZJAN, 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

	UDEC	ZJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	3.70	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	2.18	-1.27

Drawdowns

UDEC vs. ZJAN - Drawdown Comparison

The maximum UDEC drawdown since its inception was -13.37%, which is greater than ZJAN's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for UDEC and ZJAN.

Drawdown Indicators

	UDEC	ZJAN	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-3.20%	-10.17%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-1.36%	-3.08%
Max Drawdown (3Y) Largest decline over 3 years	-8.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.26%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.05%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.16%	-0.35%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.26%	+0.65%

Volatility

UDEC vs. ZJAN - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) has a higher volatility of 0.93% compared to Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) at 0.39%. This indicates that UDEC's price experiences larger fluctuations and is considered to be riskier than ZJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDEC	ZJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.39%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	1.45%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.53%	2.04%	+4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	2.97%	+4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.02%	2.97%	+5.05%

UDEC vs. ZJAN - Expense Ratio Comparison

Both UDEC and ZJAN have an expense ratio of 0.79%.

Dividends

UDEC vs. ZJAN - Dividend Comparison

Neither UDEC nor ZJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UDEC and ZJAN in my portfolio?

UDEC and ZJAN have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDEC or ZJAN?

UDEC has higher volatility (0.93%) compared to ZJAN (0.39%). In terms of maximum drawdown, UDEC dropped -13.37% vs ZJAN's -3.20%.

Which ETF is better, UDEC or ZJAN?

On 1-year performance, UDEC leads with 17.31% vs 7.49% for ZJAN. Both ETFs have the same 0.79% expense ratio. On volatility, ZJAN has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDEC or ZJAN?

Over the 1-year period, UDEC has performed better with a 17.31% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDEC or ZJAN?

UDEC and ZJAN have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UDEC or ZJAN?

UDEC and ZJAN have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZJAN currently has the higher Sharpe Ratio (3.70 vs 2.66), 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.