UJAN vs. VOO

Last updated Aug 2, 2026

UJAN (Innovator U.S. Equity Ultra Buffer ETF - January) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UJAN is a Defined Outcome fund tracking the S&P 500 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, UJAN returned 7.95%/yr vs 12.83%/yr for VOO. Their correlation of 0.87 means they have usually moved in the same direction. UJAN charges 0.79%/yr vs 0.03%/yr for VOO.

Performance

UJAN vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - January (UJAN) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UJAN achieves a 5.46% return, which is significantly lower than VOO's 10.16% return.

UJAN

• 1D: 0.35%
• 1M: 0.68%
• 6M: 4.75%
• YTD: 5.46%
• 1Y: 12.18%
• 3Y*: 11.34%
• 5Y*: 7.95%
• 10Y*: —
• ALL TIME*: 8.25%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UJAN Innovator U.S. Equity Ultra Buffer ETF - January	$1.24M	$3.73M	$2.00M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

UJAN vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UJAN Innovator U.S. Equity Ultra Buffer ETF - January	5.46%	11.07%	13.13%	15.89%	-5.95%	5.79%	7.37%	11.15%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%

Correlation

The correlation between UJAN and VOO is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.87

The correlation between UJAN and VOO has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

UJAN vs. VOO - Sectors Allocation Comparison

Sectors	UJAN	VOO
Technology	37.9%	38.6%
Financial Services	11.7%	11.4%
Communication Services	10.0%	9.9%
Consumer Cyclical	9.6%	9.5%
Healthcare	9.1%	8.9%
Industrials	8.4%	8.5%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.0%
Utilities	2.3%	2.2%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UJAN vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UJAN

UJAN Risk / Return Rank: 87
UJAN Sharpe Ratio Rank: 88
UJAN Sortino Ratio Rank: 89
UJAN Omega Ratio Rank: 90
UJAN Calmar Ratio Rank: 79
UJAN Martin Ratio Rank: 91

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UJAN vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - January (UJAN) and Vanguard S&P 500 ETF (VOO). 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.

	UJAN	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.53	+0.56
Sortino ratio: Return per unit of downside risk	3.05	2.13	+0.92
Omega ratio: Gain probability vs. loss probability	1.42	1.28	+0.15
Calmar ratio: Return relative to maximum drawdown	2.84	2.21	+0.63
Martin ratio: Return relative to average drawdown	14.78	9.44	+5.34

UJAN vs. VOO - Sharpe Ratio Comparison

The current UJAN Sharpe Ratio is 2.10, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of UJAN and VOO, 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

UJAN vs. VOO - Drawdown Comparison

The maximum UJAN drawdown since its inception was -13.69%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UJAN and VOO.

Drawdown Indicators

	UJAN	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.69%	-33.99%	+20.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-8.90%	+4.92%
Max Drawdown (3Y) Largest decline over 3 years	-9.03%	-18.69%	+9.66%
Max Drawdown (5Y) Largest decline over 5 years	-9.03%	-24.52%	+15.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	-1.38%	+1.38%
Average Drawdown Average peak-to-trough decline	-1.54%	-3.67%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	2.08%	-1.31%

Volatility

UJAN vs. VOO - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - January (UJAN) is 1.47%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that UJAN experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJAN	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	3.54%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	4.43%	10.10%	-5.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.39%	12.82%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	16.93%	-10.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.06%	18.01%	-10.95%

UJAN vs. VOO - Expense Ratio Comparison

UJAN has a 0.79% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

UJAN vs. VOO - Dividend Comparison

UJAN has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UJAN Innovator U.S. Equity Ultra Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both UJAN and VOO in my portfolio?

With a correlation of 0.94, UJAN and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UJAN or VOO?

VOO has higher volatility (3.54%) compared to UJAN (1.47%). In terms of maximum drawdown, UJAN dropped -13.69% vs VOO's -33.99%.

Which ETF is better, UJAN or VOO?

On 5-year performance, VOO leads with 12.83% vs 7.95% for UJAN. On fees, VOO is cheaper at 0.03% per year. On volatility, UJAN has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJAN or VOO?

Over the 5-year period, VOO has performed better with a 12.83% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJAN or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.79% for UJAN.

Which ETF pays a higher dividend yield, UJAN or VOO?

VOO has the higher dividend yield at 1.07%, compared with 0.00% for UJAN.

What is the main difference between UJAN and VOO?

UJAN is categorized as Defined Outcome, while VOO is S&P 500. Both ETFs track S&P 500 Index. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for UJAN and 0.03% for VOO.

Which has better risk-adjusted returns?

UJAN currently has the higher Sharpe Ratio (2.10 vs 1.53), 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.