WEAT vs. PJAN
WEAT (Teucrium Wheat Fund) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - WEAT is a Agricultural Commodities fund tracking the Teucrium Wheat Fund Benchmark, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, WEAT returned -7.07%/yr vs 8.65%/yr for PJAN. At a correlation of -0.01, they often move in opposite directions. WEAT charges 1.91%/yr vs 0.79%/yr for PJAN.
Performance
WEAT vs. PJAN - Performance Comparison
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Returns By Period
In the year-to-date period, WEAT achieves a 12.27% return, which is significantly higher than PJAN's 4.57% return.
WEAT
- 1D
- -1.45%
- 1M
- -8.68%
- YTD
- 12.27%
- 6M
- 10.61%
- 1Y
- -4.80%
- 3Y*
- -14.72%
- 5Y*
- -7.07%
- 10Y*
- -6.28%
PJAN
- 1D
- -0.47%
- 1M
- -0.04%
- YTD
- 4.57%
- 6M
- 4.91%
- 1Y
- 13.40%
- 3Y*
- 12.33%
- 5Y*
- 8.65%
- 10Y*
- —
WEAT vs. PJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
WEAT Teucrium Wheat Fund | 12.27% | -17.14% | -19.26% | -25.19% | 7.98% | 19.39% | 5.81% | -1.35% |
PJAN Innovator U.S. Equity Power Buffer ETF - January | 4.57% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.97% |
Correlation
The correlation between WEAT and PJAN is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | -0.01 |
The correlation between WEAT and PJAN shifts across timeframes, from -0.17 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WEAT vs. PJAN — Risk / Return Rank
WEAT
PJAN
WEAT vs. PJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Teucrium Wheat Fund (WEAT) 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.
| WEAT | PJAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.47 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 2.91 | -3.24 |
| Martin ratioReturn relative to average drawdown | -0.56 | 15.29 | -15.85 |
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Drawdowns
WEAT vs. PJAN - Drawdown Comparison
The maximum WEAT drawdown since its inception was -84.32%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for WEAT and PJAN.
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Drawdown Indicators
| WEAT | PJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.32% | -21.25% | -63.07% |
Max Drawdown (1Y)Largest decline over 1 year | -14.31% | -4.63% | -9.68% |
Max Drawdown (3Y)Largest decline over 3 years | -46.27% | -10.49% | -35.78% |
Max Drawdown (5Y)Largest decline over 5 years | -67.83% | -11.93% | -55.90% |
Max Drawdown (10Y)Largest decline over 10 years | -67.83% | — | — |
Current DrawdownCurrent decline from peak | -82.31% | -0.87% | -81.44% |
Average DrawdownAverage peak-to-trough decline | -63.17% | -1.72% | -61.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.64% | 0.88% | +8.76% |
Volatility
WEAT vs. PJAN - Volatility Comparison
Teucrium Wheat Fund (WEAT) has a higher volatility of 4.87% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.77%. This indicates that WEAT's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WEAT | PJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 1.77% | +3.10% |
Volatility (6M)Calculated over the trailing 6-month period | 18.17% | 4.98% | +13.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.00% | 5.94% | +16.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.44% | 8.95% | +21.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.78% | 10.58% | +16.20% |
WEAT vs. PJAN - Expense Ratio Comparison
WEAT has a 1.91% expense ratio, which is higher than PJAN's 0.79% expense ratio.
Dividends
WEAT vs. PJAN - Dividend Comparison
Neither WEAT nor PJAN has paid dividends to shareholders.
Frequently Asked Questions
WEAT and PJAN have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WEAT has higher volatility (4.87%) compared to PJAN (1.77%). In terms of maximum drawdown, WEAT dropped -84.32% vs PJAN's -21.25%.
On 5-year performance, PJAN leads with 8.65% vs -7.07% for WEAT. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PJAN has performed better with a 8.65% return vs -7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJAN is cheaper with a 0.79% expense ratio, compared with 1.91% for WEAT.
WEAT and PJAN have nearly identical dividend yields, around 0.00%.
WEAT is categorized as Agricultural Commodities, while PJAN is Defined Outcome. WEAT tracks Teucrium Wheat Fund Benchmark, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. They also come from different issuers: Teucrium and Innovator. Their fees differ too: 1.91% for WEAT and 0.79% for PJAN.
PJAN currently has the higher Sharpe Ratio (2.28 vs -0.22), 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.
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