XBFR vs. PJAN

Last updated Jun 6, 2026

XBFR (Innovator Equity Managed 10 Buffer ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator. XBFR is actively managed, while PJAN is passively managed. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XBFR vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed 10 Buffer ETF (XBFR) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XBFR

• 1D: -2.13%
• 1M: 1.22%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJAN

• 1D: -0.75%
• 1M: 0.57%
• YTD: 4.53%
• 6M: 5.29%
• 1Y: 14.49%
• 3Y*: 12.70%
• 5Y*: 8.79%
• 10Y*: —

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

XBFR vs. PJAN - Yearly Performance Comparison

	2026 (YTD)
XBFR Innovator Equity Managed 10 Buffer ETF	4.18%
PJAN Innovator U.S. Equity Power Buffer ETF - January	3.85%

Correlation

The correlation between XBFR and PJAN is 0.86, 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 Feb 25, 2026	0.86

Return for Risk

XBFR vs. PJAN — Risk / Return Rank

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

PJAN

PJAN Risk / Return Rank: 81
PJAN Sharpe Ratio Rank: 81
PJAN Sortino Ratio Rank: 84
PJAN Omega Ratio Rank: 88
PJAN Calmar Ratio Rank: 66
PJAN Martin Ratio Rank: 84

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.

XBFR vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 10 Buffer ETF (XBFR) 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.

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

Sharpe Ratios by Period

	XBFR	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.49	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	0.89	+1.08

Drawdowns

XBFR vs. PJAN - Drawdown Comparison

The maximum XBFR drawdown since its inception was -4.12%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for XBFR and PJAN.

Drawdown Indicators

	XBFR	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-21.25%	+17.13%
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	-2.13%	-0.83%	-1.30%
Average Drawdown Average peak-to-trough decline	-1.00%	-1.73%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.87%	—

Volatility

Volatility by Period

	XBFR	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.00%	5.86%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.00%	8.93%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.00%	10.60%	-2.60%

XBFR vs. PJAN - Expense Ratio Comparison

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

Dividends

XBFR vs. PJAN - Dividend Comparison

XBFR's dividend yield for the trailing twelve months is around 0.03%, while PJAN has not paid dividends to shareholders.

Position	TTM
PJAN Innovator U.S. Equity Power Buffer ETF - January	0.00%
XBFR Innovator Equity Managed 10 Buffer ETF	0.03%

Frequently Asked Questions

Can I hold both XBFR and PJAN in my portfolio?

XBFR and PJAN have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBFR 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, XBFR or PJAN?

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

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

XBFR has the higher dividend yield at 0.03%, compared with 0.00% for PJAN.