XDQQ vs. PJAN

Last updated Aug 4, 2026

XDQQ (Innovator Growth Accelerated ETF - Quarterly) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - XDQQ is a Leveraged Equities fund actively managed by Innovator, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. XDQQ is actively managed, while PJAN is passively managed. Over the past 5 years, XDQQ returned 6.22%/yr vs 8.97%/yr for PJAN. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

XDQQ vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated ETF - Quarterly (XDQQ) 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, XDQQ achieves a -1.59% return, which is significantly lower than PJAN's 6.55% return.

XDQQ

• 1D: 1.78%
• 1M: -1.63%
• 6M: -3.53%
• YTD: -1.59%
• 1Y: 10.17%
• 3Y*: 15.50%
• 5Y*: 6.22%
• 10Y*: —
• ALL TIME*: 7.95%

PJAN

• 1D: 0.50%
• 1M: 1.09%
• 6M: 5.43%
• YTD: 6.55%
• 1Y: 13.35%
• 3Y*: 12.42%
• 5Y*: 8.97%
• 10Y*: —
• ALL TIME*: 9.52%

*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)
PJAN Innovator U.S. Equity Power Buffer ETF - January	$1.99M	$3.42M	$3.75M
XDQQ Innovator Growth Accelerated ETF - Quarterly	$488.37K	$671.97K	$332.30K

XDQQ vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XDQQ Innovator Growth Accelerated ETF - Quarterly	-1.59%	13.75%	31.47%	30.15%	-33.74%	18.52%
PJAN Innovator U.S. Equity Power Buffer ETF - January	6.55%	11.29%	13.45%	18.18%	-5.29%	5.45%

Correlation

The correlation between XDQQ and PJAN is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.83

The correlation between XDQQ and PJAN has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

XDQQ vs. PJAN — Risk / Return Rank

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

XDQQ

XDQQ Risk / Return Rank: 29
XDQQ Sharpe Ratio Rank: 27
XDQQ Sortino Ratio Rank: 26
XDQQ Omega Ratio Rank: 29
XDQQ Calmar Ratio Rank: 27
XDQQ Martin Ratio Rank: 34

PJAN

PJAN Risk / Return Rank: 88
PJAN Sharpe Ratio Rank: 89
PJAN Sortino Ratio Rank: 91
PJAN Omega Ratio Rank: 92
PJAN Calmar Ratio Rank: 78
PJAN Martin Ratio Rank: 90

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.

XDQQ vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated ETF - Quarterly (XDQQ) 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.

	XDQQ	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	0.66	2.26	-1.60
Sortino ratio: Return per unit of downside risk	0.99	3.32	-2.33
Omega ratio: Gain probability vs. loss probability	1.14	1.46	-0.33
Calmar ratio: Return relative to maximum drawdown	0.86	2.90	-2.03
Martin ratio: Return relative to average drawdown	3.44	15.07	-11.62

XDQQ vs. PJAN - Sharpe Ratio Comparison

The current XDQQ Sharpe Ratio is 0.66, which is lower than the PJAN Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of XDQQ 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

XDQQ vs. PJAN - Drawdown Comparison

The maximum XDQQ drawdown since its inception was -35.63%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for XDQQ and PJAN.

Drawdown Indicators

	XDQQ	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-35.63%	-21.25%	-14.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.84%	-4.63%	-7.21%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-10.49%	-12.68%
Max Drawdown (5Y) Largest decline over 5 years	-35.63%	-11.93%	-23.70%
Current Drawdown Current decline from peak	-4.45%	0.00%	-4.45%
Average Drawdown Average peak-to-trough decline	-10.57%	-1.70%	-8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	0.89%	+2.07%

Volatility

XDQQ vs. PJAN - Volatility Comparison

Innovator Growth Accelerated ETF - Quarterly (XDQQ) has a higher volatility of 7.30% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.63%. This indicates that XDQQ'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.

Volatility by Period

	XDQQ	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	1.63%	+5.67%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	5.02%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	5.95%	+9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.04%	8.97%	+11.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.62%	10.52%	+9.10%

XDQQ vs. PJAN - Expense Ratio Comparison

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

Dividends

XDQQ vs. PJAN - Dividend Comparison

Neither XDQQ nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XDQQ and PJAN in my portfolio?

XDQQ and PJAN have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XDQQ or PJAN?

XDQQ has higher volatility (7.30%) compared to PJAN (1.63%). In terms of maximum drawdown, XDQQ dropped -35.63% vs PJAN's -21.25%.

Which ETF is better, XDQQ or PJAN?

On 5-year performance, PJAN leads with 8.97% vs 6.22% for XDQQ. Both ETFs have the same 0.79% expense ratio. On volatility, PJAN has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDQQ or PJAN?

Over the 5-year period, PJAN has performed better with a 8.97% return vs 6.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDQQ or PJAN?

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

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

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

What is the main difference between XDQQ and PJAN?

XDQQ is categorized as Leveraged Equities, while PJAN is Defined Outcome.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.26 vs 0.66), 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.