XTJL vs. PJAN

Last updated Jun 5, 2026

XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - XTJL 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. XTJL is actively managed, while PJAN is passively managed. Over the past 3 years, XTJL returned 14.67%/yr vs 13.02%/yr for PJAN. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XTJL vs. PJAN - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XTJL having a 5.38% return and PJAN slightly lower at 5.32%.

XTJL

• 1D: 0.02%
• 1M: 1.01%
• YTD: 5.38%
• 6M: 6.35%
• 1Y: 15.58%
• 3Y*: 14.67%
• 5Y*: —
• 10Y*: —

PJAN

• 1D: 0.18%
• 1M: 1.81%
• YTD: 5.32%
• 6M: 6.15%
• 1Y: 14.92%
• 3Y*: 13.02%
• 5Y*: 8.96%
• 10Y*: —

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

XTJL vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.38%	15.42%	14.43%	25.72%	-15.66%	7.28%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.32%	11.29%	13.45%	18.18%	-5.29%	2.31%

Correlation

The correlation between XTJL and PJAN is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.89

The correlation between XTJL and PJAN has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

XTJL vs. PJAN — Risk / Return Rank

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

XTJL

XTJL Risk / Return Rank: 72
XTJL Sharpe Ratio Rank: 65
XTJL Sortino Ratio Rank: 70
XTJL Omega Ratio Rank: 79
XTJL Calmar Ratio Rank: 63
XTJL Martin Ratio Rank: 85

PJAN

PJAN Risk / Return Rank: 81
PJAN Sharpe Ratio Rank: 81
PJAN Sortino Ratio Rank: 86
PJAN Omega Ratio Rank: 89
PJAN Calmar Ratio Rank: 66
PJAN Martin Ratio Rank: 85

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.

XTJL vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) 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.

	XTJL	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.58	-0.47
Sortino ratio: Return per unit of downside risk	3.13	3.80	-0.67
Omega ratio: Gain probability vs. loss probability	1.46	1.55	-0.09
Calmar ratio: Return relative to maximum drawdown	3.06	3.24	-0.18
Martin ratio: Return relative to average drawdown	17.30	17.28	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTJL vs. PJAN - Sharpe Ratio Comparison

The current XTJL Sharpe Ratio is 2.11, which is comparable to the PJAN Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of XTJL 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.

Sharpe Ratios by Period

	XTJL	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.58	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.90	-0.25

Drawdowns

XTJL vs. PJAN - Drawdown Comparison

The maximum XTJL drawdown since its inception was -23.24%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for XTJL and PJAN.

Drawdown Indicators

	XTJL	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-23.24%	-21.25%	-1.99%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-4.63%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	-10.49%	-6.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-4.04%	-1.73%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.87%	+0.03%

Volatility

XTJL vs. PJAN - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) is 0.31%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 1.05%. This indicates that XTJL experiences smaller price fluctuations and is considered to be less risky than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTJL	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	1.05%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	4.71%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	5.80%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	8.93%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	10.60%	+4.61%

XTJL vs. PJAN - Expense Ratio Comparison

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

Dividends

XTJL vs. PJAN - Dividend Comparison

Neither XTJL nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XTJL and PJAN in my portfolio?

XTJL and PJAN have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTJL or PJAN?

PJAN has higher volatility (1.05%) compared to XTJL (0.31%). In terms of maximum drawdown, XTJL dropped -23.24% vs PJAN's -21.25%.

Which ETF is better, XTJL or PJAN?

On 3-year performance, XTJL leads with 14.67% vs 13.02% for PJAN. Both ETFs have the same 0.79% expense ratio. On volatility, XTJL has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTJL or PJAN?

Over the 3-year period, XTJL has performed better with a 14.67% return vs 13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTJL or PJAN?

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

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

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

What is the main difference between XTJL and PJAN?

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

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.58 vs 2.11), 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.