XTOC vs. PJAN

Last updated Jun 25, 2026

XTOC (Innovator U.S. Equity Accelerated Plus ETF - October) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - XTOC is a Options Trading fund actively managed by Innovator, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. XTOC is actively managed, while PJAN is passively managed. Over the past 3 years, XTOC returned 14.19%/yr vs 12.32%/yr for PJAN. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XTOC vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) 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, XTOC achieves a 6.91% return, which is significantly higher than PJAN's 4.54% return.

XTOC

• 1D: -0.12%
• 1M: 0.31%
• YTD: 6.91%
• 6M: 6.22%
• 1Y: 15.44%
• 3Y*: 14.19%
• 5Y*: —
• 10Y*: —

PJAN

• 1D: -0.03%
• 1M: -0.07%
• YTD: 4.54%
• 6M: 4.72%
• 1Y: 12.90%
• 3Y*: 12.32%
• 5Y*: 8.67%
• 10Y*: —

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

XTOC vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTOC Innovator U.S. Equity Accelerated Plus ETF - October	6.91%	13.87%	10.47%	25.42%	-17.85%	6.65%
PJAN Innovator U.S. Equity Power Buffer ETF - January	4.54%	11.29%	13.45%	18.18%	-5.29%	1.89%

Correlation

The correlation between XTOC and PJAN is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.87

The correlation between XTOC and PJAN has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

XTOC vs. PJAN — Risk / Return Rank

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

XTOC

XTOC Risk / Return Rank: 61
XTOC Sharpe Ratio Rank: 58
XTOC Sortino Ratio Rank: 59
XTOC Omega Ratio Rank: 69
XTOC Calmar Ratio Rank: 49
XTOC Martin Ratio Rank: 70

PJAN

PJAN Risk / Return Rank: 78
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 82
PJAN Omega Ratio Rank: 85
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 82

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.

XTOC vs. PJAN - Risk-Adjusted Trends Comparison

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

	XTOC	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.20	-0.51
Sortino ratio: Return per unit of downside risk	2.43	3.22	-0.78
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	2.09	2.80	-0.71
Martin ratio: Return relative to average drawdown	11.14	14.69	-3.54

XTOC vs. PJAN - Sharpe Ratio Comparison

The current XTOC Sharpe Ratio is 1.69, which is comparable to the PJAN Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of XTOC 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

XTOC vs. PJAN - Drawdown Comparison

The maximum XTOC drawdown since its inception was -24.09%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for XTOC and PJAN.

Drawdown Indicators

	XTOC	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-24.09%	-21.25%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-4.63%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-10.49%	-7.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-0.82%	-0.90%	+0.08%
Average Drawdown Average peak-to-trough decline	-4.82%	-1.72%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	0.88%	+0.51%

Volatility

XTOC vs. PJAN - Volatility Comparison

Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) has a higher volatility of 2.15% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.77%. This indicates that XTOC'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

	XTOC	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	1.77%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	4.97%	+2.64%
Volatility (1Y) Calculated over the trailing 1-year period	9.21%	5.90%	+3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	8.95%	+6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	10.58%	+4.51%

XTOC vs. PJAN - Expense Ratio Comparison

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

Dividends

XTOC vs. PJAN - Dividend Comparison

Neither XTOC nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XTOC and PJAN in my portfolio?

With a correlation of 0.90, XTOC and PJAN 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, XTOC or PJAN?

XTOC has higher volatility (2.15%) compared to PJAN (1.77%). In terms of maximum drawdown, XTOC dropped -24.09% vs PJAN's -21.25%.

Which ETF is better, XTOC or PJAN?

On 3-year performance, XTOC leads with 14.19% vs 12.32% for PJAN. Both ETFs have the same 0.79% expense ratio. 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.

Which ETF has performed better, XTOC or PJAN?

Over the 3-year period, XTOC has performed better with a 14.19% return vs 12.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTOC or PJAN?

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

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

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

What is the main difference between XTOC and PJAN?

XTOC is categorized as Options Trading, while PJAN is Defined Outcome.

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.20 vs 1.69), 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.