XUSP vs. PJAN

Last updated Jun 4, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - XUSP 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. XUSP is actively managed, while PJAN is passively managed. Over the past 3 years, XUSP returned 25.24%/yr vs 12.96%/yr for PJAN. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XUSP vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) 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, XUSP achieves a 12.67% return, which is significantly higher than PJAN's 5.13% return.

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 5Y*: —
• 10Y*: —

PJAN

• 1D: -0.26%
• 1M: 1.94%
• YTD: 5.13%
• 6M: 5.96%
• 1Y: 14.71%
• 3Y*: 12.96%
• 5Y*: 8.92%
• 10Y*: —

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

XUSP vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	30.60%	26.46%	-9.24%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.13%	11.29%	13.45%	18.18%	-0.94%

Correlation

The correlation between XUSP and PJAN is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 12, 2022	0.92

The correlation between XUSP and PJAN has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

XUSP vs. PJAN — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

PJAN

PJAN Risk / Return Rank: 79
PJAN Sharpe Ratio Rank: 78
PJAN Sortino Ratio Rank: 83
PJAN Omega Ratio Rank: 87
PJAN Calmar Ratio Rank: 64
PJAN Martin Ratio Rank: 83

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.

XUSP vs. PJAN - Risk-Adjusted Trends Comparison

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

	XUSP	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.55	-0.41
Sortino ratio: Return per unit of downside risk	2.87	3.75	-0.88
Omega ratio: Gain probability vs. loss probability	1.37	1.54	-0.17
Calmar ratio: Return relative to maximum drawdown	2.80	3.19	-0.40
Martin ratio: Return relative to average drawdown	11.82	17.03	-5.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUSP vs. PJAN - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 2.13, which is comparable to the PJAN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XUSP 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

	XUSP	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.55	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.90	+0.15

Drawdowns

XUSP vs. PJAN - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for XUSP and PJAN.

Drawdown Indicators

	XUSP	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-21.25%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-4.63%	-7.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	-10.49%	-12.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.93%	—
Current Drawdown Current decline from peak	-0.86%	-0.26%	-0.60%
Average Drawdown Average peak-to-trough decline	-4.42%	-1.73%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	0.87%	+1.99%

Volatility

XUSP vs. PJAN - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) has a higher volatility of 4.13% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.07%. This indicates that XUSP'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

	XUSP	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	1.07%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	4.71%	+7.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	5.81%	+10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	8.93%	+10.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	10.60%	+8.61%

XUSP vs. PJAN - Expense Ratio Comparison

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

Dividends

XUSP vs. PJAN - Dividend Comparison

Neither XUSP nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XUSP and PJAN in my portfolio?

With a correlation of 0.91, XUSP 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, XUSP or PJAN?

XUSP has higher volatility (4.13%) compared to PJAN (1.07%). In terms of maximum drawdown, XUSP dropped -22.59% vs PJAN's -21.25%.

Which ETF is better, XUSP or PJAN?

On 3-year performance, XUSP leads with 25.24% vs 12.96% for PJAN. Both ETFs have the same 0.79% expense ratio. On volatility, PJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XUSP or PJAN?

Over the 3-year period, XUSP has performed better with a 25.24% return vs 12.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or PJAN?

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

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

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

What is the main difference between XUSP and PJAN?

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

Which has better risk-adjusted returns?

PJAN currently has the higher Sharpe Ratio (2.55 vs 2.13), 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.