ZDEK vs. PJAN

Last updated Jun 5, 2026

ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both Defined Outcome funds from Innovator. ZDEK is actively managed, while PJAN is passively managed. Over the past year, ZDEK returned 9.11% vs 14.92% for PJAN. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

ZDEK vs. PJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) 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, ZDEK achieves a 2.63% return, which is significantly lower than PJAN's 5.32% return.

ZDEK

• 1D: 0.08%
• 1M: 0.78%
• YTD: 2.63%
• 6M: 2.86%
• 1Y: 9.11%
• 3Y*: —
• 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)

ZDEK vs. PJAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	2.63%	7.78%	-0.38%
PJAN Innovator U.S. Equity Power Buffer ETF - January	5.32%	11.29%	0.43%

Correlation

The correlation between ZDEK 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 (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.84

The correlation between ZDEK and PJAN has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

ZDEK vs. PJAN — Risk / Return Rank

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

ZDEK

ZDEK Risk / Return Rank: 94
ZDEK Sharpe Ratio Rank: 92
ZDEK Sortino Ratio Rank: 95
ZDEK Omega Ratio Rank: 95
ZDEK Calmar Ratio Rank: 92
ZDEK Martin Ratio Rank: 95

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.

ZDEK vs. PJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) 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.

	ZDEK	PJAN	Difference
Sharpe ratio: Return per unit of total volatility	3.31	2.58	+0.73
Sortino ratio: Return per unit of downside risk	5.16	3.80	+1.36
Omega ratio: Gain probability vs. loss probability	1.72	1.55	+0.17
Calmar ratio: Return relative to maximum drawdown	6.07	3.24	+2.83
Martin ratio: Return relative to average drawdown	31.09	17.28	+13.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZDEK vs. PJAN - Sharpe Ratio Comparison

The current ZDEK Sharpe Ratio is 3.31, which is comparable to the PJAN Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of ZDEK 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

	ZDEK	PJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.31	2.58	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.04	0.90	+1.14

Drawdowns

ZDEK vs. PJAN - Drawdown Comparison

The maximum ZDEK drawdown since its inception was -3.40%, smaller than the maximum PJAN drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for ZDEK and PJAN.

Drawdown Indicators

	ZDEK	PJAN	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-21.25%	+17.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-4.63%	+3.12%
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	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.45%	-1.73%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.87%	-0.58%

Volatility

ZDEK vs. PJAN - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) is 0.35%, while Innovator U.S. Equity Power Buffer ETF - January (PJAN) has a volatility of 1.05%. This indicates that ZDEK 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

	ZDEK	PJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	1.05%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	4.71%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	5.80%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	8.93%	-5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	10.60%	-7.29%

ZDEK vs. PJAN - Expense Ratio Comparison

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

Dividends

ZDEK vs. PJAN - Dividend Comparison

Neither ZDEK nor PJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZDEK and PJAN in my portfolio?

ZDEK 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 is riskier, ZDEK or PJAN?

PJAN has higher volatility (1.05%) compared to ZDEK (0.35%). In terms of maximum drawdown, ZDEK dropped -3.40% vs PJAN's -21.25%.

Which ETF is better, ZDEK or PJAN?

On 1-year performance, PJAN leads with 14.92% vs 9.11% for ZDEK. Both ETFs have the same 0.79% expense ratio. On volatility, ZDEK has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZDEK or PJAN?

Over the 1-year period, PJAN has performed better with a 14.92% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZDEK or PJAN?

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

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

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

Which has better risk-adjusted returns?

ZDEK currently has the higher Sharpe Ratio (3.31 vs 2.58), 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.