ZFEB vs. UJAN

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) and Innovator U.S. Equity Ultra Buffer ETF - January (UJAN).

ZFEB and UJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZFEB is an actively managed fund by Innovator. It was launched on Feb 3, 2025. UJAN is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2018.

Performance

ZFEB vs. UJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) and Innovator U.S. Equity Ultra Buffer ETF - January (UJAN). The values are adjusted to include any dividend payments, if applicable.

ZFEB vs. UJAN - Yearly Performance Comparison

	2026 (YTD)	2025
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	0.00%	6.10%
UJAN Innovator U.S. Equity Ultra Buffer ETF - January	-1.32%	9.91%

Returns By Period

ZFEB

• 1D: -0.04%
• 1M: -0.67%
• YTD: 0.00%
• 6M: 1.66%
• 1Y: 6.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UJAN

• 1D: 0.42%
• 1M: -1.88%
• YTD: -1.32%
• 6M: 1.25%
• 1Y: 11.70%
• 3Y*: 11.15%
• 5Y*: 6.96%
• 10Y*: —

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

ZFEB vs. UJAN - Expense Ratio Comparison

Both ZFEB and UJAN have an expense ratio of 0.79%.

ZFEB

Innovator Equity Defined Protection ETF - 1 Yr February

UJAN

Innovator U.S. Equity Ultra Buffer ETF - January

Return for Risk

ZFEB vs. UJAN — Risk / Return Rank

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

ZFEB

ZFEB Risk / Return Rank: 96
ZFEB Sharpe Ratio Rank: 95
ZFEB Sortino Ratio Rank: 97
ZFEB Omega Ratio Rank: 96
ZFEB Calmar Ratio Rank: 94
ZFEB Martin Ratio Rank: 96

UJAN

UJAN Risk / Return Rank: 81
UJAN Sharpe Ratio Rank: 76
UJAN Sortino Ratio Rank: 81
UJAN Omega Ratio Rank: 85
UJAN Calmar Ratio Rank: 76
UJAN Martin Ratio Rank: 87

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.

ZFEB vs. UJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) and Innovator U.S. Equity Ultra Buffer ETF - January (UJAN). 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.

	ZFEB	UJAN	Difference
Sharpe ratio Return per unit of total volatility	2.45	1.46	+0.99
Sortino ratio Return per unit of downside risk	3.59	2.18	+1.41
Omega ratio Gain probability vs. loss probability	1.52	1.35	+0.17
Calmar ratio Return relative to maximum drawdown	4.21	2.22	+1.99
Martin ratio Return relative to average drawdown	19.06	11.28	+7.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZFEB vs. UJAN - Sharpe Ratio Comparison

The current ZFEB Sharpe Ratio is 2.45, which is higher than the UJAN Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ZFEB and UJAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZFEB	UJAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	1.46	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.75	1.06	+0.69

Correlation

The correlation between ZFEB and UJAN is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZFEB vs. UJAN - Dividend Comparison

Neither ZFEB nor UJAN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZFEB vs. UJAN - Drawdown Comparison

The maximum ZFEB drawdown since its inception was -3.00%, smaller than the maximum UJAN drawdown of -13.69%. Use the drawdown chart below to compare losses from any high point for ZFEB and UJAN.

Drawdown Indicators

	ZFEB	UJAN	Difference
Max Drawdown Largest peak-to-trough decline	-3.00%	-13.69%	+10.69%
Max Drawdown (1Y) Largest decline over 1 year	-1.56%	-5.38%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.03%	—
Current Drawdown Current decline from peak	-0.84%	-2.27%	+1.43%
Average Drawdown Average peak-to-trough decline	-0.40%	-1.59%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	1.06%	-0.68%

Volatility

ZFEB vs. UJAN - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) is 0.95%, while Innovator U.S. Equity Ultra Buffer ETF - January (UJAN) has a volatility of 2.69%. This indicates that ZFEB experiences smaller price fluctuations and is considered to be less risky than UJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFEB	UJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.69%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	4.12%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	8.06%	-5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.01%	6.30%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.01%	7.13%	-4.12%