ZJAN vs. AIOO

Last updated Jun 4, 2026

ZJAN (Innovator Equity Defined Protection ETF - 1 Yr January) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. ZJAN charges 0.79%/yr vs 0.64%/yr for AIOO.

Performance

ZJAN vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZJAN having a 2.27% return and AIOO slightly higher at 2.34%.

ZJAN

• 1D: -0.05%
• 1M: 0.76%
• YTD: 2.27%
• 6M: 2.87%
• 1Y: 7.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: -0.13%
• 1M: 1.13%
• YTD: 2.34%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZJAN vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	2.27%	4.03%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.34%	2.67%

Correlation

The correlation between ZJAN and AIOO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.64

Return for Risk

ZJAN vs. AIOO — Risk / Return Rank

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

ZJAN

ZJAN Risk / Return Rank: 94
ZJAN Sharpe Ratio Rank: 94
ZJAN Sortino Ratio Rank: 96
ZJAN Omega Ratio Rank: 96
ZJAN Calmar Ratio Rank: 90
ZJAN Martin Ratio Rank: 95

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.

ZJAN vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	ZJAN	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	3.70	—	—
Sortino ratio: Return per unit of downside risk	5.70	—	—
Omega ratio: Gain probability vs. loss probability	1.83	—	—
Calmar ratio: Return relative to maximum drawdown	5.52	—	—
Martin ratio: Return relative to average drawdown	28.73	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZJAN	AIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	2.79	-0.61

Drawdowns

ZJAN vs. AIOO - Drawdown Comparison

The maximum ZJAN drawdown since its inception was -3.20%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for ZJAN and AIOO.

Drawdown Indicators

	ZJAN	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.20%	-0.74%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	—	—
Current Drawdown Current decline from peak	-0.05%	-0.13%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.17%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	—	—

Volatility

Volatility by Period

	ZJAN	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	1.99%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	1.99%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	1.99%	+0.98%

ZJAN vs. AIOO - Expense Ratio Comparison

ZJAN has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

ZJAN vs. AIOO - Dividend Comparison

Neither ZJAN nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZJAN and AIOO in my portfolio?

ZJAN and AIOO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZJAN or AIOO?

On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZJAN or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for ZJAN.

Which ETF pays a higher dividend yield, ZJAN or AIOO?

ZJAN and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between ZJAN and AIOO?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for ZJAN and 0.64% for AIOO.