ZJAN vs. AIOO

Last updated Jul 15, 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. Over the past year, ZJAN returned 6.48% vs 5.16% for AIOO. A 0.67 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

In the year-to-date period, ZJAN achieves a 2.69% return, which is significantly higher than AIOO's 2.54% return.

ZJAN

• 1D: 0.09%
• 1M: 0.55%
• 6M: 2.46%
• YTD: 2.69%
• 1Y: 6.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: 0.11%
• 1M: 0.44%
• 6M: 2.25%
• YTD: 2.54%
• 1Y: 5.16%
• 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	2.69%	3.92%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.54%	2.65%

Correlation

The correlation between ZJAN and AIOO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.67

The correlation between ZJAN and AIOO has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

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: 95
ZJAN Sharpe Ratio Rank: 96
ZJAN Sortino Ratio Rank: 96
ZJAN Omega Ratio Rank: 96
ZJAN Calmar Ratio Rank: 92
ZJAN Martin Ratio Rank: 95

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 92
AIOO Sortino Ratio Rank: 94
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

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.

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.

	ZJAN	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	3.23	2.51	+0.71
Sortino ratio: Return per unit of downside risk	4.82	3.89	+0.93
Omega ratio: Gain probability vs. loss probability	1.70	1.48	+0.22
Calmar ratio: Return relative to maximum drawdown	4.77	6.99	-2.21
Martin ratio: Return relative to average drawdown	24.28	20.18	+4.10

ZJAN vs. AIOO - Sharpe Ratio Comparison

The current ZJAN Sharpe Ratio is 3.23, which is comparable to the AIOO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of ZJAN and AIOO, 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

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%	-0.74%	-0.62%
Current Drawdown Current decline from peak	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.34%	-0.18%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.26%	+0.01%

Volatility

ZJAN vs. AIOO - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) is 0.50%, while AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) has a volatility of 0.66%. This indicates that ZJAN experiences smaller price fluctuations and is considered to be less risky than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJAN	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.66%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	1.42%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	2.06%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.94%	2.05%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	2.05%	+0.89%

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 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJAN or AIOO?

AIOO has higher volatility (0.66%) compared to ZJAN (0.50%). In terms of maximum drawdown, ZJAN dropped -3.20% vs AIOO's -0.74%.

Which ETF is better, ZJAN or AIOO?

On 1-year performance, ZJAN leads with 6.48% vs 5.16% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, ZJAN has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJAN or AIOO?

Over the 1-year period, ZJAN has performed better with a 6.48% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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.

Which has better risk-adjusted returns?

ZJAN currently has the higher Sharpe Ratio (3.23 vs 2.51), 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.