ZJAN vs. BUFF

Last updated Jun 4, 2026

ZJAN (Innovator Equity Defined Protection ETF - 1 Yr January) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. ZJAN is actively managed, while BUFF is passively managed. Over the past year, ZJAN returned 7.49% vs 14.36% for BUFF. Their correlation of 0.84 suggests significant overlap in exposure. ZJAN charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

ZJAN vs. BUFF - 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 Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZJAN achieves a 2.27% return, which is significantly lower than BUFF's 5.42% return.

ZJAN

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

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

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

ZJAN vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	2.27%	6.79%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	10.90%

Correlation

The correlation between ZJAN and BUFF is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.84

The correlation between ZJAN and BUFF has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

ZJAN vs. BUFF — 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

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

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. BUFF - 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 Innovator Laddered Allocation Power Buffer ETF (BUFF). 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	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	3.70	2.80	+0.90
Sortino ratio: Return per unit of downside risk	5.70	4.24	+1.46
Omega ratio: Gain probability vs. loss probability	1.83	1.58	+0.25
Calmar ratio: Return relative to maximum drawdown	5.52	4.02	+1.49
Martin ratio: Return relative to average drawdown	28.73	21.50	+7.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJAN vs. BUFF - Sharpe Ratio Comparison

The current ZJAN Sharpe Ratio is 3.70, which is higher than the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of ZJAN and BUFF, 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

	ZJAN	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	2.80	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.49	+1.69

Drawdowns

ZJAN vs. BUFF - Drawdown Comparison

The maximum ZJAN drawdown since its inception was -3.20%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for ZJAN and BUFF.

Drawdown Indicators

	ZJAN	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-3.20%	-46.23%	+43.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-3.58%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.24%	—
Current Drawdown Current decline from peak	-0.05%	-0.27%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.35%	-6.18%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.67%	-0.41%

Volatility

ZJAN vs. BUFF - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) is 0.39%, while Innovator Laddered Allocation Power Buffer ETF (BUFF) has a volatility of 1.02%. This indicates that ZJAN experiences smaller price fluctuations and is considered to be less risky than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJAN	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	1.02%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	3.83%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	5.15%	-3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	8.41%	-5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	17.67%	-14.70%

ZJAN vs. BUFF - Expense Ratio Comparison

ZJAN has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

ZJAN vs. BUFF - Dividend Comparison

Neither ZJAN nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZJAN and BUFF in my portfolio?

ZJAN and BUFF have a correlation of 0.78, 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 BUFF?

BUFF has higher volatility (1.02%) compared to ZJAN (0.39%). In terms of maximum drawdown, ZJAN dropped -3.20% vs BUFF's -46.23%.

Which ETF is better, ZJAN or BUFF?

On 1-year performance, BUFF leads with 14.36% vs 7.49% for ZJAN. On fees, ZJAN is cheaper at 0.79% per year. On volatility, ZJAN has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJAN or BUFF?

Over the 1-year period, BUFF has performed better with a 14.36% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJAN or BUFF?

ZJAN is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

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

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

What is the main difference between ZJAN and BUFF?

Their fees differ too: 0.79% for ZJAN and 0.89% for BUFF.

Which has better risk-adjusted returns?

ZJAN currently has the higher Sharpe Ratio (3.70 vs 2.80), 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.