ZJAN vs. LOUP

Last updated Jun 4, 2026

ZJAN (Innovator Equity Defined Protection ETF - 1 Yr January) and LOUP (Innovator Deepwater Frontier Tech ETF) are both exchange-traded funds - ZJAN is a Defined Outcome fund actively managed by Innovator, while LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index. ZJAN is actively managed, while LOUP is passively managed. Over the past year, ZJAN returned 7.49% vs 75.49% for LOUP. A 0.69 correlation means they provide meaningful diversification when combined. ZJAN charges 0.79%/yr vs 0.70%/yr for LOUP.

Performance

ZJAN vs. LOUP - 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 Deepwater Frontier Tech ETF (LOUP). 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 LOUP's 28.21% return.

ZJAN

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

LOUP

• 1D: -1.87%
• 1M: 18.57%
• YTD: 28.21%
• 6M: 26.83%
• 1Y: 75.49%
• 3Y*: 37.37%
• 5Y*: 12.98%
• 10Y*: —

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

ZJAN vs. LOUP - Yearly Performance Comparison

	2026 (YTD)	2025
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	2.27%	6.79%
LOUP Innovator Deepwater Frontier Tech ETF	28.21%	41.17%

Correlation

The correlation between ZJAN and LOUP is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.69

The correlation between ZJAN and LOUP has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

ZJAN vs. LOUP — 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

LOUP

LOUP Risk / Return Rank: 71
LOUP Sharpe Ratio Rank: 81
LOUP Sortino Ratio Rank: 70
LOUP Omega Ratio Rank: 67
LOUP Calmar Ratio Rank: 72
LOUP Martin Ratio Rank: 67

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. LOUP - 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 Deepwater Frontier Tech ETF (LOUP). 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	LOUP	Difference
Sharpe ratio: Return per unit of total volatility	3.70	2.66	+1.04
Sortino ratio: Return per unit of downside risk	5.70	3.21	+2.49
Omega ratio: Gain probability vs. loss probability	1.83	1.41	+0.42
Calmar ratio: Return relative to maximum drawdown	5.52	3.61	+1.91
Martin ratio: Return relative to average drawdown	28.73	12.23	+16.50
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. LOUP - Sharpe Ratio Comparison

The current ZJAN Sharpe Ratio is 3.70, which is higher than the LOUP Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of ZJAN and LOUP, 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	LOUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	2.66	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.59	+1.59

Drawdowns

ZJAN vs. LOUP - Drawdown Comparison

The maximum ZJAN drawdown since its inception was -3.20%, smaller than the maximum LOUP drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for ZJAN and LOUP.

Drawdown Indicators

	ZJAN	LOUP	Difference
Max Drawdown Largest peak-to-trough decline	-3.20%	-58.68%	+55.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-21.00%	+19.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.63%	—
Current Drawdown Current decline from peak	-0.05%	-1.87%	+1.82%
Average Drawdown Average peak-to-trough decline	-0.35%	-20.04%	+19.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	6.19%	-5.93%

Volatility

ZJAN vs. LOUP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) is 0.39%, while Innovator Deepwater Frontier Tech ETF (LOUP) has a volatility of 8.23%. This indicates that ZJAN experiences smaller price fluctuations and is considered to be less risky than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJAN	LOUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	8.23%	-7.84%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	21.94%	-20.49%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	28.51%	-26.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	32.38%	-29.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	31.96%	-28.99%

ZJAN vs. LOUP - Expense Ratio Comparison

ZJAN has a 0.79% expense ratio, which is higher than LOUP's 0.70% expense ratio.

Dividends

ZJAN vs. LOUP - Dividend Comparison

Neither ZJAN nor LOUP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZJAN and LOUP in my portfolio?

ZJAN and LOUP have a correlation of 0.65, 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 LOUP?

LOUP has higher volatility (8.23%) compared to ZJAN (0.39%). In terms of maximum drawdown, ZJAN dropped -3.20% vs LOUP's -58.68%.

Which ETF is better, ZJAN or LOUP?

On 1-year performance, LOUP leads with 75.49% vs 7.49% for ZJAN. On fees, LOUP is cheaper at 0.70% 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 LOUP?

Over the 1-year period, LOUP has performed better with a 75.49% 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 LOUP?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.79% for ZJAN.

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

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

What is the main difference between ZJAN and LOUP?

ZJAN is categorized as Defined Outcome, while LOUP is Technology Equities. Their fees differ too: 0.79% for ZJAN and 0.70% for LOUP.

Which has better risk-adjusted returns?

ZJAN currently has the higher Sharpe Ratio (3.70 vs 2.66), 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.