Data as of Oct 28, 2026.
GJAN vs PDEC: Cap, Buffer & Days Left
As of Oct 28, 2026 PDEC can fall 10.2% before its buffer engages and GJAN 8.2%, and PDEC resets 46 days sooner.
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Net assets: $438m on Oct 27, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - January, and $988m on Oct 28, 2026 for Innovator U.S. Equity Power Buffer ETF - Dec.
GJAN: reference +11.7% since period start, fund +8.0%; buffer 0 to −15; cap +11.8%; Between buffer and cap. Data to Oct 28, 2026.
GJAN: reference +11.7% since period start, fund +8.0%; buffer 0 to −15; cap +11.8%; Between buffer and cap. Data to Oct 28, 2026.PDEC: reference +12.9% since period start, fund +10.4%; buffer 0 to −15; cap +13.1%; Between buffer and cap. Data to Oct 28, 2026.
Data to Oct 28, 2026.Pair scorecard
PDEC costs 0.06 points a year less; their one-year returns differ by 1.2 points; PDEC is 2.3 times larger.
Points (pts) are percentage points.
| Measure | GJAN | PDEC |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.5% | +11.7% |
| Drawdown | ||
| Index fall to the buffer | 10.4% | 11.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Oct 27, 2026 | $438m | $986m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Feb 3, 2023 to Oct 23, 2026 · 194 weekly returns · each against SPYGJAN and PDEC returned about the same: +49.9% and +50.3%. GJAN swung slightly less: 6.9% to 7.5%. GJAN fell slightly less at its worst: −9.3% to −9.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GJAN | PDEC | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +49.9% | +50.3% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +11.5% | +11.5% | Tie | Total return as a yearly rate. | |
| Price return | +49.9% | +50.3% | Tie | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.9% | 7.5% | GJAN (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.6% | 5.0% | GJAN (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −9.3% | −9.6% | GJAN (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 36.8% | 42.2% | 100.0% | PDEC | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 46.7% | 55.6% | 100.0% | GJAN | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.46 | 0.51 | 1.00 | GJAN lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.88 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.94 | 0.88 | GJAN (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.41 | 1.32 | GJAN (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.140 | 0.130 | 0.141 | GJAN (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.23 | 1.21 | Tie | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | 0.0% a year | −0.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.02 | −0.37 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.4% to +2.4% | −3.2% to +2.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.96 | −1.01 | GJAN (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.9% | 7.4% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 194 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GJAN | PDEC | GJAN | PDEC |
| 3 months | +3.9% | +4.3% | −2.0 pts | −1.6 pts |
| 6 months | +6.0% | +6.6% | −2.6 pts | −1.9 pts |
| 1 year | +10.5% | +11.7% | −1.9 pts | −0.7 pts |
| 3 years | +48.3% | +51.9% | −39.8 pts | −36.1 pts |
| Since launchNot the same days: GJAN Jan 2023 · PDEC Dec 2019 | +52.9% | +80.9% | −39.9 pts | −66.9 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Oct 28, 2026. Source: ETFIQ.
They do not reset together. PDEC has 33 days of its period left and GJAN has 79, so the two are not the same bet on the same months.
Where each one stands today
PDEC resets first, on Nov 30, 2026, 33 days from now; GJAN runs to Jan 15, 2027, 79 days. GJAN can still gain 2.8% before its cap, PDEC 1.7%. A fall from here reaches GJAN’s buffer after 8.2% and PDEC’s after 10.2%. Both track SPY, so what separates them is where each is in its own period.
GJAN and PDEC are built for the same job. How do they differ in cost, holdings and results?
- Protection and cap. GJAN: Absorbs the first 15% of loss on SPY and caps the gain at 11.8%, over a period ending Jan 15, 2027. PDEC: Absorbs the first 15% of loss on SPY and caps the gain at 13.1%, over a period ending Nov 30, 2026. The starting caps are 1.3 points apart.
- Outcome period (similar). GJAN runs Jan 20, 2026 to Jan 15, 2027 with 79 days left; PDEC runs Nov 30, 2025 to Nov 30, 2026 with 33 days left.
- What each follows (similar). Both follow SPY.
Data as of Oct 28, 2026.
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GJAN
From its price on Oct 28, 2026, the fund can gain about 2.8% more before it reaches its cap. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 79 days remained on Oct 28, 2026. On Jan 15, 2027 the period ends and a new cap is set.
PDEC
From its price on Oct 28, 2026, the fund can gain about 1.7% more before it reaches its cap. The fund's price can fall 10.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.4% from today's level to the point where the buffer begins. 33 days remained on Oct 28, 2026. On Nov 30, 2026 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, GJAN against PDEC, data as of Oct 28, 2026. https://etfiq.com/compare/buffer/gjan-vs-pdec
ETFIQ. (Oct 28, 2026). GJAN against PDEC. Retrieved from https://etfiq.com/compare/buffer/gjan-vs-pdec
[GJAN against PDEC (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/buffer/gjan-vs-pdec)
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