Data as of Nov 4, 2026.
GJAN vs UFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 UFEB can fall 12.0% before its buffer engages and GJAN 8.1%, and GJAN resets 16 days sooner.
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Net assets: $433m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - January, and $165m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Feb.
GJAN: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +11.8%; Between buffer and cap. Data to Nov 4, 2026.
GJAN: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +11.8%; Between buffer and cap. Data to Nov 4, 2026.UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.
UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
UFEB costs 0.06 points a year less; their one-year returns differ by 0.2 points; GJAN is 2.6 times larger.
Points (pts) are percentage points.
| Measure | GJAN | UFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.7% | +10.5% |
| Drawdown | ||
| Index fall to the buffer | 9.8% | 14.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $433m | $167m |
| 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
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 30, 2026 · 195 weekly returns · each against SPYFrom Feb 2023 to Oct 2026, GJAN and UFEB returned about the same: +49.7% and +49.3%. UFEB swung slightly less: 6.4% to 6.9%. UFEB fell less at its worst: −7.8% to −9.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GJAN | UFEB | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +49.7% | +49.3% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +11.4% | +11.3% | Tie | Total return as a yearly rate. | |
| Price return | +49.7% | +49.3% | Tie | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.9% | 6.4% | UFEB (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.6% | 4.1% | UFEB | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −9.3% | −7.8% | UFEB | Deepest fall from a high to the low after it. | |
| Upside capture | 36.8% | 36.0% | 100.0% | GJAN (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 46.5% | 45.2% | 100.0% | UFEB (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.46 | 0.43 | 1.00 | UFEB lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.93 | 0.99 | UFEB (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.39 | 1.54 | UFEB (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.138 | 0.146 | 0.138 | UFEB (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.22 | 1.45 | UFEB | 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 | +0.3% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.00 | 0.31 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.4% to +2.4% | −1.8% to +2.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.95 | −0.92 | UFEB (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.8% | 8.2% | 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, 195 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GJAN | UFEB | GJAN | UFEB |
| 3 months | +1.6% | +1.5% | +2.0 pts | +1.8 pts |
| 6 months | +4.4% | +4.2% | −0.1 pts | −0.3 pts |
| 1 year | +10.7% | +10.5% | −2.8 pts | −3.0 pts |
| 3 years | +41.9% | +42.7% | −34.5 pts | −33.7 pts |
| Since launchNot the same days: GJAN Jan 2023 · UFEB Feb 2020 | +52.7% | +61.7% | −38.7 pts | −74.9 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 Nov 4, 2026. Source: ETFIQ.
Where each one stands today
GJAN resets first, on Jan 15, 2027, 72 days from now; UFEB runs to Jan 31, 2027, 88 days. GJAN can still gain 2.8% before its cap, UFEB 3.3%. A fall from here reaches GJAN’s buffer after 8.1% and UFEB’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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GJAN
From its price on Nov 4, 2026, the fund can gain about 2.8% more before it reaches its cap. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% 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. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.
UFEB
From its price on Nov 4, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 88 days remained on Nov 4, 2026. On Jan 31, 2027 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 UFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gjan-vs-ufeb
ETFIQ. (Nov 4, 2026). GJAN against UFEB. Retrieved from https://etfiq.com/compare/buffer/gjan-vs-ufeb
[GJAN against UFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gjan-vs-ufeb)
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