Data as of Nov 4, 2026.
PJAN vs ZJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 PJAN can fall 8.9% before its buffer engages and ZJAN 5.0%.
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Net assets on Nov 4, 2026: $1.4bn for Innovator U.S. Equity Power Buffer ETF - Jan and $106m for Innovator Equity Defined Protection ETF - 1 Yr January.
PJAN: reference +12.4% since period start, fund +9.0%; buffer 0 to −15; cap +12.3%; At its cap. Data to Nov 4, 2026.
PJAN: reference +12.4% since period start, fund +9.0%; buffer 0 to −15; cap +12.3%; At its cap. Data to Nov 4, 2026.ZJAN: reference +12.4% since period start, fund +4.6%; buffer Floor; cap +6.5%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 5.4 points; PJAN is 13.2 times larger.
Points (pts) are percentage points.
| Measure | PJAN | ZJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.2% | +5.8% |
| Drawdown | ||
| Index fall to the buffer | 11.0% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $1.4bn | $106m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Jan 10, 2025 to Oct 30, 2026 · 94 weekly returns · each against SPYFrom Jan 2025 to Oct 2026, PJAN returned more: +20.8% to +11.3%. ZJAN swung less: 2.7% to 7.5%. ZJAN fell less at its worst: −3.0% to −9.1%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PJAN | ZJAN | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +20.8% | +11.3% | PJAN | Price change plus distributions, reinvested. | |
| Annualized | +11.0% | +6.1% | PJAN | Total return as a yearly rate. | |
| Price return | +20.8% | +11.3% | PJAN | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 7.5% | 2.7% | ZJAN | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.1% | 1.7% | ZJAN | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −9.1% | −3.0% | ZJAN | Deepest fall from a high to the low after it. | |
| Upside capture | 38.2% | 13.9% | 100.0% | PJAN | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 49.1% | 16.1% | 100.0% | ZJAN | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.48 | 0.17 | 1.00 | ZJAN lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.94 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.90 | 0.73 | PJAN | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.32 | 1.13 | PJAN | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.139 | 0.116 | 0.128 | PJAN | Return above Treasury bills per unit of beta. |
| Calmar | 1.21 | 2.03 | ZJAN | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.5% a year | −0.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.38 | −0.32 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.2% to +3.2% | −1.4% to +1.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.76 | −0.86 | PJAN | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.0% | 12.6% | 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, 94 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PJAN | ZJAN | PJAN | ZJAN |
| 3 months | +1.7% | +1.2% | +2.1 pts | +1.6 pts |
| 6 months | +4.8% | +2.6% | +0.3 pts | −1.9 pts |
| 1 year | +11.2% | +5.8% | −2.4 pts | −7.8 pts |
| 3 years | +44.9% | – | −31.5 pts | – |
| Since launchNot the same days: PJAN Jan 2019 · ZJAN Jan 2025 | +102.5% | +11.6% | −104.0 pts | −19.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZJAN is a floor fund, which caps how far a holder can fall. PJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PJAN resets first, on Dec 31, 2026, 57 days from now; ZJAN runs to Dec 31, 2026, 57 days. PJAN can still gain 2.4% before its cap, ZJAN 1.2%. A fall from here reaches PJAN’s buffer after 8.9% and ZJAN’s after 5.0%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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PJAN
SPY had already risen past this fund's cap of +12.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.4% as the period runs out. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
ZJAN
SPY had already risen past this fund's cap of +6.5% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.2% as the period runs out. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
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, PJAN against ZJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pjan-vs-zjan
ETFIQ. (Nov 4, 2026). PJAN against ZJAN. Retrieved from https://etfiq.com/compare/buffer/pjan-vs-zjan
[PJAN against ZJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pjan-vs-zjan)
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