Data as of Oct 28, 2026.
PMAY vs UJAN: Cap, Buffer & Days Left
As of Oct 28, 2026 UJAN can fall 12.9% before its buffer engages and PMAY 5.3%, and UJAN resets 120 days sooner.
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Net assets on Oct 28, 2026: $789m for Innovator U.S. Equity Power Buffer ETF - May and $252m for Innovator U.S. Equity Ultra Buffer ETF - Jan.
PMAY: reference +7.4% since period start, fund +5.1%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Data to Oct 28, 2026.
PMAY: reference +7.4% since period start, fund +5.1%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Data to Oct 28, 2026.UJAN: reference +13.2% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Oct 28, 2026.
UJAN: reference +13.2% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Oct 28, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 1.3 points; PMAY is 3.1 times larger.
Points (pts) are percentage points.
| Measure | PMAY | UJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +10.0% |
| Drawdown | ||
| Index fall to the buffer | 6.9% | 16.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $789m | $252m |
| 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
May 8, 2020 to Oct 23, 2026 · 337 weekly returns · each against SPYUJAN returned more: +71.9% to +63.4%. UJAN swung less: 6.2% to 7.8%. UJAN fell less at its worst: −8.5% to −12.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PMAY | UJAN | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +63.4% | +71.9% | UJAN | Price change plus distributions, reinvested. | |
| Annualized | +7.9% | +8.7% | UJAN (slight) | Total return as a yearly rate. | |
| Price return | +63.4% | +71.9% | UJAN | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 7.8% | 6.2% | UJAN | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.3% | 4.0% | UJAN | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −12.6% | −8.5% | UJAN | Deepest fall from a high to the low after it. | |
| Upside capture | 31.1% | 26.7% | 100.0% | PMAY | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 50.3% | 39.8% | 100.0% | UJAN | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.45 | 0.34 | 1.00 | UJAN lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.85 | 0.80 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.62 | 0.89 | UJAN | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.91 | 1.38 | UJAN | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.108 | 0.160 | 0.144 | UJAN | Return above Treasury bills per unit of beta. |
| Calmar | 0.62 | 1.02 | UJAN | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −1.6% a year | +0.6% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.36 | 0.52 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.9% to +0.7% | −1.6% to +2.7% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.02 | −0.81 | UJAN | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.4% | 10.9% | 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, 337 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMAY | UJAN | PMAY | UJAN |
| 3 months | +3.7% | +3.6% | −2.2 pts | −2.3 pts |
| 6 months | +5.0% | +5.6% | −3.5 pts | −2.9 pts |
| 1 year | +8.7% | +10.0% | −3.7 pts | −2.4 pts |
| 3 years | +47.6% | +47.8% | −40.5 pts | −40.2 pts |
| Since launchNot the same days: PMAY May 2020 · UJAN Jan 2019 | +68.1% | +85.4% | −105.0 pts | −123.3 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.
UJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. UJAN has 64 days of its period left and PMAY has 184, so the two are not the same bet on the same months.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
UJAN resets first, on Dec 31, 2026, 64 days from now; PMAY runs to Apr 30, 2027, 184 days. PMAY can still gain 7.1% before its cap, UJAN 2.2%. A fall from here reaches PMAY’s buffer after 5.3% and UJAN’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
PMAY and UJAN are built for the same job. How do they differ in cost, holdings and results?
- Protection and cap. PMAY: Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027. UJAN: Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Dec 31, 2026. The starting caps are 1.6 points apart.
- Outcome period. PMAY runs Apr 30, 2026 to Apr 30, 2027 with 184 days left; UJAN runs Dec 31, 2025 to Dec 31, 2026 with 64 days left.
- Size. PMAY has $789m in net assets and UJAN $252m (Net assets); PMAY is 3.1 times larger.
Data as of Oct 28, 2026.
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PMAY
From its price on Oct 28, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 5.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.9% 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. 184 days remained on Oct 28, 2026. On Apr 30, 2027 the period ends and a new cap is set.
UJAN
SPY had already risen past this fund's cap of +11.4% for the period on Oct 28, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.2% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 16.1% 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. 64 days remained on Oct 28, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
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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, PMAY against UJAN, data as of Oct 28, 2026. https://etfiq.com/compare/buffer/pmay-vs-ujan
ETFIQ. (Oct 28, 2026). PMAY against UJAN. Retrieved from https://etfiq.com/compare/buffer/pmay-vs-ujan
[PMAY against UJAN (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/buffer/pmay-vs-ujan)
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