BJUL vs. BAUG

Last updated Jun 3, 2026

BJUL (Innovator U.S. Equity Buffer ETF - July) and BAUG (Innovator U.S. Equity Buffer ETF - August) are both Defined Outcome funds from Innovator - BJUL tracks the S&P 500 while BAUG tracks the Cboe S&P 500 Buffer Protect Index August. Both are passively managed. Over the past 5 years, BJUL returned 11.46%/yr vs 11.22%/yr for BAUG. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BJUL vs. BAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - July (BJUL) and Innovator U.S. Equity Buffer ETF - August (BAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BJUL having a 6.31% return and BAUG slightly higher at 6.60%.

BJUL

• 1D: 0.11%
• 1M: 1.88%
• YTD: 6.31%
• 6M: 7.23%
• 1Y: 19.63%
• 3Y*: 16.73%
• 5Y*: 11.46%
• 10Y*: —

BAUG

• 1D: 0.04%
• 1M: 2.14%
• YTD: 6.60%
• 6M: 7.45%
• 1Y: 20.49%
• 3Y*: 17.95%
• 5Y*: 11.22%
• 10Y*: —

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

BJUL vs. BAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BJUL Innovator U.S. Equity Buffer ETF - July	6.31%	13.93%	18.41%	21.73%	-7.38%	10.77%	9.05%	6.43%
BAUG Innovator U.S. Equity Buffer ETF - August	6.60%	14.81%	21.15%	20.11%	-10.30%	12.06%	12.20%	6.33%

Correlation

The correlation between BJUL and BAUG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.95

The correlation between BJUL and BAUG has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

BJUL vs. BAUG - Sectors Allocation Comparison

Sectors	BJUL	BAUG
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BJUL vs. BAUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BJUL

BJUL Risk / Return Rank: 81
BJUL Sharpe Ratio Rank: 79
BJUL Sortino Ratio Rank: 82
BJUL Omega Ratio Rank: 84
BJUL Calmar Ratio Rank: 73
BJUL Martin Ratio Rank: 88

BAUG

BAUG Risk / Return Rank: 81
BAUG Sharpe Ratio Rank: 80
BAUG Sortino Ratio Rank: 84
BAUG Omega Ratio Rank: 84
BAUG Calmar Ratio Rank: 72
BAUG Martin Ratio Rank: 86

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.

BJUL vs. BAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - July (BJUL) and Innovator U.S. Equity Buffer ETF - August (BAUG). 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.

	BJUL	BAUG	Difference
Sharpe ratio Return per unit of total volatility	2.60	2.64	-0.04
Sortino ratio Return per unit of downside risk	3.74	3.81	-0.07
Omega ratio Gain probability vs. loss probability	1.52	1.52	0.00
Calmar ratio Return relative to maximum drawdown	3.74	3.68	+0.06
Martin ratio Return relative to average drawdown	19.44	18.70	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BJUL vs. BAUG - Sharpe Ratio Comparison

The current BJUL Sharpe Ratio is 2.60, which is comparable to the BAUG Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of BJUL and BAUG, 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

	BJUL	BAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.64	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.96	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.84	-0.10

Drawdowns

BJUL vs. BAUG - Drawdown Comparison

The maximum BJUL drawdown since its inception was -24.03%, roughly equal to the maximum BAUG drawdown of -24.19%. Use the drawdown chart below to compare losses from any high point for BJUL and BAUG.

Drawdown Indicators

	BJUL	BAUG	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-24.19%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.40%	-5.66%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-13.78%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-14.06%	-15.59%	+1.53%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.50%	-2.84%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.11%	-0.07%

Volatility

BJUL vs. BAUG - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - July (BJUL) is 0.75%, while Innovator U.S. Equity Buffer ETF - August (BAUG) has a volatility of 1.06%. This indicates that BJUL experiences smaller price fluctuations and is considered to be less risky than BAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJUL	BAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.06%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	5.50%	5.83%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	7.79%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	11.70%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.64%	13.96%	-0.32%

BJUL vs. BAUG - Expense Ratio Comparison

Both BJUL and BAUG have an expense ratio of 0.79%.

Dividends

BJUL vs. BAUG - Dividend Comparison

Neither BJUL nor BAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BJUL and BAUG in my portfolio?

With a correlation of 0.97, BJUL and BAUG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BJUL or BAUG?

BAUG has higher volatility (1.06%) compared to BJUL (0.75%). In terms of maximum drawdown, BJUL dropped -24.03% vs BAUG's -24.19%.

Which ETF is better, BJUL or BAUG?

On 5-year performance, BJUL leads with 11.46% vs 11.22% for BAUG. Both ETFs have the same 0.79% expense ratio. On volatility, BJUL has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJUL or BAUG?

Over the 5-year period, BJUL has performed better with a 11.46% return vs 11.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJUL or BAUG?

BJUL and BAUG have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BJUL or BAUG?

BJUL and BAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between BJUL and BAUG?

BJUL tracks S&P 500, while BAUG tracks Cboe S&P 500 Buffer Protect Index August.

Which has better risk-adjusted returns?

BAUG currently has the higher Sharpe Ratio (2.64 vs 2.60), 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.