BJUL vs. BMAY

Last updated Aug 5, 2026

BJUL (Innovator U.S. Equity Buffer ETF - July) and BMAY (Innovator U.S. Equity Buffer ETF - May) are both Defined Outcome funds from Innovator - BJUL tracks the S&P 500 while BMAY tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, BJUL returned 11.74%/yr vs 8.87%/yr for BMAY. Their correlation of 0.93 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BJUL vs. BMAY - 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 - May (BMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BJUL achieves a 9.42% return, which is significantly higher than BMAY's 8.04% return.

BJUL

• 1D: 1.10%
• 1M: 2.63%
• 6M: 8.59%
• YTD: 9.42%
• 1Y: 16.08%
• 3Y*: 16.08%
• 5Y*: 11.74%
• 10Y*: —
• ALL TIME*: 10.16%

BMAY

• 1D: 0.91%
• 1M: 2.29%
• 6M: 7.27%
• YTD: 8.04%
• 1Y: 13.17%
• 3Y*: 14.92%
• 5Y*: 8.87%
• 10Y*: —
• ALL TIME*: 10.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BJUL Innovator U.S. Equity Buffer ETF - July	$791.36K	$3.32M	$1.95M
BMAY Innovator U.S. Equity Buffer ETF - May	$336.42K	$525.02K	$1.67M

BJUL vs. BMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BJUL Innovator U.S. Equity Buffer ETF - July	9.42%	13.93%	18.41%	21.73%	-7.38%	10.77%	15.88%
BMAY Innovator U.S. Equity Buffer ETF - May	8.04%	11.16%	19.06%	16.73%	-12.54%	11.76%	16.85%

Correlation

The correlation between BJUL and BMAY is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.93

The correlation between BJUL and BMAY has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

BJUL vs. BMAY - Sectors Allocation Comparison

Sectors	BJUL	BMAY
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

BJUL vs. BMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BJUL

BJUL Risk / Return Rank: 84
BJUL Sharpe Ratio Rank: 84
BJUL Sortino Ratio Rank: 86
BJUL Omega Ratio Rank: 88
BJUL Calmar Ratio Rank: 75
BJUL Martin Ratio Rank: 89

BMAY

BMAY Risk / Return Rank: 89
BMAY Sharpe Ratio Rank: 82
BMAY Sortino Ratio Rank: 84
BMAY Omega Ratio Rank: 90
BMAY Calmar Ratio Rank: 92
BMAY Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BJUL vs. BMAY - 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 - May (BMAY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BJUL	BMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.12	+0.05
Sortino ratio: Return per unit of downside risk	3.14	3.09	+0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	2.99	4.48	-1.50
Martin ratio: Return relative to average drawdown	15.18	20.41	-5.22

BJUL vs. BMAY - Sharpe Ratio Comparison

The current BJUL Sharpe Ratio is 2.17, which is comparable to the BMAY Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of BJUL and BMAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BJUL vs. BMAY - Drawdown Comparison

The maximum BJUL drawdown since its inception was -24.03%, which is greater than BMAY's maximum drawdown of -17.66%. Use the drawdown chart below to compare losses from any high point for BJUL and BMAY.

Drawdown Indicators

	BJUL	BMAY	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-17.66%	-6.37%
Max Drawdown (1Y) Largest decline over 1 year	-5.40%	-2.95%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-12.75%	-1.31%
Max Drawdown (5Y) Largest decline over 5 years	-14.06%	-17.66%	+3.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.45%	-3.02%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.65%	+0.41%

Volatility

BJUL vs. BMAY - Volatility Comparison

Innovator U.S. Equity Buffer ETF - July (BJUL) has a higher volatility of 2.83% compared to Innovator U.S. Equity Buffer ETF - May (BMAY) at 2.48%. This indicates that BJUL's price experiences larger fluctuations and is considered to be riskier than BMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJUL	BMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.48%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	5.60%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	6.29%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	11.34%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.54%	10.96%	+2.58%

BJUL vs. BMAY - Expense Ratio Comparison

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

Dividends

BJUL vs. BMAY - Dividend Comparison

Neither BJUL nor BMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BJUL and BMAY in my portfolio?

BJUL and BMAY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BJUL or BMAY?

BJUL has higher volatility (2.83%) compared to BMAY (2.48%). In terms of maximum drawdown, BJUL dropped -24.03% vs BMAY's -17.66%.

Which ETF is better, BJUL or BMAY?

On 5-year performance, BJUL leads with 11.74% vs 8.87% for BMAY. Both ETFs have the same 0.79% expense ratio. On volatility, BMAY has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJUL or BMAY?

Over the 5-year period, BJUL has performed better with a 11.74% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJUL or BMAY?

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

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

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

What is the main difference between BJUL and BMAY?

BJUL tracks S&P 500, while BMAY tracks S&P 500 Price Return Index.

Which has better risk-adjusted returns?

BJUL currently has the higher Sharpe Ratio (2.17 vs 2.12), 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.