BJUL vs. UJUL

Last updated Aug 2, 2026

BJUL (Innovator U.S. Equity Buffer ETF - July) and UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, BJUL returned 11.39%/yr vs 8.50%/yr for UJUL. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BJUL vs. UJUL - 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 Ultra Buffer ETF - July (UJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BJUL achieves a 7.40% return, which is significantly higher than UJUL's 5.08% return.

BJUL

• 1D: 0.74%
• 1M: 0.74%
• 6M: 6.44%
• YTD: 7.40%
• 1Y: 15.00%
• 3Y*: 14.76%
• 5Y*: 11.39%
• 10Y*: —
• ALL TIME*: 9.91%

UJUL

• 1D: 0.26%
• 1M: 0.25%
• 6M: 4.32%
• YTD: 5.08%
• 1Y: 10.26%
• 3Y*: 11.65%
• 5Y*: 8.50%
• 10Y*: —
• ALL TIME*: 7.02%

*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	$731.59K	$3.66M	$2.27M
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	$1.73M	$4.40M	$2.27M

BJUL vs. UJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BJUL Innovator U.S. Equity Buffer ETF - July	7.40%	13.93%	18.41%	21.73%	-7.38%	10.77%	9.05%	17.81%	-9.06%
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	5.08%	12.34%	13.84%	17.65%	-6.96%	4.61%	4.96%	12.99%	-6.93%

Correlation

The correlation between BJUL and UJUL is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.90

The correlation between BJUL and UJUL has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

BJUL vs. UJUL - Sectors Allocation Comparison

Sectors	BJUL	UJUL
Technology	37.9%	39.1%
Financial Services	11.7%	10.9%
Communication Services	10.0%	10.7%
Consumer Cyclical	9.6%	9.9%
Healthcare	9.1%	8.3%
Industrials	8.4%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.1%
Utilities	2.3%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

BJUL vs. UJUL — Risk / Return Rank

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

BJUL

BJUL Risk / Return Rank: 81
BJUL Sharpe Ratio Rank: 80
BJUL Sortino Ratio Rank: 81
BJUL Omega Ratio Rank: 84
BJUL Calmar Ratio Rank: 73
BJUL Martin Ratio Rank: 88

UJUL

UJUL Risk / Return Rank: 83
UJUL Sharpe Ratio Rank: 82
UJUL Sortino Ratio Rank: 85
UJUL Omega Ratio Rank: 88
UJUL Calmar Ratio Rank: 70
UJUL Martin Ratio Rank: 89

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. UJUL - 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 Ultra Buffer ETF - July (UJUL). 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	UJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.91	-0.05
Sortino ratio: Return per unit of downside risk	2.67	2.84	-0.18
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.56	2.44	+0.12
Martin ratio: Return relative to average drawdown	13.02	13.85	-0.82

BJUL vs. UJUL - Sharpe Ratio Comparison

The current BJUL Sharpe Ratio is 1.85, which is comparable to the UJUL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of BJUL and UJUL, 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. UJUL - Drawdown Comparison

The maximum BJUL drawdown since its inception was -24.03%, which is greater than UJUL's maximum drawdown of -14.11%. Use the drawdown chart below to compare losses from any high point for BJUL and UJUL.

Drawdown Indicators

	BJUL	UJUL	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-14.11%	-9.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.40%	-3.98%	-1.42%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-11.38%	-2.68%
Max Drawdown (5Y) Largest decline over 5 years	-14.06%	-11.38%	-2.68%
Current Drawdown Current decline from peak	-0.44%	-0.46%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.46%	-1.82%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.70%	+0.36%

Volatility

BJUL vs. UJUL - Volatility Comparison

Innovator U.S. Equity Buffer ETF - July (BJUL) has a higher volatility of 2.64% compared to Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) at 1.72%. This indicates that BJUL's price experiences larger fluctuations and is considered to be riskier than UJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJUL	UJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	1.72%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	4.17%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	5.10%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	8.13%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.54%	8.87%	+4.67%

BJUL vs. UJUL - Expense Ratio Comparison

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

Dividends

BJUL vs. UJUL - Dividend Comparison

Neither BJUL nor UJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BJUL Innovator U.S. Equity Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.43%

Frequently Asked Questions

Can I hold both BJUL and UJUL in my portfolio?

With a correlation of 0.92, BJUL and UJUL 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 UJUL?

BJUL has higher volatility (2.64%) compared to UJUL (1.72%). In terms of maximum drawdown, BJUL dropped -24.03% vs UJUL's -14.11%.

Which ETF is better, BJUL or UJUL?

On 5-year performance, BJUL leads with 11.39% vs 8.50% for UJUL. Both ETFs have the same 0.79% expense ratio. On volatility, UJUL has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJUL or UJUL?

Over the 5-year period, BJUL has performed better with a 11.39% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJUL or UJUL?

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

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

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

What is the main difference between BJUL and UJUL?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (1.91 vs 1.85), 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.