BMAR vs. PJUL

Last updated Aug 2, 2026

BMAR (Innovator U.S. Equity Buffer ETF - March) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator - BMAR tracks the S&P 500 Price Return Index while PJUL tracks the Cboe S&P 500 Buffer Protect Index July. Both are passively managed. Over the past 5 years, BMAR returned 11.83%/yr vs 10.37%/yr for PJUL. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BMAR vs. PJUL - Performance Comparison

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

Returns By Period

In the year-to-date period, BMAR achieves a 9.35% return, which is significantly higher than PJUL's 5.43% return.

BMAR

• 1D: 0.54%
• 1M: 0.83%
• 6M: 8.13%
• YTD: 9.35%
• 1Y: 17.70%
• 3Y*: 15.46%
• 5Y*: 11.83%
• 10Y*: —
• ALL TIME*: 13.10%

PJUL

• 1D: 0.35%
• 1M: 0.51%
• 6M: 4.62%
• YTD: 5.43%
• 1Y: 11.10%
• 3Y*: 12.02%
• 5Y*: 10.37%
• 10Y*: —
• ALL TIME*: 8.71%

*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)
BMAR Innovator U.S. Equity Buffer ETF - March	$238.64K	$467.11K	$534.44K
PJUL Innovator U.S. Equity Power Buffer ETF - July	$6.04M	$11.74M	$6.93M

BMAR vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BMAR Innovator U.S. Equity Buffer ETF - March	9.35%	14.97%	16.49%	23.09%	-7.06%	16.79%	12.50%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.43%	12.78%	13.76%	19.87%	-2.08%	7.20%	11.82%

Correlation

The correlation between BMAR and PJUL is 0.89, 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.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020	0.91

The correlation between BMAR and PJUL has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

BMAR vs. PJUL - Sectors Allocation Comparison

Sectors	BMAR	PJUL
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

BMAR vs. PJUL — Risk / Return Rank

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

BMAR

BMAR Risk / Return Rank: 87
BMAR Sharpe Ratio Rank: 87
BMAR Sortino Ratio Rank: 89
BMAR Omega Ratio Rank: 89
BMAR Calmar Ratio Rank: 80
BMAR Martin Ratio Rank: 92

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 87
PJUL Omega Ratio Rank: 89
PJUL Calmar Ratio Rank: 80
PJUL Martin Ratio Rank: 92

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.

BMAR vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - March (BMAR) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). 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.

	BMAR	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.01	+0.08
Sortino ratio: Return per unit of downside risk	3.04	2.96	+0.08
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	2.94	2.87	+0.07
Martin ratio: Return relative to average drawdown	15.62	15.66	-0.04

BMAR vs. PJUL - Sharpe Ratio Comparison

The current BMAR Sharpe Ratio is 2.09, which is comparable to the PJUL Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of BMAR and PJUL, 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

BMAR vs. PJUL - Drawdown Comparison

The maximum BMAR drawdown since its inception was -21.43%, which is greater than PJUL's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for BMAR and PJUL.

Drawdown Indicators

	BMAR	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-21.43%	-18.17%	-3.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.64%	-3.64%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-12.86%	-10.69%	-2.17%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-10.69%	-4.33%
Current Drawdown Current decline from peak	-0.09%	-0.34%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.30%	-1.45%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.67%	+0.39%

Volatility

BMAR vs. PJUL - Volatility Comparison

Innovator U.S. Equity Buffer ETF - March (BMAR) has a higher volatility of 2.17% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 1.96%. This indicates that BMAR's price experiences larger fluctuations and is considered to be riskier than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAR	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	1.96%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	6.65%	4.13%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.93%	5.21%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.38%	8.62%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.58%	9.96%	+3.62%

BMAR vs. PJUL - Expense Ratio Comparison

Both BMAR and PJUL have an expense ratio of 0.79%.

Dividends

BMAR vs. PJUL - Dividend Comparison

Neither BMAR nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BMAR Innovator U.S. Equity Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PJUL Innovator U.S. Equity Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.82%

Frequently Asked Questions

Can I hold both BMAR and PJUL in my portfolio?

BMAR and PJUL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMAR or PJUL?

BMAR has higher volatility (2.17%) compared to PJUL (1.96%). In terms of maximum drawdown, BMAR dropped -21.43% vs PJUL's -18.17%.

Which ETF is better, BMAR or PJUL?

On 5-year performance, BMAR leads with 11.83% vs 10.37% for PJUL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BMAR or PJUL?

Over the 5-year period, BMAR has performed better with a 11.83% return vs 10.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BMAR or PJUL?

BMAR and PJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BMAR or PJUL?

BMAR and PJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between BMAR and PJUL?

BMAR tracks S&P 500 Price Return Index, while PJUL tracks Cboe S&P 500 Buffer Protect Index July.

Which has better risk-adjusted returns?

BMAR currently has the higher Sharpe Ratio (2.09 vs 2.01), 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.