BNOV vs. BJUL

Last updated Aug 2, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and BJUL (Innovator U.S. Equity Buffer ETF - July) are both Defined Outcome funds from Innovator - BNOV tracks the S&P 500 Price Return Index while BJUL tracks the S&P 500. Both are passively managed. Over the past 5 years, BNOV returned 8.60%/yr vs 11.39%/yr for BJUL. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

BNOV vs. BJUL - Performance Comparison

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

Returns By Period

In the year-to-date period, BNOV achieves a 8.04% return, which is significantly higher than BJUL's 7.40% return.

BNOV

• 1D: 0.78%
• 1M: 0.65%
• 6M: 7.01%
• YTD: 8.04%
• 1Y: 15.79%
• 3Y*: 11.26%
• 5Y*: 8.60%
• 10Y*: —
• ALL TIME*: 9.78%

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%

*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
BNOV Innovator U.S. Equity Buffer ETF - November	$493.09K	$442.48K	$1.23M

BNOV vs. BJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BNOV Innovator U.S. Equity Buffer ETF - November	8.04%	13.23%	12.49%	17.24%	-9.63%	10.61%	11.82%	4.07%
BJUL Innovator U.S. Equity Buffer ETF - July	7.40%	13.93%	18.41%	21.73%	-7.38%	10.77%	9.05%	4.15%

Correlation

The correlation between BNOV and BJUL is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.91

The correlation between BNOV and BJUL has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

BNOV vs. BJUL - Sectors Allocation Comparison

Sectors	BNOV	BJUL
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

BNOV vs. BJUL — Risk / Return Rank

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

BNOV

BNOV Risk / Return Rank: 71
BNOV Sharpe Ratio Rank: 70
BNOV Sortino Ratio Rank: 72
BNOV Omega Ratio Rank: 73
BNOV Calmar Ratio Rank: 64
BNOV Martin Ratio Rank: 78

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

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.

BNOV vs. BJUL - Risk-Adjusted Trends Comparison

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

	BNOV	BJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.85	-0.24
Sortino ratio: Return per unit of downside risk	2.32	2.67	-0.35
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.23	2.56	-0.33
Martin ratio: Return relative to average drawdown	10.01	13.02	-3.02

BNOV vs. BJUL - Sharpe Ratio Comparison

The current BNOV Sharpe Ratio is 1.61, which is comparable to the BJUL Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BNOV and BJUL, 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

BNOV vs. BJUL - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, roughly equal to the maximum BJUL drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for BNOV and BJUL.

Drawdown Indicators

	BNOV	BJUL	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-24.03%	-0.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-5.40%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-14.06%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	-14.06%	-2.21%
Current Drawdown Current decline from peak	-0.43%	-0.44%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.88%	-2.46%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.06%	+0.40%

Volatility

BNOV vs. BJUL - Volatility Comparison

Innovator U.S. Equity Buffer ETF - November (BNOV) and Innovator U.S. Equity Buffer ETF - July (BJUL) have volatilities of 2.71% and 2.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNOV	BJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.64%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	5.82%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	7.47%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	11.64%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	13.54%	+0.44%

BNOV vs. BJUL - Expense Ratio Comparison

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

Dividends

BNOV vs. BJUL - Dividend Comparison

Neither BNOV nor BJUL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BNOV and BJUL in my portfolio?

With a correlation of 0.90, BNOV and BJUL 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, BNOV or BJUL?

BNOV has higher volatility (2.71%) compared to BJUL (2.64%). In terms of maximum drawdown, BNOV dropped -24.66% vs BJUL's -24.03%.

Which ETF is better, BNOV or BJUL?

On 5-year performance, BJUL leads with 11.39% vs 8.60% for BNOV. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNOV or BJUL?

Over the 5-year period, BJUL has performed better with a 11.39% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNOV or BJUL?

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

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

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

What is the main difference between BNOV and BJUL?

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

Which has better risk-adjusted returns?

BJUL currently has the higher Sharpe Ratio (1.85 vs 1.61), 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.