BSEP vs. JULB
BSEP (Innovator U.S. Equity Buffer ETF - September) and JULB (Aptus July Buffer ETF) are both Defined Outcome funds. BSEP is passively managed, while JULB is actively managed. With a 0.97 correlation, they move nearly in lockstep. BSEP charges 0.79%/yr vs 0.25%/yr for JULB.
Performance
BSEP vs. JULB - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BSEP having a 6.18% return and JULB slightly higher at 6.38%.
BSEP
- 1D
- -0.55%
- 1M
- 0.14%
- YTD
- 6.18%
- 6M
- 5.70%
- 1Y
- 18.44%
- 3Y*
- 15.76%
- 5Y*
- 10.46%
- 10Y*
- —
JULB
- 1D
- -0.37%
- 1M
- 0.61%
- YTD
- 6.38%
- 6M
- 6.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSEP vs. JULB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSEP Innovator U.S. Equity Buffer ETF - September | 6.18% | 2.44% |
JULB Aptus July Buffer ETF | 6.38% | 2.44% |
Correlation
The correlation between BSEP and JULB 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 (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.97 |
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Return for Risk
BSEP vs. JULB — Risk / Return Rank
BSEP
JULB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BSEP vs. JULB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - September (BSEP) and Aptus July Buffer ETF (JULB). 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.
| BSEP | JULB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.46 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | — | — |
| Martin ratioReturn relative to average drawdown | 16.09 | — | — |
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Drawdowns
BSEP vs. JULB - Drawdown Comparison
The maximum BSEP drawdown since its inception was -23.98%, which is greater than JULB's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for BSEP and JULB.
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Drawdown Indicators
| BSEP | JULB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.98% | -5.24% | -18.74% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -13.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | — | — |
Current DrawdownCurrent decline from peak | -0.80% | -0.43% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -0.83% | -1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | — | — |
Volatility
BSEP vs. JULB - Volatility Comparison
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Volatility by Period
| BSEP | JULB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 5.99% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 6.84% | +0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.64% | 6.84% | +4.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.73% | 6.84% | +6.89% |
BSEP vs. JULB - Expense Ratio Comparison
BSEP has a 0.79% expense ratio, which is higher than JULB's 0.25% expense ratio.
Dividends
BSEP vs. JULB - Dividend Comparison
Neither BSEP nor JULB has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSEP Innovator U.S. Equity Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.39% |
JULB Aptus July Buffer ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, BSEP and JULB 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.
On fees, JULB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JULB is cheaper with a 0.25% expense ratio, compared with 0.79% for BSEP.
BSEP and JULB have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Innovator and Aptus Capital Advisors. Their fees differ too: 0.79% for BSEP and 0.25% for JULB.
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