DDFL vs. PJUL

Last updated Jul 11, 2026

DDFL (Innovator Equity Dual Directional 15 Buffer ETF - July) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. DDFL is actively managed, while PJUL is passively managed. Over the past year, DDFL returned 8.17% vs 11.57% for PJUL. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

DDFL vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) 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, DDFL achieves a 3.71% return, which is significantly lower than PJUL's 5.78% return.

DDFL

• 1D: 0.14%
• 1M: 0.85%
• 6M: 3.50%
• YTD: 3.71%
• 1Y: 8.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: 0.23%
• 1M: 1.04%
• 6M: 5.08%
• YTD: 5.78%
• 1Y: 11.57%
• 3Y*: 12.82%
• 5Y*: 10.56%
• 10Y*: —

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

DDFL vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	3.71%	2.85%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.78%	5.88%

Correlation

The correlation between DDFL and PJUL is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.78

The correlation between DDFL and PJUL has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.

Return for Risk

DDFL vs. PJUL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DDFL

DDFL Risk / Return Rank: 94
DDFL Sharpe Ratio Rank: 92
DDFL Sortino Ratio Rank: 95
DDFL Omega Ratio Rank: 94
DDFL Calmar Ratio Rank: 93
DDFL Martin Ratio Rank: 96

PJUL

PJUL Risk / Return Rank: 88
PJUL Sharpe Ratio Rank: 89
PJUL Sortino Ratio Rank: 91
PJUL Omega Ratio Rank: 92
PJUL Calmar Ratio Rank: 76
PJUL Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DDFL vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) 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.

	DDFL	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.31	+0.29
Sortino ratio: Return per unit of downside risk	4.12	3.45	+0.67
Omega ratio: Gain probability vs. loss probability	1.55	1.49	+0.07
Calmar ratio: Return relative to maximum drawdown	5.06	3.14	+1.92
Martin ratio: Return relative to average drawdown	25.72	17.67	+8.05

DDFL vs. PJUL - Sharpe Ratio Comparison

The current DDFL Sharpe Ratio is 2.60, which is comparable to the PJUL Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of DDFL 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

DDFL vs. PJUL - Drawdown Comparison

The maximum DDFL drawdown since its inception was -1.83%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for DDFL and PJUL.

Drawdown Indicators

	DDFL	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-1.83%	-18.17%	+16.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-3.64%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.69%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.30%	-1.45%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.65%	-0.33%

Volatility

DDFL vs. PJUL - Volatility Comparison

The current volatility for Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) is 0.58%, while Innovator U.S. Equity Power Buffer ETF - July (PJUL) has a volatility of 0.94%. This indicates that DDFL experiences smaller price fluctuations and is considered to be less risky than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDFL	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.94%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	3.89%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.18%	4.95%	-1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	8.61%	-4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.65%	9.97%	-6.32%

DDFL vs. PJUL - Expense Ratio Comparison

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

Dividends

DDFL vs. PJUL - Dividend Comparison

Neither DDFL nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	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 DDFL and PJUL in my portfolio?

DDFL and PJUL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDFL or PJUL?

PJUL has higher volatility (0.94%) compared to DDFL (0.58%). In terms of maximum drawdown, DDFL dropped -1.83% vs PJUL's -18.17%.

Which ETF is better, DDFL or PJUL?

On 1-year performance, PJUL leads with 11.57% vs 8.17% for DDFL. Both ETFs have the same 0.79% expense ratio. On volatility, DDFL has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDFL or PJUL?

Over the 1-year period, PJUL has performed better with a 11.57% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDFL or PJUL?

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

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

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

Which has better risk-adjusted returns?

DDFL currently has the higher Sharpe Ratio (2.60 vs 2.31), 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.