DDFM vs. PJUL

Last updated Jun 5, 2026

DDFM (Innovator Equity Dual Directional 15 Buffer ETF - March) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator - DDFM tracks the SPDR S&P 500 ETF Trust (SPY) while PJUL tracks the Cboe S&P 500 Buffer Protect Index July. Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

DDFM vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - March (DDFM) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DDFM

• 1D: 0.10%
• 1M: 1.05%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: -0.10%
• 1M: 1.12%
• YTD: 4.63%
• 6M: 5.28%
• 1Y: 15.34%
• 3Y*: 13.94%
• 5Y*: 10.46%
• 10Y*: —

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

DDFM vs. PJUL - Yearly Performance Comparison

	2026 (YTD)
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	3.27%
PJUL Innovator U.S. Equity Power Buffer ETF - July	3.78%

Correlation

The correlation between DDFM and PJUL is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 3, 2026	0.89

Return for Risk

DDFM vs. PJUL — Risk / Return Rank

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

PJUL

PJUL Risk / Return Rank: 88
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 90
PJUL Omega Ratio Rank: 91
PJUL Calmar Ratio Rank: 82
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.

DDFM vs. PJUL - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DDFM	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.74	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	0.89	+1.34

Drawdowns

DDFM vs. PJUL - Drawdown Comparison

The maximum DDFM drawdown since its inception was -3.09%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for DDFM and PJUL.

Drawdown Indicators

	DDFM	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-3.09%	-18.17%	+15.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.64%	—
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%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.52%	-1.47%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	DDFM	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	5.63%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	8.60%	-2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	10.02%	-4.13%

DDFM vs. PJUL - Expense Ratio Comparison

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

Dividends

DDFM vs. PJUL - Dividend Comparison

Neither DDFM nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DDFM Innovator Equity Dual Directional 15 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 DDFM and PJUL in my portfolio?

DDFM 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 ETF is better, DDFM or PJUL?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFM or PJUL?

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

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

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

What is the main difference between DDFM and PJUL?

DDFM tracks SPDR S&P 500 ETF Trust (SPY), while PJUL tracks Cboe S&P 500 Buffer Protect Index July.