DDFM vs. PJUL

Last updated Aug 1, 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 0.82 means they have usually moved in the same direction. 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: 0.21%
• 1M: 0.55%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	$52.30K	$63.44K	$88.30K
PJUL Innovator U.S. Equity Power Buffer ETF - July	$6.04M	$11.74M	$6.93M

DDFM vs. PJUL - Yearly Performance Comparison

	2026 (YTD)
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	3.54%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.62%

Correlation

The correlation between DDFM and PJUL is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 2, 2026	0.82

Return for Risk

DDFM vs. PJUL — Risk / Return Rank

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

DDFM

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

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.

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.

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.

	DDFM	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.01	—
Sortino ratio: Return per unit of downside risk	—	2.96	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	2.87	—
Martin ratio: Return relative to average drawdown	—	15.66	—

Drawdowns

DDFM vs. PJUL - Drawdown Comparison

The maximum DDFM drawdown since its inception was -3.49%, 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	-3.49%	-18.17%	+14.68%
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%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.52%	-1.45%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.67%	—

Volatility

Volatility by Period

	DDFM	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	5.21%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	8.62%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.31%	9.96%	-4.65%

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 0.82, 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.