EJUL vs. BUFF

Last updated Jun 4, 2026

EJUL (Innovator Emerging Markets Power Buffer ETF - July) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - EJUL tracks the MSCI Emerging Markets Index while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, EJUL returned 3.01%/yr vs 8.71%/yr for BUFF. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.89% expense ratio.

Performance

EJUL vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF - July (EJUL) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EJUL achieves a 4.63% return, which is significantly lower than BUFF's 5.42% return.

EJUL

• 1D: -0.23%
• 1M: 0.57%
• YTD: 4.63%
• 6M: 6.20%
• 1Y: 18.82%
• 3Y*: 10.25%
• 5Y*: 3.01%
• 10Y*: —

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

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

EJUL vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EJUL Innovator Emerging Markets Power Buffer ETF - July	4.63%	20.20%	4.38%	3.50%	-10.92%	-2.43%	1.06%	3.10%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	10.37%

Correlation

The correlation between EJUL and BUFF is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 2, 2019	0.56

The correlation between EJUL and BUFF has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.

EJUL vs. BUFF - Sectors Allocation Comparison

Sectors	EJUL	BUFF
Technology	37.0%	36.2%
Financial Services	19.4%	11.9%
Consumer Cyclical	9.6%	10.1%
Industrials	7.5%	8.1%
Communication Services	6.9%	10.9%
Basic Materials	6.5%	1.8%
Energy	4.0%	3.5%
Consumer Defensive	3.0%	4.9%
Healthcare	2.9%	8.4%
Utilities	2.1%	2.3%
Real Estate	1.1%	1.9%

Return for Risk

EJUL vs. BUFF — Risk / Return Rank

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

EJUL

EJUL Risk / Return Rank: 87
EJUL Sharpe Ratio Rank: 80
EJUL Sortino Ratio Rank: 87
EJUL Omega Ratio Rank: 89
EJUL Calmar Ratio Rank: 87
EJUL Martin Ratio Rank: 91

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

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.

EJUL vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF - July (EJUL) and Innovator Laddered Allocation Power Buffer ETF (BUFF). 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.

	EJUL	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.80	-0.22
Sortino ratio: Return per unit of downside risk	3.95	4.24	-0.28
Omega ratio: Gain probability vs. loss probability	1.56	1.58	-0.02
Calmar ratio: Return relative to maximum drawdown	4.96	4.02	+0.94
Martin ratio: Return relative to average drawdown	21.65	21.50	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EJUL vs. BUFF - Sharpe Ratio Comparison

The current EJUL Sharpe Ratio is 2.59, which is comparable to the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of EJUL and BUFF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EJUL	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.80	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.04	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.49	-0.22

Drawdowns

EJUL vs. BUFF - Drawdown Comparison

The maximum EJUL drawdown since its inception was -21.61%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for EJUL and BUFF.

Drawdown Indicators

	EJUL	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-21.61%	-46.23%	+24.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-3.58%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-8.36%	-10.24%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-21.61%	-10.24%	-11.37%
Current Drawdown Current decline from peak	-0.23%	-0.27%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.61%	-6.18%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.67%	+0.20%

Volatility

EJUL vs. BUFF - Volatility Comparison

The current volatility for Innovator Emerging Markets Power Buffer ETF - July (EJUL) is 0.83%, while Innovator Laddered Allocation Power Buffer ETF (BUFF) has a volatility of 1.02%. This indicates that EJUL experiences smaller price fluctuations and is considered to be less risky than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EJUL	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.02%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	4.73%	3.83%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	5.15%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.66%	8.41%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.45%	17.67%	-6.22%

EJUL vs. BUFF - Expense Ratio Comparison

Both EJUL and BUFF have an expense ratio of 0.89%.

Dividends

EJUL vs. BUFF - Dividend Comparison

Neither EJUL nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
EJUL Innovator Emerging Markets Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EJUL and BUFF in my portfolio?

EJUL and BUFF have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EJUL or BUFF?

BUFF has higher volatility (1.02%) compared to EJUL (0.83%). In terms of maximum drawdown, EJUL dropped -21.61% vs BUFF's -46.23%.

Which ETF is better, EJUL or BUFF?

On 5-year performance, BUFF leads with 8.71% vs 3.01% for EJUL. Both ETFs have the same 0.89% expense ratio. On volatility, EJUL has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJUL or BUFF?

Over the 5-year period, BUFF has performed better with a 8.71% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJUL or BUFF?

EJUL and BUFF have the same expense ratio: 0.89% per year.

Which ETF pays a higher dividend yield, EJUL or BUFF?

EJUL and BUFF have nearly identical dividend yields, around 0.00%.

What is the main difference between EJUL and BUFF?

EJUL tracks MSCI Emerging Markets Index, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.59), 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.