IAPR vs. IJUL

Last updated Jun 4, 2026

IAPR (Innovator International Developed Power Buffer ETF - April) and IJUL (Innovator International Developed Power Buffer ETF - July) are both Defined Outcome funds from Innovator - IAPR tracks the MSCI EAFE while IJUL tracks the MSCI EAFE Index. Both are passively managed. Over the past 5 years, IAPR returned 5.03%/yr vs 7.77%/yr for IJUL. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

IAPR vs. IJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - April (IAPR) and Innovator International Developed Power Buffer ETF - July (IJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAPR achieves a 6.91% return, which is significantly higher than IJUL's 5.68% return.

IAPR

• 1D: -0.33%
• 1M: 1.90%
• YTD: 6.91%
• 6M: 8.28%
• 1Y: 14.08%
• 3Y*: 10.13%
• 5Y*: 5.03%
• 10Y*: —

IJUL

• 1D: -0.13%
• 1M: 2.38%
• YTD: 5.68%
• 6M: 7.34%
• 1Y: 13.33%
• 3Y*: 11.04%
• 5Y*: 7.77%
• 10Y*: —

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

IAPR vs. IJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IAPR Innovator International Developed Power Buffer ETF - April	6.91%	15.51%	3.76%	7.67%	-7.61%	2.74%
IJUL Innovator International Developed Power Buffer ETF - July	5.68%	20.98%	2.12%	13.77%	-2.77%	0.75%

Correlation

The correlation between IAPR and IJUL is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.88

The correlation between IAPR and IJUL has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

IAPR vs. IJUL — Risk / Return Rank

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

IAPR

IAPR Risk / Return Rank: 78
IAPR Sharpe Ratio Rank: 64
IAPR Sortino Ratio Rank: 73
IAPR Omega Ratio Rank: 72
IAPR Calmar Ratio Rank: 90
IAPR Martin Ratio Rank: 91

IJUL

IJUL Risk / Return Rank: 52
IJUL Sharpe Ratio Rank: 50
IJUL Sortino Ratio Rank: 49
IJUL Omega Ratio Rank: 52
IJUL Calmar Ratio Rank: 51
IJUL Martin Ratio Rank: 58

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.

IAPR vs. IJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - April (IAPR) and Innovator International Developed Power Buffer ETF - July (IJUL). 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.

	IAPR	IJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.67	+0.44
Sortino ratio: Return per unit of downside risk	3.31	2.41	+0.90
Omega ratio: Gain probability vs. loss probability	1.43	1.32	+0.11
Calmar ratio: Return relative to maximum drawdown	5.51	2.50	+3.01
Martin ratio: Return relative to average drawdown	21.30	9.93	+11.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAPR vs. IJUL - Sharpe Ratio Comparison

The current IAPR Sharpe Ratio is 2.12, which is comparable to the IJUL Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of IAPR and IJUL, 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

	IAPR	IJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.67	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.79	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.58	+0.03

Drawdowns

IAPR vs. IJUL - Drawdown Comparison

The maximum IAPR drawdown since its inception was -17.73%, smaller than the maximum IJUL drawdown of -21.09%. Use the drawdown chart below to compare losses from any high point for IAPR and IJUL.

Drawdown Indicators

	IAPR	IJUL	Difference
Max Drawdown Largest peak-to-trough decline	-17.73%	-21.09%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-5.35%	+2.79%
Max Drawdown (3Y) Largest decline over 3 years	-9.46%	-8.27%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-17.73%	-14.59%	-3.14%
Current Drawdown Current decline from peak	-0.41%	-0.13%	-0.28%
Average Drawdown Average peak-to-trough decline	-3.88%	-2.55%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.35%	-0.69%

Volatility

IAPR vs. IJUL - Volatility Comparison

Innovator International Developed Power Buffer ETF - April (IAPR) has a higher volatility of 2.73% compared to Innovator International Developed Power Buffer ETF - July (IJUL) at 1.90%. This indicates that IAPR's price experiences larger fluctuations and is considered to be riskier than IJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAPR	IJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	1.90%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	6.09%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	6.68%	8.03%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.85%	9.85%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	11.08%	-2.31%

IAPR vs. IJUL - Expense Ratio Comparison

Both IAPR and IJUL have an expense ratio of 0.85%.

Dividends

IAPR vs. IJUL - Dividend Comparison

Neither IAPR nor IJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IAPR Innovator International Developed Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IJUL Innovator International Developed Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.99%

Frequently Asked Questions

Can I hold both IAPR and IJUL in my portfolio?

With a correlation of 0.91, IAPR and IJUL 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.

Which is riskier, IAPR or IJUL?

IAPR has higher volatility (2.73%) compared to IJUL (1.90%). In terms of maximum drawdown, IAPR dropped -17.73% vs IJUL's -21.09%.

Which ETF is better, IAPR or IJUL?

On 5-year performance, IJUL leads with 7.77% vs 5.03% for IAPR. Both ETFs have the same 0.85% expense ratio. On volatility, IJUL has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAPR or IJUL?

Over the 5-year period, IJUL has performed better with a 7.77% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAPR or IJUL?

IAPR and IJUL have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, IAPR or IJUL?

IAPR and IJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between IAPR and IJUL?

IAPR tracks MSCI EAFE, while IJUL tracks MSCI EAFE Index.

Which has better risk-adjusted returns?

IAPR currently has the higher Sharpe Ratio (2.12 vs 1.67), 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.