IDEC vs. PJUL

Last updated Jul 1, 2026

IDEC (Innovator International Developed Power Buffer ETF - December) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both exchange-traded funds - IDEC is a Options Trading fund actively managed by Innovator, while PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July. IDEC is actively managed, while PJUL is passively managed. Over the past year, IDEC returned 14.22% vs 11.31% for PJUL. A 0.66 correlation means they provide meaningful diversification when combined. IDEC charges 0.85%/yr vs 0.79%/yr for PJUL.

Performance

IDEC vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - December (IDEC) 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, IDEC achieves a 6.27% return, which is significantly higher than PJUL's 5.13% return.

IDEC

• 1D: 0.29%
• 1M: 0.64%
• YTD: 6.27%
• 6M: 6.02%
• 1Y: 14.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: 0.06%
• 1M: 0.60%
• YTD: 5.13%
• 6M: 4.74%
• 1Y: 11.31%
• 3Y*: 12.57%
• 5Y*: 10.45%
• 10Y*: —

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

IDEC vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IDEC Innovator International Developed Power Buffer ETF - December	6.27%	21.78%	2.50%	3.27%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.13%	12.78%	13.76%	2.96%

Correlation

The correlation between IDEC and PJUL is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.66

The correlation between IDEC and PJUL has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

IDEC vs. PJUL — Risk / Return Rank

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

IDEC

IDEC Risk / Return Rank: 55
IDEC Sharpe Ratio Rank: 55
IDEC Sortino Ratio Rank: 57
IDEC Omega Ratio Rank: 59
IDEC Calmar Ratio Rank: 48
IDEC Martin Ratio Rank: 57

PJUL

PJUL Risk / Return Rank: 85
PJUL Sharpe Ratio Rank: 84
PJUL Sortino Ratio Rank: 88
PJUL Omega Ratio Rank: 90
PJUL Calmar Ratio Rank: 72
PJUL 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.

IDEC vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - December (IDEC) 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.

	IDEC	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.32	-0.72
Sortino ratio: Return per unit of downside risk	2.34	3.44	-1.10
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	2.08	3.12	-1.04
Martin ratio: Return relative to average drawdown	8.45	17.55	-9.09

IDEC vs. PJUL - Sharpe Ratio Comparison

The current IDEC Sharpe Ratio is 1.60, which is lower than the PJUL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of IDEC 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

IDEC vs. PJUL - Drawdown Comparison

The maximum IDEC drawdown since its inception was -8.51%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for IDEC and PJUL.

Drawdown Indicators

	IDEC	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-8.51%	-18.17%	+9.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.87%	-3.64%	-3.23%
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	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-1.51%	-1.46%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.65%	+1.04%

Volatility

IDEC vs. PJUL - Volatility Comparison

Innovator International Developed Power Buffer ETF - December (IDEC) has a higher volatility of 3.13% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.66%. This indicates that IDEC's price experiences larger fluctuations and is considered to be riskier than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDEC	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	0.66%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	3.83%	+4.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.91%	4.93%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	8.61%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	9.99%	-0.30%

IDEC vs. PJUL - Expense Ratio Comparison

IDEC has a 0.85% expense ratio, which is higher than PJUL's 0.79% expense ratio.

Dividends

IDEC vs. PJUL - Dividend Comparison

Neither IDEC nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IDEC Innovator International Developed Power Buffer ETF - December	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 IDEC and PJUL in my portfolio?

IDEC and PJUL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IDEC or PJUL?

IDEC has higher volatility (3.13%) compared to PJUL (0.66%). In terms of maximum drawdown, IDEC dropped -8.51% vs PJUL's -18.17%.

Which ETF is better, IDEC or PJUL?

On 1-year performance, IDEC leads with 14.22% vs 11.31% for PJUL. On fees, PJUL is cheaper at 0.79% per year. On volatility, PJUL has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IDEC or PJUL?

Over the 1-year period, IDEC has performed better with a 14.22% return vs 11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IDEC or PJUL?

PJUL is cheaper with a 0.79% expense ratio, compared with 0.85% for IDEC.

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

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

What is the main difference between IDEC and PJUL?

IDEC is categorized as Options Trading, while PJUL is Defined Outcome. Their fees differ too: 0.85% for IDEC and 0.79% for PJUL.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.32 vs 1.60), 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.