IJUL vs. FMAR

Last updated Jun 4, 2026

IJUL (Innovator International Developed Power Buffer ETF - July) and FMAR (FT Vest U.S. Equity Buffer ETF - March) are both Defined Outcome funds. IJUL is passively managed, while FMAR is actively managed. Over the past 5 years, IJUL returned 7.77%/yr vs 10.77%/yr for FMAR. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.85% expense ratio.

Performance

IJUL vs. FMAR - Performance Comparison

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

Returns By Period

In the year-to-date period, IJUL achieves a 5.68% return, which is significantly lower than FMAR's 10.02% return.

IJUL

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

FMAR

• 1D: -0.21%
• 1M: 1.97%
• YTD: 10.02%
• 6M: 11.01%
• 1Y: 19.13%
• 3Y*: 14.55%
• 5Y*: 10.77%
• 10Y*: —

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

IJUL vs. FMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IJUL Innovator International Developed Power Buffer ETF - July	5.68%	20.98%	2.12%	13.77%	-2.77%	0.65%
FMAR FT Vest U.S. Equity Buffer ETF - March	10.02%	9.69%	14.61%	20.39%	-5.51%	11.38%

Correlation

The correlation between IJUL and FMAR 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 (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Mar 23, 2021	0.69

The correlation between IJUL and FMAR has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

IJUL vs. FMAR - Sectors Allocation Comparison

Sectors	IJUL	FMAR
Financial Services	24.7%	11.9%
Industrials	19.8%	8.1%
Healthcare	10.6%	8.4%
Technology	10.3%	36.2%
Consumer Cyclical	7.7%	10.1%
Consumer Defensive	6.7%	4.9%
Basic Materials	5.9%	1.8%
Communication Services	4.5%	10.9%
Energy	4.0%	3.5%
Utilities	4.0%	2.3%
Real Estate	1.9%	1.9%

Return for Risk

IJUL vs. FMAR — Risk / Return Rank

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

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

FMAR

FMAR Risk / Return Rank: 96
FMAR Sharpe Ratio Rank: 95
FMAR Sortino Ratio Rank: 97
FMAR Omega Ratio Rank: 97
FMAR Calmar Ratio Rank: 95
FMAR Martin Ratio Rank: 98

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.

IJUL vs. FMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - July (IJUL) and FT Vest U.S. Equity Buffer ETF - March (FMAR). 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.

	IJUL	FMAR	Difference
Sharpe ratio: Return per unit of total volatility	1.67	3.79	-2.11
Sortino ratio: Return per unit of downside risk	2.41	6.08	-3.68
Omega ratio: Gain probability vs. loss probability	1.32	1.94	-0.63
Calmar ratio: Return relative to maximum drawdown	2.50	8.14	-5.64
Martin ratio: Return relative to average drawdown	9.93	56.00	-46.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJUL vs. FMAR - Sharpe Ratio Comparison

The current IJUL Sharpe Ratio is 1.67, which is lower than the FMAR Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of IJUL and FMAR, 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

	IJUL	FMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	3.79	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.04	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.10	-0.52

Drawdowns

IJUL vs. FMAR - Drawdown Comparison

The maximum IJUL drawdown since its inception was -21.09%, which is greater than FMAR's maximum drawdown of -14.36%. Use the drawdown chart below to compare losses from any high point for IJUL and FMAR.

Drawdown Indicators

	IJUL	FMAR	Difference
Max Drawdown Largest peak-to-trough decline	-21.09%	-14.36%	-6.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.35%	-2.36%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-8.27%	-12.37%	+4.10%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-14.36%	-0.23%
Current Drawdown Current decline from peak	-0.13%	-0.21%	+0.08%
Average Drawdown Average peak-to-trough decline	-2.55%	-2.14%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.34%	+1.01%

Volatility

IJUL vs. FMAR - Volatility Comparison

Innovator International Developed Power Buffer ETF - July (IJUL) has a higher volatility of 1.90% compared to FT Vest U.S. Equity Buffer ETF - March (FMAR) at 0.98%. This indicates that IJUL's price experiences larger fluctuations and is considered to be riskier than FMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJUL	FMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	0.98%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	3.95%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	5.08%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.85%	10.45%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.08%	10.35%	+0.73%

IJUL vs. FMAR - Expense Ratio Comparison

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

Dividends

IJUL vs. FMAR - Dividend Comparison

Neither IJUL nor FMAR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FMAR FT Vest U.S. Equity Buffer ETF - March	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 IJUL and FMAR in my portfolio?

IJUL and FMAR 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, IJUL or FMAR?

IJUL has higher volatility (1.90%) compared to FMAR (0.98%). In terms of maximum drawdown, IJUL dropped -21.09% vs FMAR's -14.36%.

Which ETF is better, IJUL or FMAR?

On 5-year performance, FMAR leads with 10.77% vs 7.77% for IJUL. Both ETFs have the same 0.85% expense ratio. On volatility, FMAR has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJUL or FMAR?

Over the 5-year period, FMAR has performed better with a 10.77% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJUL or FMAR?

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

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

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

What is the main difference between IJUL and FMAR?

They also come from different issuers: Innovator and FT Vest.

Which has better risk-adjusted returns?

FMAR currently has the higher Sharpe Ratio (3.79 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.