IMAY vs. PJUL

Last updated Jun 6, 2026

IMAY (Innovator International Developed Power Buffer ETF - May) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. IMAY is actively managed, while PJUL is passively managed. Over the past year, IMAY returned 11.67% vs 15.58% for PJUL. A 0.63 correlation means they provide meaningful diversification when combined. IMAY charges 0.85%/yr vs 0.79%/yr for PJUL.

Performance

IMAY vs. PJUL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with IMAY having a 4.39% return and PJUL slightly lower at 4.31%.

IMAY

• 1D: -1.39%
• 1M: -1.13%
• YTD: 4.39%
• 6M: 5.94%
• 1Y: 11.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: -0.31%
• 1M: 0.66%
• YTD: 4.31%
• 6M: 4.83%
• 1Y: 15.58%
• 3Y*: 13.73%
• 5Y*: 10.40%
• 10Y*: —

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

IMAY vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IMAY Innovator International Developed Power Buffer ETF - May	4.39%	20.08%	0.30%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.31%	12.78%	9.44%

Correlation

The correlation between IMAY and PJUL is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.63

The correlation between IMAY and PJUL has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

IMAY vs. PJUL - Sectors Allocation Comparison

Sectors	IMAY	PJUL
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

IMAY vs. PJUL — Risk / Return Rank

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

IMAY

IMAY Risk / Return Rank: 56
IMAY Sharpe Ratio Rank: 50
IMAY Sortino Ratio Rank: 51
IMAY Omega Ratio Rank: 54
IMAY Calmar Ratio Rank: 60
IMAY Martin Ratio Rank: 67

PJUL

PJUL Risk / Return Rank: 90
PJUL Sharpe Ratio Rank: 87
PJUL Sortino Ratio Rank: 92
PJUL Omega Ratio Rank: 92
PJUL Calmar Ratio Rank: 83
PJUL Martin Ratio Rank: 93

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.

IMAY vs. PJUL - Risk-Adjusted Trends Comparison

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

	IMAY	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.79	-1.20
Sortino ratio: Return per unit of downside risk	2.28	4.22	-1.94
Omega ratio: Gain probability vs. loss probability	1.31	1.60	-0.29
Calmar ratio: Return relative to maximum drawdown	2.78	4.30	-1.52
Martin ratio: Return relative to average drawdown	11.45	23.65	-12.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMAY vs. PJUL - Sharpe Ratio Comparison

The current IMAY Sharpe Ratio is 1.59, which is lower than the PJUL Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of IMAY 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.

Sharpe Ratios by Period

	IMAY	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	2.79	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.89	+0.33

Drawdowns

IMAY vs. PJUL - Drawdown Comparison

The maximum IMAY drawdown since its inception was -9.38%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for IMAY and PJUL.

Drawdown Indicators

	IMAY	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-9.38%	-18.17%	+8.79%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-3.64%	-0.58%
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	-1.48%	-0.41%	-1.07%
Average Drawdown Average peak-to-trough decline	-1.73%	-1.47%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.66%	+0.36%

Volatility

IMAY vs. PJUL - Volatility Comparison

Innovator International Developed Power Buffer ETF - May (IMAY) has a higher volatility of 2.86% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.55%. This indicates that IMAY'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

	IMAY	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	0.55%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	3.90%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	7.36%	5.64%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.51%	8.60%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.51%	10.02%	-0.51%

IMAY vs. PJUL - Expense Ratio Comparison

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

Dividends

IMAY vs. PJUL - Dividend Comparison

Neither IMAY nor PJUL has paid dividends to shareholders.

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

IMAY and PJUL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMAY or PJUL?

IMAY has higher volatility (2.86%) compared to PJUL (0.55%). In terms of maximum drawdown, IMAY dropped -9.38% vs PJUL's -18.17%.

Which ETF is better, IMAY or PJUL?

On 1-year performance, PJUL leads with 15.58% vs 11.67% for IMAY. On fees, PJUL is cheaper at 0.79% per year. On volatility, PJUL has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMAY or PJUL?

Over the 1-year period, PJUL has performed better with a 15.58% return vs 11.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMAY or PJUL?

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

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

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

What is the main difference between IMAY and PJUL?

Their fees differ too: 0.85% for IMAY and 0.79% for PJUL.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.79 vs 1.59), 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.