KAUG vs. PJUL

Last updated Aug 1, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. KAUG is actively managed, while PJUL is passively managed. Over the past year, KAUG returned 17.74% vs 11.10% for PJUL. Their 0.74 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

KAUG vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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, KAUG achieves a 8.59% return, which is significantly higher than PJUL's 5.43% return.

KAUG

• 1D: 0.10%
• 1M: 0.56%
• 6M: 6.47%
• YTD: 8.59%
• 1Y: 17.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.49%

PJUL

• 1D: 0.35%
• 1M: 0.51%
• 6M: 4.62%
• YTD: 5.43%
• 1Y: 11.10%
• 3Y*: 12.02%
• 5Y*: 10.37%
• 10Y*: —
• ALL TIME*: 8.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KAUG Innovator U.S. Small Cap Power Buffer ETF	$320.24K	$293.83K	$502.19K
PJUL Innovator U.S. Equity Power Buffer ETF - July	$6.04M	$11.74M	$6.93M

KAUG vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	8.59%	5.52%	0.81%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.43%	12.78%	5.03%

Correlation

The correlation between KAUG and PJUL is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.74

The correlation between KAUG and PJUL has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

KAUG vs. PJUL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KAUG

KAUG Risk / Return Rank: 92
KAUG Sharpe Ratio Rank: 89
KAUG Sortino Ratio Rank: 92
KAUG Omega Ratio Rank: 92
KAUG Calmar Ratio Rank: 92
KAUG Martin Ratio Rank: 93

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 87
PJUL Omega Ratio Rank: 89
PJUL Calmar Ratio Rank: 80
PJUL Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KAUG vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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.

	KAUG	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.01	+0.19
Sortino ratio: Return per unit of downside risk	3.32	2.96	+0.36
Omega ratio: Gain probability vs. loss probability	1.45	1.41	+0.04
Calmar ratio: Return relative to maximum drawdown	4.21	2.87	+1.33
Martin ratio: Return relative to average drawdown	17.09	15.66	+1.43

KAUG vs. PJUL - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 2.20, which is comparable to the PJUL Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of KAUG 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

KAUG vs. PJUL - Drawdown Comparison

The maximum KAUG drawdown since its inception was -15.66%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for KAUG and PJUL.

Drawdown Indicators

	KAUG	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-18.17%	+2.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-3.64%	-0.30%
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	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-2.69%	-1.45%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.67%	+0.30%

Volatility

KAUG vs. PJUL - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF (KAUG) is 0.28%, while Innovator U.S. Equity Power Buffer ETF - July (PJUL) has a volatility of 1.96%. This indicates that KAUG experiences smaller price fluctuations and is considered to be less risky than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAUG	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.96%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	4.13%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	5.21%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	8.62%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.85%	9.96%	+0.89%

KAUG vs. PJUL - Expense Ratio Comparison

Both KAUG and PJUL have an expense ratio of 0.79%.

Dividends

KAUG vs. PJUL - Dividend Comparison

Neither KAUG nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KAUG Innovator U.S. Small Cap Power Buffer ETF	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 KAUG and PJUL in my portfolio?

KAUG and PJUL have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAUG or PJUL?

PJUL has higher volatility (1.96%) compared to KAUG (0.28%). In terms of maximum drawdown, KAUG dropped -15.66% vs PJUL's -18.17%.

Which ETF is better, KAUG or PJUL?

On 1-year performance, KAUG leads with 17.74% vs 11.10% for PJUL. Both ETFs have the same 0.79% expense ratio. On volatility, KAUG has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or PJUL?

Over the 1-year period, KAUG has performed better with a 17.74% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or PJUL?

KAUG and PJUL have the same expense ratio: 0.79% per year.

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

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

Which has better risk-adjusted returns?

KAUG currently has the higher Sharpe Ratio (2.20 vs 2.01), 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.