KBFR vs. PJUL

Last updated Jun 6, 2026

KBFR (Innovator U.S. Small Cap Managed 10 Buffer ETF) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. KBFR is actively managed, while PJUL is passively managed. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KBFR vs. PJUL - Performance Comparison

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

Returns By Period

KBFR

• 1D: -1.61%
• 1M: -0.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: -0.31%
• 1M: 0.63%
• YTD: 4.31%
• 6M: 4.83%
• 1Y: 14.55%
• 3Y*: 13.73%
• 5Y*: 10.40%
• 10Y*: —

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

KBFR vs. PJUL - Yearly Performance Comparison

	2026 (YTD)
KBFR Innovator U.S. Small Cap Managed 10 Buffer ETF	3.16%
PJUL Innovator U.S. Equity Power Buffer ETF - July	3.46%

Correlation

The correlation between KBFR and PJUL is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.67

Return for Risk

KBFR vs. PJUL — Risk / Return Rank

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

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.

KBFR vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Managed 10 Buffer ETF (KBFR) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KBFR	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.79	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.89	+0.18

Drawdowns

KBFR vs. PJUL - Drawdown Comparison

The maximum KBFR drawdown since its inception was -4.18%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for KBFR and PJUL.

Drawdown Indicators

	KBFR	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-4.18%	-18.17%	+13.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.64%	—
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	-1.61%	-0.41%	-1.20%
Average Drawdown Average peak-to-trough decline	-1.21%	-1.47%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	KBFR	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.95%	5.64%	+5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.95%	8.60%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.95%	10.02%	+0.93%

KBFR vs. PJUL - Expense Ratio Comparison

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

Dividends

KBFR vs. PJUL - Dividend Comparison

KBFR's dividend yield for the trailing twelve months is around 0.11%, while PJUL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KBFR Innovator U.S. Small Cap Managed 10 Buffer ETF	0.11%	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 KBFR and PJUL in my portfolio?

KBFR and PJUL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBFR or PJUL?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBFR or PJUL?

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

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

KBFR has the higher dividend yield at 0.11%, compared with 0.00% for PJUL.