KFEB vs. PJUL

Last updated Jun 4, 2026

KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. KFEB is actively managed, while PJUL is passively managed. Over the past year, KFEB returned 24.53% vs 15.32% for PJUL. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KFEB 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 - February (KFEB) 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, KFEB achieves a 11.46% return, which is significantly higher than PJUL's 4.74% return.

KFEB

• 1D: -0.56%
• 1M: 1.73%
• YTD: 11.46%
• 6M: 10.76%
• 1Y: 24.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: 0.10%
• 1M: 1.44%
• YTD: 4.74%
• 6M: 5.40%
• 1Y: 15.32%
• 3Y*: 13.95%
• 5Y*: 10.49%
• 10Y*: —

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

KFEB vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	11.46%	8.76%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.74%	11.58%

Correlation

The correlation between KFEB and PJUL is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.78

The correlation between KFEB and PJUL has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

Return for Risk

KFEB vs. PJUL — Risk / Return Rank

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

KFEB

KFEB Risk / Return Rank: 74
KFEB Sharpe Ratio Rank: 70
KFEB Sortino Ratio Rank: 73
KFEB Omega Ratio Rank: 65
KFEB Calmar Ratio Rank: 82
KFEB Martin Ratio Rank: 80

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 83
PJUL Sortino Ratio Rank: 89
PJUL Omega Ratio Rank: 90
PJUL Calmar Ratio Rank: 81
PJUL Martin Ratio Rank: 92

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.

KFEB 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 - February (KFEB) 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.

	KFEB	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.73	-0.48
Sortino ratio: Return per unit of downside risk	3.26	4.12	-0.86
Omega ratio: Gain probability vs. loss probability	1.39	1.59	-0.20
Calmar ratio: Return relative to maximum drawdown	4.25	4.22	+0.03
Martin ratio: Return relative to average drawdown	15.46	23.24	-7.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KFEB vs. PJUL - Sharpe Ratio Comparison

The current KFEB Sharpe Ratio is 2.25, which is comparable to the PJUL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of KFEB 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

	KFEB	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.73	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.90	+0.28

Drawdowns

KFEB vs. PJUL - Drawdown Comparison

The maximum KFEB drawdown since its inception was -14.16%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for KFEB and PJUL.

Drawdown Indicators

	KFEB	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-18.17%	+4.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-3.64%	-2.16%
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	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-2.33%	-1.47%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	0.66%	+0.93%

Volatility

KFEB vs. PJUL - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) has a higher volatility of 2.41% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.42%. This indicates that KFEB'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

	KFEB	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	0.42%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	3.89%	+3.82%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	5.66%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	8.60%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	10.03%	+3.24%

KFEB vs. PJUL - Expense Ratio Comparison

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

Dividends

KFEB vs. PJUL - Dividend Comparison

Neither KFEB nor PJUL has paid dividends to shareholders.

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

KFEB and PJUL have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KFEB or PJUL?

KFEB has higher volatility (2.41%) compared to PJUL (0.42%). In terms of maximum drawdown, KFEB dropped -14.16% vs PJUL's -18.17%.

Which ETF is better, KFEB or PJUL?

On 1-year performance, KFEB leads with 24.53% vs 15.32% for PJUL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KFEB or PJUL?

Over the 1-year period, KFEB has performed better with a 24.53% return vs 15.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KFEB or PJUL?

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

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

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

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.73 vs 2.25), 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.