KJUL vs. UAUG

Last updated Jun 5, 2026

KJUL (Innovator Russell 2000 Power Buffer ETF - July) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both Defined Outcome funds from Innovator - KJUL tracks the iShares Russell 2000 ETF while UAUG tracks the S&P 500. Both are passively managed. Over the past 5 years, KJUL returned 4.93%/yr vs 7.99%/yr for UAUG. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KJUL vs. UAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Russell 2000 Power Buffer ETF - July (KJUL) and Innovator U.S. Equity Ultra Buffer ETF - August (UAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KJUL achieves a 6.53% return, which is significantly higher than UAUG's 4.95% return.

KJUL

• 1D: 0.00%
• 1M: 0.84%
• YTD: 6.53%
• 6M: 6.73%
• 1Y: 18.90%
• 3Y*: 11.07%
• 5Y*: 4.93%
• 10Y*: —

UAUG

• 1D: 0.10%
• 1M: 1.39%
• YTD: 4.95%
• 6M: 5.47%
• 1Y: 15.35%
• 3Y*: 14.66%
• 5Y*: 7.99%
• 10Y*: —

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

KJUL vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KJUL Innovator Russell 2000 Power Buffer ETF - July	6.53%	7.70%	8.69%	11.78%	-8.44%	2.51%	11.61%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.95%	12.42%	15.51%	17.71%	-10.81%	4.94%	8.20%

Correlation

The correlation between KJUL and UAUG is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 2, 2020	0.74

The correlation between KJUL and UAUG has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

KJUL vs. UAUG - Sectors Allocation Comparison

Sectors	KJUL	UAUG
Industrials	17.5%	8.1%
Technology	16.9%	36.2%
Healthcare	16.5%	8.4%
Financial Services	15.9%	11.9%
Consumer Cyclical	8.4%	10.1%
Real Estate	6.2%	1.9%
Energy	6.2%	3.5%
Basic Materials	4.8%	1.8%
Utilities	2.9%	2.3%
Communication Services	2.5%	10.9%
Consumer Defensive	2.4%	4.9%

Return for Risk

KJUL vs. UAUG — Risk / Return Rank

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

KJUL

KJUL Risk / Return Rank: 83
KJUL Sharpe Ratio Rank: 74
KJUL Sortino Ratio Rank: 81
KJUL Omega Ratio Rank: 79
KJUL Calmar Ratio Rank: 90
KJUL Martin Ratio Rank: 90

UAUG

UAUG Risk / Return Rank: 87
UAUG Sharpe Ratio Rank: 86
UAUG Sortino Ratio Rank: 90
UAUG Omega Ratio Rank: 91
UAUG Calmar Ratio Rank: 78
UAUG Martin Ratio Rank: 90

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.

KJUL vs. UAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Russell 2000 Power Buffer ETF - July (KJUL) and Innovator U.S. Equity Ultra Buffer ETF - August (UAUG). 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.

	KJUL	UAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.81	-0.43
Sortino ratio: Return per unit of downside risk	3.54	4.15	-0.61
Omega ratio: Gain probability vs. loss probability	1.47	1.58	-0.11
Calmar ratio: Return relative to maximum drawdown	5.54	3.89	+1.65
Martin ratio: Return relative to average drawdown	20.49	20.60	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KJUL vs. UAUG - Sharpe Ratio Comparison

The current KJUL Sharpe Ratio is 2.38, which is comparable to the UAUG Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of KJUL and UAUG, 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

	KJUL	UAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.81	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	1.02	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.91	-0.35

Drawdowns

KJUL vs. UAUG - Drawdown Comparison

The maximum KJUL drawdown since its inception was -16.69%, which is greater than UAUG's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for KJUL and UAUG.

Drawdown Indicators

	KJUL	UAUG	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-13.91%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-3.96%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-10.35%	-4.10%
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	-13.91%	-2.78%
Current Drawdown Current decline from peak	-0.10%	-0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-4.00%	-2.36%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.75%	+0.17%

Volatility

KJUL vs. UAUG - Volatility Comparison

Innovator Russell 2000 Power Buffer ETF - July (KJUL) and Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) have volatilities of 0.55% and 0.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJUL	UAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	0.55%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	4.13%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	5.49%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.31%	7.89%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.67%	8.71%	+2.96%

KJUL vs. UAUG - Expense Ratio Comparison

Both KJUL and UAUG have an expense ratio of 0.79%.

Dividends

KJUL vs. UAUG - Dividend Comparison

Neither KJUL nor UAUG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KJUL Innovator Russell 2000 Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%

Frequently Asked Questions

Can I hold both KJUL and UAUG in my portfolio?

KJUL and UAUG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KJUL or UAUG?

UAUG has higher volatility (0.55%) compared to KJUL (0.55%). In terms of maximum drawdown, KJUL dropped -16.69% vs UAUG's -13.91%.

Which ETF is better, KJUL or UAUG?

On 5-year performance, UAUG leads with 7.99% vs 4.93% for KJUL. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJUL or UAUG?

Over the 5-year period, UAUG has performed better with a 7.99% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJUL or UAUG?

KJUL and UAUG have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KJUL or UAUG?

KJUL and UAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between KJUL and UAUG?

KJUL tracks iShares Russell 2000 ETF, while UAUG tracks S&P 500.

Which has better risk-adjusted returns?

UAUG currently has the higher Sharpe Ratio (2.81 vs 2.38), 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.