KJUL vs. XBAP

Last updated Jun 24, 2026

KJUL (Innovator Russell 2000 Power Buffer ETF - July) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds from Innovator. KJUL is passively managed, while XBAP is actively managed. Over the past 5 years, KJUL returned 5.01%/yr vs 9.51%/yr for XBAP. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KJUL vs. XBAP - 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 Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KJUL achieves a 6.94% return, which is significantly lower than XBAP's 7.58% return.

KJUL

• 1D: 0.03%
• 1M: 0.80%
• YTD: 6.94%
• 6M: 6.28%
• 1Y: 18.43%
• 3Y*: 11.12%
• 5Y*: 5.01%
• 10Y*: —

XBAP

• 1D: -0.37%
• 1M: -0.07%
• YTD: 7.58%
• 6M: 7.77%
• 1Y: 14.57%
• 3Y*: 13.22%
• 5Y*: 9.51%
• 10Y*: —

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

KJUL vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KJUL Innovator Russell 2000 Power Buffer ETF - July	6.94%	7.70%	8.69%	11.78%	-8.44%	0.08%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.58%	13.38%	11.55%	20.53%	-7.59%	7.65%

Correlation

The correlation between KJUL and XBAP is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.70

The correlation between KJUL and XBAP shifts across timeframes, from 0.58 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

KJUL vs. XBAP - Sectors Allocation Comparison

Sectors	KJUL	XBAP
Technology	19.1%	39.1%
Industrials	17.9%	7.8%
Healthcare	16.2%	8.3%
Financial Services	15.5%	10.9%
Consumer Cyclical	8.0%	9.9%
Real Estate	5.9%	1.8%
Energy	5.5%	3.1%
Basic Materials	4.6%	1.7%
Utilities	2.8%	2.1%
Communication Services	2.4%	10.7%
Consumer Defensive	2.3%	4.5%

Return for Risk

KJUL vs. XBAP — Risk / Return Rank

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

KJUL

KJUL Risk / Return Rank: 88
KJUL Sharpe Ratio Rank: 82
KJUL Sortino Ratio Rank: 87
KJUL Omega Ratio Rank: 87
KJUL Calmar Ratio Rank: 91
KJUL Martin Ratio Rank: 92

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

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. XBAP - 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 Accelerated 9 Buffer ETF - April (XBAP). 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.

	KJUL	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.40	4.06	-1.66
Sortino ratio: Return per unit of downside risk	3.60	7.30	-3.71
Omega ratio: Gain probability vs. loss probability	1.48	2.04	-0.55
Calmar ratio: Return relative to maximum drawdown	5.41	11.29	-5.89
Martin ratio: Return relative to average drawdown	20.98	64.34	-43.35

KJUL vs. XBAP - Sharpe Ratio Comparison

The current KJUL Sharpe Ratio is 2.40, which is lower than the XBAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of KJUL and XBAP, 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

KJUL vs. XBAP - Drawdown Comparison

The maximum KJUL drawdown since its inception was -16.69%, which is greater than XBAP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for KJUL and XBAP.

Drawdown Indicators

	KJUL	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-14.57%	-2.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-1.30%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-8.25%	-6.20%
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	-14.57%	-2.12%
Current Drawdown Current decline from peak	0.00%	-0.69%	+0.69%
Average Drawdown Average peak-to-trough decline	-3.97%	-1.73%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.23%	+0.65%

Volatility

KJUL vs. XBAP - Volatility Comparison

The current volatility for Innovator Russell 2000 Power Buffer ETF - July (KJUL) is 0.40%, while Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a volatility of 1.57%. This indicates that KJUL experiences smaller price fluctuations and is considered to be less risky than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJUL	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	1.57%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	4.60%	2.94%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	7.75%	3.62%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.31%	9.98%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.62%	9.84%	+1.78%

KJUL vs. XBAP - Expense Ratio Comparison

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

Dividends

KJUL vs. XBAP - Dividend Comparison

Neither KJUL nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KJUL and XBAP in my portfolio?

KJUL and XBAP have a correlation of 0.58, 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 XBAP?

XBAP has higher volatility (1.57%) compared to KJUL (0.40%). In terms of maximum drawdown, KJUL dropped -16.69% vs XBAP's -14.57%.

Which ETF is better, KJUL or XBAP?

On 5-year performance, XBAP leads with 9.51% vs 5.01% for KJUL. Both ETFs have the same 0.79% expense ratio. On volatility, KJUL has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJUL or XBAP?

Over the 5-year period, XBAP has performed better with a 9.51% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJUL or XBAP?

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

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

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

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.06 vs 2.40), 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.