LJUL vs. PAPR

Last updated Jun 23, 2026

LJUL (Innovator Premium Income 15 Buffer ETF - July) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds from Innovator. LJUL is actively managed, while PAPR is passively managed. Over the past year, LJUL returned 5.58% vs 14.71% for PAPR. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

LJUL vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - July (LJUL) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LJUL achieves a 2.02% return, which is significantly lower than PAPR's 7.62% return.

LJUL

• 1D: 0.04%
• 1M: 0.27%
• YTD: 2.02%
• 6M: 2.09%
• 1Y: 5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: -0.21%
• 1M: 0.21%
• YTD: 7.62%
• 6M: 7.71%
• 1Y: 14.71%
• 3Y*: 11.25%
• 5Y*: 8.20%
• 10Y*: —

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

LJUL vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LJUL Innovator Premium Income 15 Buffer ETF - July	2.02%	5.91%	-0.86%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.62%	6.58%	5.90%

Correlation

The correlation between LJUL and PAPR is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.70

The correlation between LJUL and PAPR shifts across timeframes, from 0.60 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LJUL vs. PAPR — Risk / Return Rank

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

LJUL

LJUL Risk / Return Rank: 97
LJUL Sharpe Ratio Rank: 95
LJUL Sortino Ratio Rank: 97
LJUL Omega Ratio Rank: 97
LJUL Calmar Ratio Rank: 97
LJUL Martin Ratio Rank: 98

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 98
PAPR Calmar Ratio Rank: 98
PAPR 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.

LJUL vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - July (LJUL) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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.

	LJUL	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.55	4.33	-0.78
Sortino ratio: Return per unit of downside risk	5.81	7.62	-1.81
Omega ratio: Gain probability vs. loss probability	1.88	2.05	-0.17
Calmar ratio: Return relative to maximum drawdown	10.68	12.74	-2.05
Martin ratio: Return relative to average drawdown	53.94	66.73	-12.79

LJUL vs. PAPR - Sharpe Ratio Comparison

The current LJUL Sharpe Ratio is 3.55, which is comparable to the PAPR Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of LJUL and PAPR, 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

LJUL vs. PAPR - Drawdown Comparison

The maximum LJUL drawdown since its inception was -4.85%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for LJUL and PAPR.

Drawdown Indicators

	LJUL	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-4.85%	-15.31%	+10.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-1.16%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-0.69%	-1.56%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.22%	-0.12%

Volatility

LJUL vs. PAPR - Volatility Comparison

The current volatility for Innovator Premium Income 15 Buffer ETF - July (LJUL) is 0.13%, while Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a volatility of 1.40%. This indicates that LJUL experiences smaller price fluctuations and is considered to be less risky than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LJUL	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	1.40%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	2.75%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	1.58%	3.42%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	8.22%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.30%	9.42%	-5.12%

LJUL vs. PAPR - Expense Ratio Comparison

Both LJUL and PAPR have an expense ratio of 0.79%.

Dividends

LJUL vs. PAPR - Dividend Comparison

LJUL's dividend yield for the trailing twelve months is around 5.22%, while PAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
LJUL Innovator Premium Income 15 Buffer ETF - July	5.22%	5.36%	2.78%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both LJUL and PAPR in my portfolio?

LJUL and PAPR have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LJUL or PAPR?

PAPR has higher volatility (1.40%) compared to LJUL (0.13%). In terms of maximum drawdown, LJUL dropped -4.85% vs PAPR's -15.31%.

Which ETF is better, LJUL or PAPR?

On 1-year performance, PAPR leads with 14.71% vs 5.58% for LJUL. Both ETFs have the same 0.79% expense ratio. On volatility, LJUL has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LJUL or PAPR?

Over the 1-year period, PAPR has performed better with a 14.71% return vs 5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LJUL or PAPR?

LJUL and PAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, LJUL or PAPR?

LJUL has the higher dividend yield at 5.22%, compared with 0.00% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.33 vs 3.55), 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.