NDEC vs. PJUL

Last updated Jun 23, 2026

NDEC (Innovator Growth-100 Power Buffer ETF - December) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator - NDEC tracks the Invesco QQQ Trust, Series 1 while PJUL tracks the Cboe S&P 500 Buffer Protect Index July. Both are passively managed. Over the past year, NDEC returned 19.04% vs 15.69% for PJUL. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NDEC vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - December (NDEC) 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, NDEC achieves a 8.11% return, which is significantly higher than PJUL's 4.80% return.

NDEC

• 1D: -0.05%
• 1M: 0.61%
• YTD: 8.11%
• 6M: 7.78%
• 1Y: 19.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: -0.10%
• 1M: 0.50%
• YTD: 4.80%
• 6M: 4.62%
• 1Y: 15.69%
• 3Y*: 13.24%
• 5Y*: 10.43%
• 10Y*: —

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

NDEC vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NDEC Innovator Growth-100 Power Buffer ETF - December	8.11%	13.67%	0.41%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.80%	12.78%	-0.80%

Correlation

The correlation between NDEC and PJUL is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	0.88

The correlation between NDEC and PJUL has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

NDEC vs. PJUL — Risk / Return Rank

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

NDEC

NDEC Risk / Return Rank: 79
NDEC Sharpe Ratio Rank: 82
NDEC Sortino Ratio Rank: 84
NDEC Omega Ratio Rank: 86
NDEC Calmar Ratio Rank: 64
NDEC Martin Ratio Rank: 78

PJUL

PJUL Risk / Return Rank: 91
PJUL Sharpe Ratio Rank: 91
PJUL Sortino Ratio Rank: 94
PJUL Omega Ratio Rank: 94
PJUL Calmar Ratio Rank: 83
PJUL Martin Ratio Rank: 94

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.

NDEC vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - December (NDEC) 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.

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.

	NDEC	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.53	3.02	-0.49
Sortino ratio: Return per unit of downside risk	3.58	4.67	-1.09
Omega ratio: Gain probability vs. loss probability	1.50	1.67	-0.16
Calmar ratio: Return relative to maximum drawdown	3.09	4.33	-1.23
Martin ratio: Return relative to average drawdown	14.52	24.34	-9.82

NDEC vs. PJUL - Sharpe Ratio Comparison

The current NDEC Sharpe Ratio is 2.53, which is comparable to the PJUL Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of NDEC 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.

Drawdowns

NDEC vs. PJUL - Drawdown Comparison

The maximum NDEC drawdown since its inception was -12.98%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for NDEC and PJUL.

Drawdown Indicators

	NDEC	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-18.17%	+5.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-3.64%	-2.55%
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	-0.24%	-0.14%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.42%	-1.46%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	0.65%	+0.66%

Volatility

NDEC vs. PJUL - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - December (NDEC) has a higher volatility of 2.51% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.68%. This indicates that NDEC'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

	NDEC	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	0.68%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	3.88%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	7.57%	5.23%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.59%	8.61%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.59%	10.00%	+1.59%

NDEC vs. PJUL - Expense Ratio Comparison

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

Dividends

NDEC vs. PJUL - Dividend Comparison

Neither NDEC nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NDEC Innovator Growth-100 Power Buffer ETF - December	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 NDEC and PJUL in my portfolio?

NDEC and PJUL have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDEC or PJUL?

NDEC has higher volatility (2.51%) compared to PJUL (0.68%). In terms of maximum drawdown, NDEC dropped -12.98% vs PJUL's -18.17%.

Which ETF is better, NDEC or PJUL?

On 1-year performance, NDEC leads with 19.04% vs 15.69% for PJUL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDEC or PJUL?

Over the 1-year period, NDEC has performed better with a 19.04% return vs 15.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDEC or PJUL?

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

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

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

What is the main difference between NDEC and PJUL?

NDEC tracks Invesco QQQ Trust, Series 1, while PJUL tracks Cboe S&P 500 Buffer Protect Index July.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (3.02 vs 2.53), 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.