NJAN vs. NJUL

Last updated Jun 25, 2026

NJAN (Innovator Growth-100 Power Buffer ETF - January) and NJUL (Innovator Nasdaq-100 Power Buffer ETF - July) are both exchange-traded funds - NJAN is a Defined Outcome fund tracking the NASDAQ-100 Index, while NJUL is a Nasdaq-100 fund tracking the Invesco QQQ Trust. Both are passively managed. Over the past 5 years, NJAN returned 7.49%/yr vs 10.87%/yr for NJUL. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NJAN vs. NJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - January (NJAN) and Innovator Nasdaq-100 Power Buffer ETF - July (NJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NJAN having a 6.03% return and NJUL slightly higher at 6.31%.

NJAN

• 1D: -0.16%
• 1M: -0.56%
• YTD: 6.03%
• 6M: 6.14%
• 1Y: 15.72%
• 3Y*: 13.53%
• 5Y*: 7.49%
• 10Y*: —

NJUL

• 1D: -0.02%
• 1M: 0.47%
• YTD: 6.31%
• 6M: 5.82%
• 1Y: 15.99%
• 3Y*: 14.72%
• 5Y*: 10.87%
• 10Y*: —

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

NJAN vs. NJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NJAN Innovator Growth-100 Power Buffer ETF - January	6.03%	14.20%	15.35%	20.95%	-18.92%	11.55%	4.54%
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	6.31%	15.67%	13.93%	29.52%	-11.67%	7.86%	9.05%

Correlation

The correlation between NJAN and NJUL is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 1, 2020	0.87

The correlation between NJAN and NJUL has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

NJAN vs. NJUL — Risk / Return Rank

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

NJAN

NJAN Risk / Return Rank: 75
NJAN Sharpe Ratio Rank: 78
NJAN Sortino Ratio Rank: 79
NJAN Omega Ratio Rank: 82
NJAN Calmar Ratio Rank: 61
NJAN Martin Ratio Rank: 76

NJUL

NJUL Risk / Return Rank: 82
NJUL Sharpe Ratio Rank: 81
NJUL Sortino Ratio Rank: 83
NJUL Omega Ratio Rank: 85
NJUL Calmar Ratio Rank: 73
NJUL Martin Ratio Rank: 88

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.

NJAN vs. NJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - January (NJAN) and Innovator Nasdaq-100 Power Buffer ETF - July (NJUL). 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.

	NJAN	NJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.28	-0.09
Sortino ratio: Return per unit of downside risk	3.09	3.28	-0.19
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	2.68	3.26	-0.58
Martin ratio: Return relative to average drawdown	12.61	16.92	-4.30

NJAN vs. NJUL - Sharpe Ratio Comparison

The current NJAN Sharpe Ratio is 2.18, which is comparable to the NJUL Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of NJAN and NJUL, 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

NJAN vs. NJUL - Drawdown Comparison

The maximum NJAN drawdown since its inception was -20.70%, which is greater than NJUL's maximum drawdown of -14.37%. Use the drawdown chart below to compare losses from any high point for NJAN and NJUL.

Drawdown Indicators

	NJAN	NJUL	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-14.37%	-6.33%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-4.93%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-13.58%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	-14.37%	-6.33%
Current Drawdown Current decline from peak	-1.37%	-0.09%	-1.28%
Average Drawdown Average peak-to-trough decline	-3.79%	-2.29%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.95%	+0.30%

Volatility

NJAN vs. NJUL - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - January (NJAN) has a higher volatility of 2.45% compared to Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) at 0.63%. This indicates that NJAN's price experiences larger fluctuations and is considered to be riskier than NJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJAN	NJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	0.63%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	5.20%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	7.28%	7.23%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.33%	11.57%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.90%	11.01%	+1.89%

NJAN vs. NJUL - Expense Ratio Comparison

Both NJAN and NJUL have an expense ratio of 0.79%.

Dividends

NJAN vs. NJUL - Dividend Comparison

Neither NJAN nor NJUL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NJAN and NJUL in my portfolio?

NJAN and NJUL have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NJAN or NJUL?

NJAN has higher volatility (2.45%) compared to NJUL (0.63%). In terms of maximum drawdown, NJAN dropped -20.70% vs NJUL's -14.37%.

Which ETF is better, NJAN or NJUL?

On 5-year performance, NJUL leads with 10.87% vs 7.49% for NJAN. Both ETFs have the same 0.79% expense ratio. On volatility, NJUL has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJAN or NJUL?

Over the 5-year period, NJUL has performed better with a 10.87% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJAN or NJUL?

NJAN and NJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, NJAN or NJUL?

NJAN and NJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between NJAN and NJUL?

NJAN is categorized as Defined Outcome, while NJUL is Nasdaq-100. NJAN tracks NASDAQ-100 Index, while NJUL tracks Invesco QQQ Trust.

Which has better risk-adjusted returns?

NJUL currently has the higher Sharpe Ratio (2.28 vs 2.18), 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.