NJUL vs. SPY

Last updated Jun 4, 2026

NJUL (Innovator Nasdaq-100 Power Buffer ETF - July) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NJUL is a Nasdaq-100 fund tracking the Invesco QQQ Trust, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, NJUL returned 10.86%/yr vs 13.83%/yr for SPY. Their correlation of 0.88 suggests significant overlap in exposure. NJUL charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

NJUL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NJUL achieves a 6.16% return, which is significantly lower than SPY's 10.91% return.

NJUL

• 1D: 0.02%
• 1M: 1.39%
• YTD: 6.16%
• 6M: 6.40%
• 1Y: 18.75%
• 3Y*: 14.95%
• 5Y*: 10.86%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

NJUL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	6.16%	15.67%	13.93%	29.52%	-11.67%	7.86%	8.28%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	21.40%

Correlation

The correlation between NJUL and SPY 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 2, 2020	0.88

The correlation between NJUL and SPY has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

NJUL vs. SPY - Sectors Allocation Comparison

Sectors	NJUL	SPY
Technology	54.2%	35.9%
Communication Services	15.5%	11.3%
Consumer Cyclical	12.2%	10.3%
Consumer Defensive	7.6%	4.8%
Healthcare	4.2%	8.4%
Industrials	2.8%	7.8%
Utilities	1.4%	2.4%
Basic Materials	1.2%	1.8%
Energy	0.6%	3.6%
Financial Services	0.2%	11.8%
Real Estate	0.1%	1.9%

Return for Risk

NJUL vs. SPY — Risk / Return Rank

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

NJUL

NJUL Risk / Return Rank: 80
NJUL Sharpe Ratio Rank: 75
NJUL Sortino Ratio Rank: 79
NJUL Omega Ratio Rank: 81
NJUL Calmar Ratio Rank: 76
NJUL Martin Ratio Rank: 88

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

NJUL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) and State Street SPDR S&P 500 ETF (SPY). 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.

	NJUL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.38	+0.07
Sortino ratio: Return per unit of downside risk	3.56	3.24	+0.32
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	3.82	3.16	+0.66
Martin ratio: Return relative to average drawdown	19.60	14.72	+4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJUL vs. SPY - Sharpe Ratio Comparison

The current NJUL Sharpe Ratio is 2.45, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NJUL and SPY, 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

	NJUL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.38	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.82	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.59	+0.43

Drawdowns

NJUL vs. SPY - Drawdown Comparison

The maximum NJUL drawdown since its inception was -14.37%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NJUL and SPY.

Drawdown Indicators

	NJUL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-14.37%	-55.19%	+40.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-8.88%	+3.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-18.76%	+5.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	-24.50%	+10.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-2.31%	-9.05%	+6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.91%	-0.95%

Volatility

NJUL vs. SPY - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) is 0.40%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that NJUL experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJUL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	2.84%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	8.90%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	11.83%	-4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	17.05%	-5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	17.94%	-6.88%

NJUL vs. SPY - Expense Ratio Comparison

NJUL has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NJUL vs. SPY - Dividend Comparison

NJUL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NJUL and SPY in my portfolio?

NJUL and SPY 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, NJUL or SPY?

SPY has higher volatility (2.84%) compared to NJUL (0.40%). In terms of maximum drawdown, NJUL dropped -14.37% vs SPY's -55.19%.

Which ETF is better, NJUL or SPY?

On 5-year performance, SPY leads with 13.83% vs 10.86% for NJUL. On fees, SPY is cheaper at 0.09% per year. On volatility, NJUL 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, NJUL or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJUL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for NJUL.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for NJUL.

What is the main difference between NJUL and SPY?

NJUL is categorized as Nasdaq-100, while SPY is S&P 500. NJUL tracks Invesco QQQ Trust, while SPY tracks S&P 500 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for NJUL and 0.09% for SPY.

Which has better risk-adjusted returns?

NJUL currently has the higher Sharpe Ratio (2.45 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.