NJUN vs. PJUL

Last updated Jun 23, 2026

NJUN (Innovator Growth-100 Power Buffer ETF - June) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. NJUN is actively managed, while PJUL is passively managed. Over the past year, NJUN returned 13.44% vs 15.69% for PJUL. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NJUN vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - June (NJUN) 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, NJUN achieves a 4.16% return, which is significantly lower than PJUL's 4.80% return.

NJUN

• 1D: -0.18%
• 1M: -0.18%
• YTD: 4.16%
• 6M: 4.26%
• 1Y: 13.44%
• 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)

NJUN vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NJUN Innovator Growth-100 Power Buffer ETF - June	4.16%	15.75%	8.06%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.80%	12.78%	6.71%

Correlation

The correlation between NJUN 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 Jun 3, 2024	0.87

The correlation between NJUN and PJUL has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

NJUN vs. PJUL — Risk / Return Rank

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

NJUN

NJUN Risk / Return Rank: 71
NJUN Sharpe Ratio Rank: 59
NJUN Sortino Ratio Rank: 60
NJUN Omega Ratio Rank: 74
NJUN Calmar Ratio Rank: 75
NJUN Martin Ratio Rank: 88

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.

NJUN vs. PJUL - Risk-Adjusted Trends Comparison

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

	NJUN	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.91	3.02	-1.10
Sortino ratio: Return per unit of downside risk	2.76	4.67	-1.91
Omega ratio: Gain probability vs. loss probability	1.42	1.67	-0.25
Calmar ratio: Return relative to maximum drawdown	3.71	4.33	-0.61
Martin ratio: Return relative to average drawdown	18.76	24.34	-5.58

NJUN vs. PJUL - Sharpe Ratio Comparison

The current NJUN Sharpe Ratio is 1.91, which is lower than the PJUL Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of NJUN 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

NJUN vs. PJUL - Drawdown Comparison

The maximum NJUN drawdown since its inception was -12.59%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for NJUN and PJUL.

Drawdown Indicators

	NJUN	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-12.59%	-18.17%	+5.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-3.64%	+0.01%
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	-0.58%	-0.14%	-0.44%
Average Drawdown Average peak-to-trough decline	-1.08%	-1.46%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.65%	+0.07%

Volatility

NJUN vs. PJUL - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - June (NJUN) has a higher volatility of 4.18% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.68%. This indicates that NJUN'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

	NJUN	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	0.68%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	5.91%	3.88%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	7.06%	5.23%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	8.61%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	10.00%	+0.87%

NJUN vs. PJUL - Expense Ratio Comparison

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

Dividends

NJUN vs. PJUL - Dividend Comparison

Neither NJUN nor PJUL has paid dividends to shareholders.

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

NJUN 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, NJUN or PJUL?

NJUN has higher volatility (4.18%) compared to PJUL (0.68%). In terms of maximum drawdown, NJUN dropped -12.59% vs PJUL's -18.17%.

Which ETF is better, NJUN or PJUL?

On 1-year performance, PJUL leads with 15.69% vs 13.44% for NJUN. 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, NJUN or PJUL?

Over the 1-year period, PJUL has performed better with a 15.69% return vs 13.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJUN or PJUL?

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

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

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

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (3.02 vs 1.91), 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.