NSEP vs. PJUL

Last updated Jun 4, 2026

NSEP (Innovator Growth-100 Power Buffer ETF - September) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. NSEP is actively managed, while PJUL is passively managed. Over the past year, NSEP returned 16.89% vs 15.32% for PJUL. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

NSEP vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - September (NSEP) 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, NSEP achieves a 6.61% return, which is significantly higher than PJUL's 4.74% return.

NSEP

• 1D: 0.00%
• 1M: 1.85%
• YTD: 6.61%
• 6M: 6.79%
• 1Y: 16.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: 0.10%
• 1M: 1.44%
• YTD: 4.74%
• 6M: 5.40%
• 1Y: 15.32%
• 3Y*: 13.95%
• 5Y*: 10.49%
• 10Y*: —

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

NSEP vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NSEP Innovator Growth-100 Power Buffer ETF - September	6.61%	13.80%	6.14%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.74%	12.78%	4.52%

Correlation

The correlation between NSEP 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 Sep 4, 2024	0.88

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

Return for Risk

NSEP vs. PJUL — Risk / Return Rank

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

NSEP

NSEP Risk / Return Rank: 80
NSEP Sharpe Ratio Rank: 78
NSEP Sortino Ratio Rank: 80
NSEP Omega Ratio Rank: 85
NSEP Calmar Ratio Rank: 74
NSEP Martin Ratio Rank: 85

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 83
PJUL Sortino Ratio Rank: 89
PJUL Omega Ratio Rank: 90
PJUL Calmar Ratio Rank: 81
PJUL Martin Ratio Rank: 92

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.

NSEP vs. PJUL - Risk-Adjusted Trends Comparison

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

	NSEP	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.73	-0.22
Sortino ratio: Return per unit of downside risk	3.53	4.12	-0.59
Omega ratio: Gain probability vs. loss probability	1.51	1.59	-0.07
Calmar ratio: Return relative to maximum drawdown	3.64	4.22	-0.58
Martin ratio: Return relative to average drawdown	17.58	23.24	-5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSEP vs. PJUL - Sharpe Ratio Comparison

The current NSEP Sharpe Ratio is 2.51, which is comparable to the PJUL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of NSEP 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.

Sharpe Ratios by Period

	NSEP	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.73	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	0.90	+0.60

Drawdowns

NSEP vs. PJUL - Drawdown Comparison

The maximum NSEP drawdown since its inception was -12.31%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for NSEP and PJUL.

Drawdown Indicators

	NSEP	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-12.31%	-18.17%	+5.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	-3.64%	-1.02%
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	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.09%	-1.47%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.66%	+0.30%

Volatility

NSEP vs. PJUL - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - September (NSEP) has a higher volatility of 0.70% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.42%. This indicates that NSEP'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

	NSEP	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.42%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	3.89%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	6.76%	5.66%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	8.60%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.47%	10.03%	+0.44%

NSEP vs. PJUL - Expense Ratio Comparison

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

Dividends

NSEP vs. PJUL - Dividend Comparison

Neither NSEP nor PJUL has paid dividends to shareholders.

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

NSEP 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, NSEP or PJUL?

NSEP has higher volatility (0.70%) compared to PJUL (0.42%). In terms of maximum drawdown, NSEP dropped -12.31% vs PJUL's -18.17%.

Which ETF is better, NSEP or PJUL?

On 1-year performance, NSEP leads with 16.89% vs 15.32% for PJUL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NSEP or PJUL?

Over the 1-year period, NSEP has performed better with a 16.89% return vs 15.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NSEP or PJUL?

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

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

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

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.73 vs 2.51), 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.