PAPR vs. TJUL

Last updated Jun 4, 2026

PAPR (Innovator U.S. Equity Power Buffer ETF - April) and TJUL (Innovator Equity Defined Protection ETF – 2 Yr to July 2025) are both exchange-traded funds - PAPR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect April Series Index, while TJUL is a Options Trading fund actively managed by Innovator. PAPR is passively managed, while TJUL is actively managed. Over the past year, PAPR returned 14.95% vs 5.85% for TJUL. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

PAPR vs. TJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAPR achieves a 7.72% return, which is significantly higher than TJUL's 2.08% return.

PAPR

• 1D: -0.18%
• 1M: 1.59%
• YTD: 7.72%
• 6M: 8.40%
• 1Y: 14.95%
• 3Y*: 11.66%
• 5Y*: 8.37%
• 10Y*: —

TJUL

• 1D: -0.05%
• 1M: 0.62%
• YTD: 2.08%
• 6M: 2.41%
• 1Y: 5.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPR vs. TJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.72%	6.58%	12.28%	4.64%
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	2.08%	6.55%	8.18%	3.05%

Correlation

The correlation between PAPR and TJUL is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 19, 2023	0.72

The correlation between PAPR and TJUL shifts across timeframes, from 0.57 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

PAPR vs. TJUL - Sectors Allocation Comparison

Sectors	PAPR	TJUL
Technology	36.2%	33.6%
Financial Services	11.9%	12.4%
Communication Services	10.9%	10.5%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.4%	9.5%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	5.3%
Energy	3.5%	4.0%
Utilities	2.3%	2.5%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.9%

Return for Risk

PAPR vs. TJUL — Risk / Return Rank

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

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 98
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

TJUL

TJUL Risk / Return Rank: 65
TJUL Sharpe Ratio Rank: 63
TJUL Sortino Ratio Rank: 68
TJUL Omega Ratio Rank: 67
TJUL Calmar Ratio Rank: 57
TJUL Martin Ratio Rank: 71

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.

PAPR vs. TJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL). 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.

	PAPR	TJUL	Difference
Sharpe ratio: Return per unit of total volatility	4.56	2.12	+2.44
Sortino ratio: Return per unit of downside risk	8.35	3.12	+5.24
Omega ratio: Gain probability vs. loss probability	2.12	1.41	+0.72
Calmar ratio: Return relative to maximum drawdown	18.05	2.82	+15.22
Martin ratio: Return relative to average drawdown	82.05	13.10	+68.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAPR vs. TJUL - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 4.56, which is higher than the TJUL Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PAPR and TJUL, 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

	PAPR	TJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.56	2.12	+2.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.64	-0.80

Drawdowns

PAPR vs. TJUL - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than TJUL's maximum drawdown of -4.61%. Use the drawdown chart below to compare losses from any high point for PAPR and TJUL.

Drawdown Indicators

	PAPR	TJUL	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-4.61%	-10.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.83%	-2.08%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.87%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.12%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.57%	-0.39%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.45%	-0.27%

Volatility

PAPR vs. TJUL - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a higher volatility of 0.86% compared to Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL) at 0.51%. This indicates that PAPR's price experiences larger fluctuations and is considered to be riskier than TJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	TJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.51%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	2.14%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	2.77%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	4.26%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	4.26%	+5.18%

PAPR vs. TJUL - Expense Ratio Comparison

Both PAPR and TJUL have an expense ratio of 0.79%.

Dividends

PAPR vs. TJUL - Dividend Comparison

Neither PAPR nor TJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAPR and TJUL in my portfolio?

PAPR and TJUL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAPR or TJUL?

PAPR has higher volatility (0.86%) compared to TJUL (0.51%). In terms of maximum drawdown, PAPR dropped -15.31% vs TJUL's -4.61%.

Which ETF is better, PAPR or TJUL?

On 1-year performance, PAPR leads with 14.95% vs 5.85% for TJUL. Both ETFs have the same 0.79% expense ratio. On volatility, TJUL has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPR or TJUL?

Over the 1-year period, PAPR has performed better with a 14.95% return vs 5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPR or TJUL?

PAPR and TJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PAPR or TJUL?

PAPR and TJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between PAPR and TJUL?

PAPR is categorized as Defined Outcome, while TJUL is Options Trading.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.56 vs 2.12), 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.