PFEB vs. BJUL

Last updated Jun 9, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and BJUL (Innovator U.S. Equity Buffer ETF - July) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, PFEB returned 8.64%/yr vs 11.41%/yr for BJUL. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PFEB vs. BJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - February (PFEB) and Innovator U.S. Equity Buffer ETF - July (BJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFEB achieves a 4.94% return, which is significantly lower than BJUL's 5.85% return.

PFEB

• 1D: -0.00%
• 1M: 0.35%
• YTD: 4.94%
• 6M: 5.85%
• 1Y: 14.37%
• 3Y*: 12.17%
• 5Y*: 8.64%
• 10Y*: —

BJUL

• 1D: -0.11%
• 1M: 0.74%
• YTD: 5.85%
• 6M: 6.57%
• 1Y: 17.75%
• 3Y*: 16.42%
• 5Y*: 11.41%
• 10Y*: —

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

PFEB vs. BJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFEB Innovator U.S. Equity Power Buffer ETF - February	4.94%	10.65%	12.71%	14.96%	-2.84%	11.52%	6.07%
BJUL Innovator U.S. Equity Buffer ETF - July	5.85%	13.93%	18.41%	21.73%	-7.38%	10.77%	8.89%

Correlation

The correlation between PFEB and BJUL is 0.89, 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	0.89
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 Feb 3, 2020	0.89

The correlation between PFEB and BJUL has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

PFEB vs. BJUL - Sectors Allocation Comparison

Sectors	PFEB	BJUL
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PFEB vs. BJUL — Risk / Return Rank

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

PFEB

PFEB Risk / Return Rank: 82
PFEB Sharpe Ratio Rank: 83
PFEB Sortino Ratio Rank: 88
PFEB Omega Ratio Rank: 88
PFEB Calmar Ratio Rank: 68
PFEB Martin Ratio Rank: 85

BJUL

BJUL Risk / Return Rank: 84
BJUL Sharpe Ratio Rank: 84
BJUL Sortino Ratio Rank: 86
BJUL Omega Ratio Rank: 87
BJUL Calmar Ratio Rank: 74
BJUL 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.

PFEB vs. BJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - February (PFEB) and Innovator U.S. Equity Buffer ETF - July (BJUL). 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.

	PFEB	BJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.37	+0.04
Sortino ratio: Return per unit of downside risk	3.59	3.42	+0.18
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	3.06	3.30	-0.24
Martin ratio: Return relative to average drawdown	16.17	17.12	-0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFEB vs. BJUL - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.41, which is comparable to the BJUL Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of PFEB and BJUL, 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

	PFEB	BJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.37	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.99	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.73	+0.07

Drawdowns

PFEB vs. BJUL - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, smaller than the maximum BJUL drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for PFEB and BJUL.

Drawdown Indicators

	PFEB	BJUL	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-24.03%	+4.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-5.40%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-14.06%	+3.48%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	-14.06%	+3.01%
Current Drawdown Current decline from peak	-0.92%	-0.45%	-0.47%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.49%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.04%	-0.15%

Volatility

PFEB vs. BJUL - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - February (PFEB) has a higher volatility of 1.31% compared to Innovator U.S. Equity Buffer ETF - July (BJUL) at 0.88%. This indicates that PFEB's price experiences larger fluctuations and is considered to be riskier than BJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFEB	BJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	0.88%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	4.65%	5.54%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	6.00%	7.51%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.24%	11.61%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	13.63%	-2.31%

PFEB vs. BJUL - Expense Ratio Comparison

Both PFEB and BJUL have an expense ratio of 0.79%.

Dividends

PFEB vs. BJUL - Dividend Comparison

Neither PFEB nor BJUL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PFEB and BJUL in my portfolio?

PFEB and BJUL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFEB or BJUL?

PFEB has higher volatility (1.31%) compared to BJUL (0.88%). In terms of maximum drawdown, PFEB dropped -19.98% vs BJUL's -24.03%.

Which ETF is better, PFEB or BJUL?

On 5-year performance, BJUL leads with 11.41% vs 8.64% for PFEB. Both ETFs have the same 0.79% expense ratio. On volatility, BJUL has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or BJUL?

Over the 5-year period, BJUL has performed better with a 11.41% return vs 8.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFEB or BJUL?

PFEB and BJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PFEB or BJUL?

PFEB and BJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between PFEB and BJUL?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

PFEB currently has the higher Sharpe Ratio (2.41 vs 2.37), 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.