PJUL vs. BDEC

Last updated Jun 10, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and BDEC (Innovator U.S. Equity Buffer ETF - December) are both Defined Outcome funds from Innovator - PJUL tracks the Cboe S&P 500 Buffer Protect Index July while BDEC tracks the Cboe S&P 500 Buffer Protect Index December. Both are passively managed. Over the past 5 years, PJUL returned 10.40%/yr vs 9.81%/yr for BDEC. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

PJUL vs. BDEC - Performance Comparison

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

Returns By Period

In the year-to-date period, PJUL achieves a 4.46% return, which is significantly lower than BDEC's 6.04% return.

PJUL

• 1D: -0.13%
• 1M: 0.62%
• YTD: 4.46%
• 6M: 4.98%
• 1Y: 14.49%
• 3Y*: 13.62%
• 5Y*: 10.40%
• 10Y*: —

BDEC

• 1D: -0.19%
• 1M: 0.22%
• YTD: 6.04%
• 6M: 6.42%
• 1Y: 19.35%
• 3Y*: 14.37%
• 5Y*: 9.81%
• 10Y*: —

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

PJUL vs. BDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.46%	12.78%	13.76%	19.87%	-2.08%	7.20%	7.51%	0.95%
BDEC Innovator U.S. Equity Buffer ETF - December	6.04%	14.96%	12.71%	19.86%	-9.42%	15.45%	13.39%	1.55%

Correlation

The correlation between PJUL and BDEC is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019	0.90

The correlation between PJUL and BDEC has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

PJUL vs. BDEC - Sectors Allocation Comparison

Sectors	PJUL	BDEC
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

PJUL vs. BDEC — Risk / Return Rank

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

PJUL

PJUL Risk / Return Rank: 90
PJUL Sharpe Ratio Rank: 89
PJUL Sortino Ratio Rank: 92
PJUL Omega Ratio Rank: 92
PJUL Calmar Ratio Rank: 84
PJUL Martin Ratio Rank: 93

BDEC

BDEC Risk / Return Rank: 78
BDEC Sharpe Ratio Rank: 79
BDEC Sortino Ratio Rank: 80
BDEC Omega Ratio Rank: 81
BDEC Calmar Ratio Rank: 68
BDEC Martin Ratio Rank: 82

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.

PJUL vs. BDEC - Risk-Adjusted Trends Comparison

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

	PJUL	BDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.19	+0.43
Sortino ratio: Return per unit of downside risk	3.94	3.07	+0.87
Omega ratio: Gain probability vs. loss probability	1.56	1.42	+0.14
Calmar ratio: Return relative to maximum drawdown	4.00	2.98	+1.01
Martin ratio: Return relative to average drawdown	21.99	14.17	+7.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJUL vs. BDEC - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.62, which is comparable to the BDEC Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of PJUL and BDEC, 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

	PJUL	BDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.19	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.82	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.78	+0.10

Drawdowns

PJUL vs. BDEC - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum BDEC drawdown of -25.60%. Use the drawdown chart below to compare losses from any high point for PJUL and BDEC.

Drawdown Indicators

	PJUL	BDEC	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-25.60%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-6.52%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-10.69%	-13.95%	+3.26%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-16.44%	+5.75%
Current Drawdown Current decline from peak	-0.27%	-1.59%	+1.32%
Average Drawdown Average peak-to-trough decline	-1.47%	-3.05%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.37%	-0.71%

Volatility

PJUL vs. BDEC - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 0.61%, while Innovator U.S. Equity Buffer ETF - December (BDEC) has a volatility of 1.94%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than BDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	BDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	1.94%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	6.52%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	8.87%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	11.98%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	14.26%	-4.24%

PJUL vs. BDEC - Expense Ratio Comparison

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

Dividends

PJUL vs. BDEC - Dividend Comparison

Neither PJUL nor BDEC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BDEC Innovator U.S. Equity Buffer ETF - December	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 PJUL and BDEC in my portfolio?

With a correlation of 0.91, PJUL and BDEC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PJUL or BDEC?

BDEC has higher volatility (1.94%) compared to PJUL (0.61%). In terms of maximum drawdown, PJUL dropped -18.17% vs BDEC's -25.60%.

Which ETF is better, PJUL or BDEC?

On 5-year performance, PJUL leads with 10.40% vs 9.81% for BDEC. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUL or BDEC?

Over the 5-year period, PJUL has performed better with a 10.40% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or BDEC?

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

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

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

What is the main difference between PJUL and BDEC?

PJUL tracks Cboe S&P 500 Buffer Protect Index July, while BDEC tracks Cboe S&P 500 Buffer Protect Index December.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.62 vs 2.19), 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.