PJUL vs. DBO
PJUL (Innovator U.S. Equity Power Buffer ETF - July) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, PJUL returned 10.50%/yr vs 13.64%/yr for DBO. Their 0.16 correlation means their historical movements had little consistent relationship. PJUL charges 0.79%/yr vs 0.78%/yr for DBO.
Performance
PJUL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, PJUL achieves a 6.18% return, which is significantly lower than DBO's 66.72% return.
PJUL
- 1D
- 0.72%
- 1M
- 1.23%
- 6M
- 5.18%
- YTD
- 6.18%
- 1Y
- 11.89%
- 3Y*
- 12.72%
- 5Y*
- 10.50%
- 10Y*
- —
- ALL TIME*
- 8.80%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $5.50M | $10.59M | $7.04M |
PJUL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PJUL Innovator U.S. Equity Power Buffer ETF - July | 6.18% | 12.78% | 13.76% | 19.87% | -2.08% | 7.20% | 7.51% | 12.47% | -5.39% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -30.09% |
Correlation
The correlation between PJUL and DBO is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 8, 2018 | 0.16 |
The correlation between PJUL and DBO shifts across timeframes, from -0.24 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJUL vs. DBO — Risk / Return Rank
PJUL
DBO
PJUL vs. DBO - 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 Invesco DB Oil Fund (DBO). 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.
| PJUL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.23 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 1.86 | +1.41 |
| Martin ratioReturn relative to average drawdown | 17.87 | 5.64 | +12.23 |
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Drawdowns
PJUL vs. DBO - Drawdown Comparison
The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PJUL and DBO.
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Drawdown Indicators
| PJUL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.17% | -90.18% | +72.01% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -27.73% | +24.09% |
Max Drawdown (3Y)Largest decline over 3 years | -10.69% | -28.20% | +17.51% |
Max Drawdown (5Y)Largest decline over 5 years | -10.69% | -37.68% | +26.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -62.20% | +60.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 9.16% | -8.49% |
Volatility
PJUL vs. DBO - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 2.08%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJUL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 18.99% | -16.91% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 34.30% | -30.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 38.86% | -33.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.63% | 33.43% | -24.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 32.24% | -22.28% |
PJUL vs. DBO - Expense Ratio Comparison
PJUL has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
PJUL vs. DBO - Dividend Comparison
PJUL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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% | 0.00% |
Frequently Asked Questions
PJUL and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to PJUL (2.08%). In terms of maximum drawdown, PJUL dropped -18.17% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.64% vs 10.50% for PJUL. On fees, DBO is cheaper at 0.78% per year. On volatility, PJUL has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 13.64% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for PJUL.
DBO has the higher dividend yield at 2.11%, compared with 0.00% for PJUL.
PJUL is categorized as Defined Outcome, while DBO is Oil & Gas. PJUL tracks Cboe S&P 500 Buffer Protect Index July, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for PJUL and 0.78% for DBO.
PJUL currently has the higher Sharpe Ratio (2.29 vs 1.33), 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.
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