PJUL vs. DGRW

Last updated Aug 4, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while DGRW is a Quality Factor fund tracking the WisdomTree U.S. Quality Dividend Growth Index. Both are passively managed. Over the past 5 years, PJUL returned 10.50%/yr vs 11.72%/yr for DGRW. Their correlation of 0.85 means they have usually moved in the same direction. PJUL charges 0.79%/yr vs 0.28%/yr for DGRW.

Performance

PJUL vs. DGRW - 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 WisdomTree U.S. Quality Dividend Growth Fund (DGRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUL achieves a 6.18% return, which is significantly lower than DGRW's 10.05% 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%

DGRW

• 1D: 1.37%
• 1M: 2.07%
• 6M: 6.86%
• YTD: 10.05%
• 1Y: 17.60%
• 3Y*: 15.28%
• 5Y*: 11.72%
• 10Y*: 13.79%
• ALL TIME*: 13.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRW WisdomTree U.S. Quality Dividend Growth Fund	$51.74M	$49.20M	$56.02M
PJUL Innovator U.S. Equity Power Buffer ETF - July	$5.50M	$10.59M	$7.04M

PJUL vs. DGRW - 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%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	10.05%	12.17%	16.98%	18.66%	-6.33%	24.46%	13.87%	29.54%	-10.31%

Correlation

The correlation between PJUL and DGRW is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Aug 8, 2018	0.85

The correlation between PJUL and DGRW has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

PJUL vs. DGRW - Sectors Allocation Comparison

Sectors	PJUL	DGRW
Technology	37.9%	33.8%
Financial Services	11.7%	8.4%
Communication Services	10.0%	11.1%
Consumer Cyclical	9.6%	8.0%
Healthcare	9.1%	12.8%
Industrials	8.4%	11.8%
Consumer Defensive	4.6%	6.7%
Energy	3.0%	4.5%
Utilities	2.3%	0.2%
Real Estate	1.9%	-
Basic Materials	1.7%	2.8%

Return for Risk

PJUL vs. DGRW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PJUL

PJUL Risk / Return Rank: 90
PJUL Sharpe Ratio Rank: 90
PJUL Sortino Ratio Rank: 91
PJUL Omega Ratio Rank: 92
PJUL Calmar Ratio Rank: 84
PJUL Martin Ratio Rank: 93

DGRW

DGRW Risk / Return Rank: 70
DGRW Sharpe Ratio Rank: 73
DGRW Sortino Ratio Rank: 74
DGRW Omega Ratio Rank: 74
DGRW Calmar Ratio Rank: 59
DGRW Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PJUL vs. DGRW - 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 WisdomTree U.S. Quality Dividend Growth Fund (DGRW). 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	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.69	+0.60
Sortino ratio: Return per unit of downside risk	3.41	2.41	+1.00
Omega ratio: Gain probability vs. loss probability	1.48	1.31	+0.16
Calmar ratio: Return relative to maximum drawdown	3.28	2.13	+1.15
Martin ratio: Return relative to average drawdown	17.87	8.60	+9.27

PJUL vs. DGRW - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.29, which is higher than the DGRW Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PJUL and DGRW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PJUL vs. DGRW - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum DGRW drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for PJUL and DGRW.

Drawdown Indicators

	PJUL	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-32.04%	+13.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-8.30%	+4.66%
Max Drawdown (3Y) Largest decline over 3 years	-10.69%	-16.21%	+5.52%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-17.27%	+6.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.04%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.45%	-3.00%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	2.05%	-1.38%

Volatility

PJUL vs. DGRW - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 2.08%, while WisdomTree U.S. Quality Dividend Growth Fund (DGRW) has a volatility of 3.19%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	3.19%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	8.44%	-4.26%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	10.47%	-5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	14.02%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	16.19%	-6.23%

PJUL vs. DGRW - Expense Ratio Comparison

PJUL has a 0.79% expense ratio, which is higher than DGRW's 0.28% expense ratio.

Dividends

PJUL vs. DGRW - Dividend Comparison

PJUL has not paid dividends to shareholders, while DGRW's dividend yield for the trailing twelve months is around 1.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.26%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJUL and DGRW in my portfolio?

PJUL and DGRW have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJUL or DGRW?

DGRW has higher volatility (3.19%) compared to PJUL (2.08%). In terms of maximum drawdown, PJUL dropped -18.17% vs DGRW's -32.04%.

Which ETF is better, PJUL or DGRW?

On 5-year performance, DGRW leads with 11.72% vs 10.50% for PJUL. On fees, DGRW is cheaper at 0.28% 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.

Which ETF has performed better, PJUL or DGRW?

Over the 5-year period, DGRW has performed better with a 11.72% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or DGRW?

DGRW is cheaper with a 0.28% expense ratio, compared with 0.79% for PJUL.

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

DGRW has the higher dividend yield at 1.26%, compared with 0.00% for PJUL.

What is the main difference between PJUL and DGRW?

PJUL is categorized as Defined Outcome, while DGRW is Quality Factor. PJUL tracks Cboe S&P 500 Buffer Protect Index July, while DGRW tracks WisdomTree U.S. Quality Dividend Growth Index. They also come from different issuers: Innovator and WisdomTree. Their fees differ too: 0.79% for PJUL and 0.28% for DGRW.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.29 vs 1.69), 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.