PJUL vs. INOV

Last updated Aug 4, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and INOV (Innovator International Developed Power Buffer ETF - November) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while INOV is a Options Trading fund actively managed by Innovator. PJUL is passively managed, while INOV is actively managed. Over the past year, PJUL returned 11.89% vs 16.90% for INOV. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PJUL charges 0.79%/yr vs 0.85%/yr for INOV.

Performance

PJUL vs. INOV - 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 International Developed Power Buffer ETF - November (INOV). 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 INOV's 8.25% 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%

INOV

• 1D: 0.22%
• 1M: 1.44%
• 6M: 5.00%
• YTD: 8.25%
• 1Y: 16.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.59%

*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)
INOV Innovator International Developed Power Buffer ETF - November	$103.81K	$761.72K	$327.30K
PJUL Innovator U.S. Equity Power Buffer ETF - July	$5.50M	$10.59M	$7.04M

PJUL vs. INOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJUL Innovator U.S. Equity Power Buffer ETF - July	6.18%	12.78%	13.76%	8.68%
INOV Innovator International Developed Power Buffer ETF - November	8.25%	20.64%	5.90%	7.75%

Correlation

The correlation between PJUL and INOV is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.65

The correlation between PJUL and INOV has been stable across timeframes, ranging from 0.65 to 0.71 - a consistent structural relationship.

Return for Risk

PJUL vs. INOV — 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

INOV

INOV Risk / Return Rank: 71
INOV Sharpe Ratio Rank: 72
INOV Sortino Ratio Rank: 74
INOV Omega Ratio Rank: 78
INOV Calmar Ratio Rank: 62
INOV Martin Ratio Rank: 70

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. INOV - 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 International Developed Power Buffer ETF - November (INOV). 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	INOV	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.78	+0.51
Sortino ratio: Return per unit of downside risk	3.41	2.56	+0.84
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.12
Calmar ratio: Return relative to maximum drawdown	3.28	2.34	+0.93
Martin ratio: Return relative to average drawdown	17.87	9.31	+8.56

PJUL vs. INOV - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.29, which is comparable to the INOV Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of PJUL and INOV, 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. INOV - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, which is greater than INOV's maximum drawdown of -8.01%. Use the drawdown chart below to compare losses from any high point for PJUL and INOV.

Drawdown Indicators

	PJUL	INOV	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-8.01%	-10.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-7.24%	+3.60%
Max Drawdown (3Y) Largest decline over 3 years	-10.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	—	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.45%	-0.88%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.82%	-1.15%

Volatility

PJUL vs. INOV - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 2.08%, while Innovator International Developed Power Buffer ETF - November (INOV) has a volatility of 3.14%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than INOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	INOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	3.14%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	8.61%	-4.43%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	9.56%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	8.75%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	8.75%	+1.21%

PJUL vs. INOV - Expense Ratio Comparison

PJUL has a 0.79% expense ratio, which is lower than INOV's 0.85% expense ratio.

Dividends

PJUL vs. INOV - Dividend Comparison

Neither PJUL nor INOV has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
INOV Innovator International Developed Power Buffer ETF - November	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 INOV in my portfolio?

PJUL and INOV have a correlation of 0.71, 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 INOV?

INOV has higher volatility (3.14%) compared to PJUL (2.08%). In terms of maximum drawdown, PJUL dropped -18.17% vs INOV's -8.01%.

Which ETF is better, PJUL or INOV?

On 1-year performance, INOV leads with 16.90% vs 11.89% for PJUL. On fees, PJUL is cheaper at 0.79% 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 INOV?

Over the 1-year period, INOV has performed better with a 16.90% return vs 11.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or INOV?

PJUL is cheaper with a 0.79% expense ratio, compared with 0.85% for INOV.

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

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

What is the main difference between PJUL and INOV?

PJUL is categorized as Defined Outcome, while INOV is Options Trading. Their fees differ too: 0.79% for PJUL and 0.85% for INOV.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.29 vs 1.78), 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.