PJUL vs. JQUA

Last updated Jun 3, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and JQUA (JPMorgan U.S. Quality Factor ETF) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while JQUA is a Large Cap Growth Equities fund tracking the JP Morgan US Quality Factor Index. Both are passively managed. Over the past 5 years, PJUL returned 10.48%/yr vs 14.20%/yr for JQUA. Their correlation of 0.87 suggests significant overlap in exposure. PJUL charges 0.79%/yr vs 0.12%/yr for JQUA.

Performance

PJUL vs. JQUA - 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 JPMorgan U.S. Quality Factor ETF (JQUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUL achieves a 4.63% return, which is significantly lower than JQUA's 14.47% return.

PJUL

• 1D: 0.10%
• 1M: 1.23%
• YTD: 4.63%
• 6M: 5.37%
• 1Y: 15.92%
• 3Y*: 13.91%
• 5Y*: 10.48%
• 10Y*: —

JQUA

• 1D: 0.42%
• 1M: 8.40%
• YTD: 14.47%
• 6M: 15.23%
• 1Y: 23.81%
• 3Y*: 20.64%
• 5Y*: 14.20%
• 10Y*: —

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

PJUL vs. JQUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.63%	12.78%	13.76%	19.87%	-2.08%	7.20%	7.51%	12.47%	-4.45%
JQUA JPMorgan U.S. Quality Factor ETF	14.47%	11.69%	21.21%	25.13%	-13.45%	28.68%	16.56%	28.47%	-4.86%

Correlation

The correlation between PJUL and JQUA is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 9, 2018	0.87

The correlation between PJUL and JQUA has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

PJUL vs. JQUA - Sectors Allocation Comparison

Sectors	PJUL	JQUA
Technology	36.2%	41.9%
Financial Services	11.9%	10.2%
Communication Services	10.9%	5.5%
Consumer Cyclical	10.1%	9.2%
Healthcare	8.4%	7.2%
Industrials	8.1%	7.6%
Consumer Defensive	4.9%	5.3%
Energy	3.5%	3.2%
Utilities	2.3%	2.3%
Real Estate	1.9%	2.1%
Basic Materials	1.8%	0.8%

Return for Risk

PJUL vs. JQUA — Risk / Return Rank

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

PJUL

PJUL Risk / Return Rank: 88
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 90
PJUL Omega Ratio Rank: 91
PJUL Calmar Ratio Rank: 83
PJUL Martin Ratio Rank: 93

JQUA

JQUA Risk / Return Rank: 66
JQUA Sharpe Ratio Rank: 63
JQUA Sortino Ratio Rank: 65
JQUA Omega Ratio Rank: 60
JQUA Calmar Ratio Rank: 67
JQUA Martin Ratio Rank: 74

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. JQUA - 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 JPMorgan U.S. Quality Factor ETF (JQUA). 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	JQUA	Difference
Sharpe ratio Return per unit of total volatility	2.82	2.13	+0.69
Sortino ratio Return per unit of downside risk	4.27	3.04	+1.23
Omega ratio Gain probability vs. loss probability	1.61	1.37	+0.24
Calmar ratio Return relative to maximum drawdown	4.51	3.38	+1.13
Martin ratio Return relative to average drawdown	24.83	14.27	+10.56
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. JQUA - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.82, which is higher than the JQUA Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PJUL and JQUA, 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	JQUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	2.13	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	0.91	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.84	+0.06

Drawdowns

PJUL vs. JQUA - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum JQUA drawdown of -32.92%. Use the drawdown chart below to compare losses from any high point for PJUL and JQUA.

Drawdown Indicators

	PJUL	JQUA	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-32.92%	+14.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-7.13%	+3.49%
Max Drawdown (3Y) Largest decline over 3 years	-10.69%	-16.81%	+6.12%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-22.47%	+11.78%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.47%	-4.16%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.69%	-1.03%

Volatility

PJUL vs. JQUA - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 0.45%, while JPMorgan U.S. Quality Factor ETF (JQUA) has a volatility of 2.83%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than JQUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	JQUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	2.83%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	8.33%	-4.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.67%	11.21%	-5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.60%	15.61%	-7.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.03%	17.99%	-7.96%

PJUL vs. JQUA - Expense Ratio Comparison

PJUL has a 0.79% expense ratio, which is higher than JQUA's 0.12% expense ratio.

Dividends

PJUL vs. JQUA - Dividend Comparison

PJUL has not paid dividends to shareholders, while JQUA's dividend yield for the trailing twelve months is around 1.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JQUA JPMorgan U.S. Quality Factor ETF	1.07%	1.19%	1.24%	1.21%	1.60%	1.32%	1.44%	1.67%	2.10%	0.40%
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%

Frequently Asked Questions

Can I hold both PJUL and JQUA in my portfolio?

PJUL and JQUA have a correlation of 0.82, 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 JQUA?

JQUA has higher volatility (2.83%) compared to PJUL (0.45%). In terms of maximum drawdown, PJUL dropped -18.17% vs JQUA's -32.92%.

Which ETF is better, PJUL or JQUA?

On 5-year performance, JQUA leads with 14.20% vs 10.48% for PJUL. On fees, JQUA is cheaper at 0.12% per year. On volatility, PJUL has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUL or JQUA?

Over the 5-year period, JQUA has performed better with a 14.20% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or JQUA?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.79% for PJUL.

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

JQUA has the higher dividend yield at 1.07%, compared with 0.00% for PJUL.

What is the main difference between PJUL and JQUA?

PJUL is categorized as Defined Outcome, while JQUA is Large Cap Growth Equities. PJUL tracks Cboe S&P 500 Buffer Protect Index July, while JQUA tracks JP Morgan US Quality Factor Index. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for PJUL and 0.12% for JQUA.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.82 vs 2.13), 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.