PJUL vs. SBIT

Last updated Jul 14, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, PJUL returned 11.09% vs 124.12% for SBIT. At a correlation of -0.41, they often move in opposite directions. PJUL charges 0.79%/yr vs 0.95%/yr for SBIT.

Performance

PJUL vs. SBIT - 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 Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUL achieves a 5.32% return, which is significantly lower than SBIT's 44.00% return.

PJUL

• 1D: -0.44%
• 1M: 0.60%
• 6M: 4.53%
• YTD: 5.32%
• 1Y: 11.09%
• 3Y*: 12.30%
• 5Y*: 10.42%
• 10Y*: —

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJUL vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.32%	12.78%	8.46%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between PJUL and SBIT is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.41

Return for Risk

PJUL vs. SBIT — Risk / Return Rank

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

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 87
PJUL Sortino Ratio Rank: 90
PJUL Omega Ratio Rank: 91
PJUL Calmar Ratio Rank: 75
PJUL Martin Ratio Rank: 91

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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. SBIT - 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 Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.41	+0.83
Sortino ratio: Return per unit of downside risk	3.33	2.05	+1.28
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio: Return relative to maximum drawdown	3.06	2.60	+0.45
Martin ratio: Return relative to average drawdown	17.17	5.92	+11.25

PJUL vs. SBIT - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.24, which is higher than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PJUL and SBIT, 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. SBIT - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for PJUL and SBIT.

Drawdown Indicators

	PJUL	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-91.35%	+73.18%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-47.94%	+44.30%
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	-0.44%	-77.15%	+76.71%
Average Drawdown Average peak-to-trough decline	-1.45%	-68.83%	+67.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	21.04%	-20.39%

Volatility

PJUL vs. SBIT - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 1.05%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	22.98%	-21.93%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	68.89%	-64.97%
Volatility (1Y) Calculated over the trailing 1-year period	4.98%	88.51%	-83.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	96.89%	-88.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.97%	96.89%	-86.92%

PJUL vs. SBIT - Expense Ratio Comparison

PJUL has a 0.79% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

PJUL vs. SBIT - Dividend Comparison

PJUL has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJUL and SBIT in my portfolio?

PJUL and SBIT have a correlation of -0.47, 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 SBIT?

SBIT has higher volatility (22.98%) compared to PJUL (1.05%). In terms of maximum drawdown, PJUL dropped -18.17% vs SBIT's -91.35%.

Which ETF is better, PJUL or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 11.09% for PJUL. On fees, PJUL is cheaper at 0.79% per year. On volatility, PJUL has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUL or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or SBIT?

PJUL is cheaper with a 0.79% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.97%, compared with 0.00% for PJUL.

What is the main difference between PJUL and SBIT?

PJUL is categorized as Defined Outcome, while SBIT is Cryptocurrency. PJUL tracks Cboe S&P 500 Buffer Protect Index July, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for PJUL and 0.95% for SBIT.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.24 vs 1.41), 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.