PJUL vs. USMV

Last updated Jun 4, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, PJUL returned 10.49%/yr vs 7.45%/yr for USMV. A 0.73 correlation means they provide meaningful diversification when combined. PJUL charges 0.79%/yr vs 0.15%/yr for USMV.

Performance

PJUL vs. USMV - 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 iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUL achieves a 4.74% return, which is significantly higher than USMV's 2.65% return.

PJUL

• 1D: 0.10%
• 1M: 1.44%
• YTD: 4.74%
• 6M: 5.40%
• 1Y: 15.32%
• 3Y*: 13.95%
• 5Y*: 10.49%
• 10Y*: —

USMV

• 1D: -0.69%
• 1M: 2.01%
• YTD: 2.65%
• 6M: 2.61%
• 1Y: 4.37%
• 3Y*: 11.79%
• 5Y*: 7.45%
• 10Y*: 9.93%

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

PJUL vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.74%	12.78%	13.76%	19.87%	-2.08%	7.20%	7.51%	12.47%	-4.45%
USMV iShares MSCI USA Min Vol Factor ETF	2.65%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	-4.62%

Correlation

The correlation between PJUL and USMV is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 9, 2018	0.73

Over the past year, the correlation between PJUL and USMV has dropped to 0.51 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

PJUL vs. USMV - Sectors Allocation Comparison

Sectors	PJUL	USMV
Technology	36.2%	30.8%
Financial Services	11.9%	12.4%
Communication Services	10.9%	5.9%
Consumer Cyclical	10.1%	5.7%
Healthcare	8.4%	12.5%
Industrials	8.1%	5.7%
Consumer Defensive	4.9%	10.0%
Energy	3.5%	3.6%
Utilities	2.3%	7.5%
Real Estate	1.9%	2.2%
Basic Materials	1.8%	2.2%

Return for Risk

PJUL vs. USMV — 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: 83
PJUL Sortino Ratio Rank: 89
PJUL Omega Ratio Rank: 90
PJUL Calmar Ratio Rank: 81
PJUL Martin Ratio Rank: 92

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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. USMV - 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 iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	2.73	0.52	+2.22
Sortino ratio: Return per unit of downside risk	4.12	0.79	+3.33
Omega ratio: Gain probability vs. loss probability	1.59	1.09	+0.50
Calmar ratio: Return relative to maximum drawdown	4.22	0.68	+3.54
Martin ratio: Return relative to average drawdown	23.24	2.27	+20.97
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. USMV - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.73, which is higher than the USMV Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of PJUL and USMV, 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	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	0.52	+2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.61	+0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.87	+0.03

Drawdowns

PJUL vs. USMV - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for PJUL and USMV.

Drawdown Indicators

	PJUL	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-33.10%	+14.93%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-6.46%	+2.82%
Max Drawdown (3Y) Largest decline over 3 years	-10.69%	-9.36%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-17.93%	+7.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	0.00%	-1.18%	+1.18%
Average Drawdown Average peak-to-trough decline	-1.47%	-2.88%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.93%	-1.27%

Volatility

PJUL vs. USMV - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 0.42%, while iShares MSCI USA Min Vol Factor ETF (USMV) has a volatility of 2.38%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	2.38%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	5.91%	-2.02%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	8.50%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.60%	12.35%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.03%	14.51%	-4.48%

PJUL vs. USMV - Expense Ratio Comparison

PJUL has a 0.79% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

PJUL vs. USMV - Dividend Comparison

PJUL has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both PJUL and USMV in my portfolio?

PJUL and USMV have a correlation of 0.51, 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 USMV?

USMV has higher volatility (2.38%) compared to PJUL (0.42%). In terms of maximum drawdown, PJUL dropped -18.17% vs USMV's -33.10%.

Which ETF is better, PJUL or USMV?

On 5-year performance, PJUL leads with 10.49% vs 7.45% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, PJUL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUL or USMV?

Over the 5-year period, PJUL has performed better with a 10.49% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.79% for PJUL.

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

USMV has the higher dividend yield at 1.53%, compared with 0.00% for PJUL.

What is the main difference between PJUL and USMV?

PJUL is categorized as Defined Outcome, while USMV is Large Cap Blend Equities. PJUL tracks Cboe S&P 500 Buffer Protect Index July, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PJUL and 0.15% for USMV.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.73 vs 0.52), 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.