PJUL vs. VFMF

Last updated Aug 2, 2026

PJUL (Innovator U.S. Equity Power Buffer ETF - July) and VFMF (Vanguard U.S. Multifactor ETF) are both exchange-traded funds - PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July, while VFMF is a Multi-factor fund actively managed by Vanguard. PJUL is passively managed, while VFMF is actively managed. Over the past 5 years, PJUL returned 10.37%/yr vs 14.80%/yr for VFMF. Their 0.77 correlation means they have sometimes moved together and sometimes differently. PJUL charges 0.79%/yr vs 0.18%/yr for VFMF.

Performance

PJUL vs. VFMF - 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 Vanguard U.S. Multifactor ETF (VFMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUL achieves a 5.43% return, which is significantly lower than VFMF's 21.69% return.

PJUL

• 1D: 0.35%
• 1M: 0.51%
• 6M: 4.62%
• YTD: 5.43%
• 1Y: 11.10%
• 3Y*: 12.02%
• 5Y*: 10.37%
• 10Y*: —
• ALL TIME*: 8.71%

VFMF

• 1D: -0.01%
• 1M: 2.41%
• 6M: 16.33%
• YTD: 21.69%
• 1Y: 39.45%
• 3Y*: 20.66%
• 5Y*: 14.80%
• 10Y*: —
• ALL TIME*: 12.70%

*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)
PJUL Innovator U.S. Equity Power Buffer ETF - July	$6.04M	$11.74M	$6.93M
VFMF Vanguard U.S. Multifactor ETF	$8.35M	$13.16M	$7.02M

PJUL vs. VFMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.43%	12.78%	13.76%	19.87%	-2.08%	7.20%	7.51%	12.47%	-5.39%
VFMF Vanguard U.S. Multifactor ETF	21.69%	17.38%	15.60%	18.52%	-5.70%	30.05%	4.99%	22.34%	-17.10%

Correlation

The correlation between PJUL and VFMF is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (All Time) Calculated using the full available price history since Aug 8, 2018	0.77

The correlation between PJUL and VFMF has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.

PJUL vs. VFMF - Sectors Allocation Comparison

Sectors	PJUL	VFMF
Technology	37.9%	12.9%
Financial Services	11.7%	24.6%
Communication Services	10.0%	4.8%
Consumer Cyclical	9.6%	13.4%
Healthcare	9.1%	16.9%
Industrials	8.4%	8.9%
Consumer Defensive	4.6%	6.8%
Energy	3.0%	6.7%
Utilities	2.3%	0.2%
Real Estate	1.9%	0.3%
Basic Materials	1.7%	4.1%

Return for Risk

PJUL vs. VFMF — Risk / Return Rank

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

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 87
PJUL Omega Ratio Rank: 89
PJUL Calmar Ratio Rank: 80
PJUL Martin Ratio Rank: 92

VFMF

VFMF Risk / Return Rank: 95
VFMF Sharpe Ratio Rank: 96
VFMF Sortino Ratio Rank: 96
VFMF Omega Ratio Rank: 95
VFMF Calmar Ratio Rank: 95
VFMF Martin Ratio Rank: 95

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. VFMF - 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 Vanguard U.S. Multifactor ETF (VFMF). 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	VFMF	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.93	-0.92
Sortino ratio: Return per unit of downside risk	2.96	4.18	-1.22
Omega ratio: Gain probability vs. loss probability	1.41	1.52	-0.11
Calmar ratio: Return relative to maximum drawdown	2.87	5.35	-2.48
Martin ratio: Return relative to average drawdown	15.66	20.76	-5.10

PJUL vs. VFMF - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 2.01, which is lower than the VFMF Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of PJUL and VFMF, 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. VFMF - Drawdown Comparison

The maximum PJUL drawdown since its inception was -18.17%, smaller than the maximum VFMF drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for PJUL and VFMF.

Drawdown Indicators

	PJUL	VFMF	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-41.34%	+23.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-7.08%	+3.44%
Max Drawdown (3Y) Largest decline over 3 years	-10.69%	-20.57%	+9.88%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-20.57%	+9.88%
Current Drawdown Current decline from peak	-0.34%	-0.52%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.45%	-5.64%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.82%	-1.15%

Volatility

PJUL vs. VFMF - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 1.96%, while Vanguard U.S. Multifactor ETF (VFMF) has a volatility of 2.66%. This indicates that PJUL experiences smaller price fluctuations and is considered to be less risky than VFMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUL	VFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	2.66%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	8.95%	-4.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.21%	12.93%	-7.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	17.82%	-9.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	21.00%	-11.04%

PJUL vs. VFMF - Expense Ratio Comparison

PJUL has a 0.79% expense ratio, which is higher than VFMF's 0.18% expense ratio.

Dividends

PJUL vs. VFMF - Dividend Comparison

PJUL has not paid dividends to shareholders, while VFMF's dividend yield for the trailing twelve months is around 1.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
VFMF Vanguard U.S. Multifactor ETF	1.34%	1.54%	1.60%	1.78%	2.21%	1.39%	1.56%	1.61%	1.22%

Frequently Asked Questions

Can I hold both PJUL and VFMF in my portfolio?

PJUL and VFMF have a correlation of 0.68, 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 VFMF?

VFMF has higher volatility (2.66%) compared to PJUL (1.96%). In terms of maximum drawdown, PJUL dropped -18.17% vs VFMF's -41.34%.

Which ETF is better, PJUL or VFMF?

On 5-year performance, VFMF leads with 14.80% vs 10.37% for PJUL. On fees, VFMF is cheaper at 0.18% per year. On volatility, PJUL has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUL or VFMF?

Over the 5-year period, VFMF has performed better with a 14.80% return vs 10.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUL or VFMF?

VFMF is cheaper with a 0.18% expense ratio, compared with 0.79% for PJUL.

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

VFMF has the higher dividend yield at 1.34%, compared with 0.00% for PJUL.

What is the main difference between PJUL and VFMF?

PJUL is categorized as Defined Outcome, while VFMF is Multi-factor. They also come from different issuers: Innovator and Vanguard. Their fees differ too: 0.79% for PJUL and 0.18% for VFMF.

Which has better risk-adjusted returns?

VFMF currently has the higher Sharpe Ratio (2.93 vs 2.01), 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.