PJUL vs. VFMF

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - July (PJUL) and Vanguard U.S. Multifactor ETF (VFMF).

PJUL and VFMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PJUL is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index July. It was launched on Aug 7, 2018. VFMF is managed by Vanguard. It was launched on Feb 13, 2018.

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.

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	-0.60%	12.78%	13.76%	19.87%	-2.08%	7.20%	7.51%	12.47%	-4.45%
VFMF Vanguard U.S. Multifactor ETF	4.17%	17.38%	15.60%	18.52%	-5.70%	30.05%	4.99%	22.34%	-17.16%

Returns By Period

In the year-to-date period, PJUL achieves a -0.60% return, which is significantly lower than VFMF's 4.17% return.

PJUL

• 1D: 0.40%
• 1M: -1.41%
• YTD: -0.60%
• 6M: 1.12%
• 1Y: 14.39%
• 3Y*: 13.41%
• 5Y*: 9.46%
• 10Y*: —

VFMF

• 1D: 0.82%
• 1M: -3.38%
• YTD: 4.17%
• 6M: 9.32%
• 1Y: 25.37%
• 3Y*: 18.45%
• 5Y*: 11.84%
• 10Y*: —

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

PJUL vs. VFMF - Expense Ratio Comparison

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

PJUL

Innovator U.S. Equity Power Buffer ETF - July

VFMF

Vanguard U.S. Multifactor ETF

Return for Risk

PJUL vs. VFMF — Risk / Return Rank

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

PJUL

PJUL Risk / Return Rank: 81
PJUL Sharpe Ratio Rank: 75
PJUL Sortino Ratio Rank: 80
PJUL Omega Ratio Rank: 86
PJUL Calmar Ratio Rank: 75
PJUL Martin Ratio Rank: 89

VFMF

VFMF Risk / Return Rank: 75
VFMF Sharpe Ratio Rank: 73
VFMF Sortino Ratio Rank: 74
VFMF Omega Ratio Rank: 74
VFMF Calmar Ratio Rank: 72
VFMF Martin Ratio Rank: 79

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. 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.

	PJUL	VFMF	Difference
Sharpe ratio Return per unit of total volatility	1.43	1.36	+0.08
Sortino ratio Return per unit of downside risk	2.17	1.94	+0.23
Omega ratio Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio Return relative to maximum drawdown	2.12	1.94	+0.18
Martin ratio Return relative to average drawdown	11.94	8.92	+3.03
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. VFMF - Sharpe Ratio Comparison

The current PJUL Sharpe Ratio is 1.43, which is comparable to the VFMF Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PJUL and VFMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PJUL	VFMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.36	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.65	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.52	+0.31

Correlation

The correlation between PJUL and VFMF is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 1.52%.

	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	1.52%	1.54%	1.60%	1.78%	2.21%	1.39%	1.56%	1.61%	1.22%

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	-6.99%	-13.32%	+6.33%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-20.57%	+9.88%
Current Drawdown Current decline from peak	-1.68%	-4.21%	+2.53%
Average Drawdown Average peak-to-trough decline	-1.50%	-5.85%	+4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	2.90%	-1.66%

Volatility

PJUL vs. VFMF - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - July (PJUL) is 2.93%, while Vanguard U.S. Multifactor ETF (VFMF) has a volatility of 4.65%. 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	2.93%	4.65%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	4.17%	10.08%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	18.80%	-8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.58%	18.25%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.12%	21.31%	-11.19%