PJUN vs. BUFF

Last updated Jun 24, 2026

PJUN (Innovator U.S. Equity Power Buffer ETF - June) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - PJUN tracks the S&P 500 Price Return Index while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, PJUN returned 6.68%/yr vs 8.52%/yr for BUFF. Their correlation of 0.82 suggests significant overlap in exposure. PJUN charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

PJUN vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - June (PJUN) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUN achieves a 2.44% return, which is significantly lower than BUFF's 4.91% return.

PJUN

• 1D: -0.60%
• 1M: -0.92%
• YTD: 2.44%
• 6M: 2.36%
• 1Y: 9.24%
• 3Y*: 11.06%
• 5Y*: 6.68%
• 10Y*: —

BUFF

• 1D: -0.48%
• 1M: -0.10%
• YTD: 4.91%
• 6M: 4.62%
• 1Y: 13.10%
• 3Y*: 11.92%
• 5Y*: 8.52%
• 10Y*: —

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

PJUN vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PJUN Innovator U.S. Equity Power Buffer ETF - June	2.44%	11.62%	12.40%	12.28%	-7.75%	7.13%	10.40%	6.68%
BUFF Innovator Laddered Allocation Power Buffer ETF	4.91%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	14.83%

Correlation

The correlation between PJUN and BUFF 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	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 3, 2019	0.82

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

Return for Risk

PJUN vs. BUFF — Risk / Return Rank

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

PJUN

PJUN Risk / Return Rank: 72
PJUN Sharpe Ratio Rank: 62
PJUN Sortino Ratio Rank: 65
PJUN Omega Ratio Rank: 75
PJUN Calmar Ratio Rank: 71
PJUN Martin Ratio Rank: 86

BUFF

BUFF Risk / Return Rank: 85
BUFF Sharpe Ratio Rank: 83
BUFF Sortino Ratio Rank: 88
BUFF Omega Ratio Rank: 87
BUFF Calmar Ratio Rank: 75
BUFF Martin Ratio Rank: 89

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.

PJUN vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - June (PJUN) and Innovator Laddered Allocation Power Buffer ETF (BUFF). 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.

	PJUN	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.51	-0.61
Sortino ratio: Return per unit of downside risk	2.76	3.76	-1.00
Omega ratio: Gain probability vs. loss probability	1.41	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	3.32	3.67	-0.35
Martin ratio: Return relative to average drawdown	17.15	19.13	-1.99

PJUN vs. BUFF - Sharpe Ratio Comparison

The current PJUN Sharpe Ratio is 1.90, which is comparable to the BUFF Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of PJUN and BUFF, 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

PJUN vs. BUFF - Drawdown Comparison

The maximum PJUN drawdown since its inception was -16.31%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for PJUN and BUFF.

Drawdown Indicators

	PJUN	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-16.31%	-46.23%	+29.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-3.58%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	-10.24%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-12.51%	-10.24%	-2.27%
Current Drawdown Current decline from peak	-1.33%	-0.74%	-0.59%
Average Drawdown Average peak-to-trough decline	-1.86%	-6.15%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.69%	-0.15%

Volatility

PJUN vs. BUFF - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - June (PJUN) has a higher volatility of 2.48% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.73%. This indicates that PJUN's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUN	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	1.73%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	4.03%	4.11%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	4.93%	5.27%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	8.44%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.72%	17.63%	-7.91%

PJUN vs. BUFF - Expense Ratio Comparison

PJUN has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

PJUN vs. BUFF - Dividend Comparison

Neither PJUN nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
PJUN Innovator U.S. Equity Power Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJUN and BUFF in my portfolio?

PJUN and BUFF 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, PJUN or BUFF?

PJUN has higher volatility (2.48%) compared to BUFF (1.73%). In terms of maximum drawdown, PJUN dropped -16.31% vs BUFF's -46.23%.

Which ETF is better, PJUN or BUFF?

On 5-year performance, BUFF leads with 8.52% vs 6.68% for PJUN. On fees, PJUN is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUN or BUFF?

Over the 5-year period, BUFF has performed better with a 8.52% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUN or BUFF?

PJUN is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

Which ETF pays a higher dividend yield, PJUN or BUFF?

PJUN and BUFF have nearly identical dividend yields, around 0.00%.

What is the main difference between PJUN and BUFF?

PJUN tracks S&P 500 Price Return Index, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for PJUN and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.51 vs 1.90), 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.