PJUN vs. SPY

Last updated Jun 3, 2026

PJUN (Innovator U.S. Equity Power Buffer ETF - June) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PJUN is a Defined Outcome fund tracking the S&P 500 Price Return Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, PJUN returned 7.20%/yr vs 13.83%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. PJUN charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

PJUN vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJUN achieves a 3.82% return, which is significantly lower than SPY's 10.91% return.

PJUN

• 1D: 0.14%
• 1M: 0.69%
• YTD: 3.82%
• 6M: 4.62%
• 1Y: 11.75%
• 3Y*: 11.90%
• 5Y*: 7.20%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

PJUN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PJUN Innovator U.S. Equity Power Buffer ETF - June	3.82%	11.62%	12.40%	12.28%	-7.75%	7.13%	10.40%	7.23%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	18.92%

Correlation

The correlation between PJUN and SPY is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019	0.90

The correlation between PJUN and SPY has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

PJUN vs. SPY - Sectors Allocation Comparison

Sectors	PJUN	SPY
Technology	36.2%	35.9%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.4%	8.4%
Industrials	8.1%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PJUN vs. SPY — Risk / Return Rank

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

PJUN

PJUN Risk / Return Rank: 86
PJUN Sharpe Ratio Rank: 80
PJUN Sortino Ratio Rank: 88
PJUN Omega Ratio Rank: 90
PJUN Calmar Ratio Rank: 80
PJUN Martin Ratio Rank: 93

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.

	PJUN	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.66	2.38	+0.28
Sortino ratio Return per unit of downside risk	4.05	3.24	+0.81
Omega ratio Gain probability vs. loss probability	1.59	1.43	+0.16
Calmar ratio Return relative to maximum drawdown	4.27	3.16	+1.10
Martin ratio Return relative to average drawdown	25.26	14.72	+10.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJUN vs. SPY - Sharpe Ratio Comparison

The current PJUN Sharpe Ratio is 2.66, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PJUN and SPY, 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

	PJUN	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.38	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.82	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.59	+0.24

Drawdowns

PJUN vs. SPY - Drawdown Comparison

The maximum PJUN drawdown since its inception was -16.31%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PJUN and SPY.

Drawdown Indicators

	PJUN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.31%	-55.19%	+38.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-8.88%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	-18.76%	+8.67%
Max Drawdown (5Y) Largest decline over 5 years	-12.51%	-24.50%	+11.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-1.87%	-9.05%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	1.91%	-1.44%

Volatility

PJUN vs. SPY - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - June (PJUN) is 0.42%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that PJUN experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJUN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	2.84%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	8.90%	-5.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.44%	11.83%	-7.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	17.05%	-8.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.72%	17.94%	-8.22%

PJUN vs. SPY - Expense Ratio Comparison

PJUN has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PJUN vs. SPY - Dividend Comparison

PJUN has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PJUN and SPY in my portfolio?

PJUN and SPY have a correlation of 0.88, 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 SPY?

SPY has higher volatility (2.84%) compared to PJUN (0.42%). In terms of maximum drawdown, PJUN dropped -16.31% vs SPY's -55.19%.

Which ETF is better, PJUN or SPY?

On 5-year performance, SPY leads with 13.83% vs 7.20% for PJUN. On fees, SPY is cheaper at 0.09% per year. On volatility, PJUN 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, PJUN or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUN or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for PJUN.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for PJUN.

What is the main difference between PJUN and SPY?

PJUN is categorized as Defined Outcome, while SPY is S&P 500. PJUN tracks S&P 500 Price Return Index, while SPY tracks S&P 500 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for PJUN and 0.09% for SPY.

Which has better risk-adjusted returns?

PJUN currently has the higher Sharpe Ratio (2.66 vs 2.38), 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.