QBF vs. PJUL

Last updated Aug 5, 2026

QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both exchange-traded funds - QBF is a Blockchain fund actively managed by Innovator, while PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July. QBF is actively managed, while PJUL is passively managed. Over the past year, QBF returned -42.28% vs 12.03% for PJUL. Their 0.45 correlation means their historical movements had little consistent relationship. Both charge a 0.79% expense ratio.

Performance

QBF vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QBF achieves a -27.43% return, which is significantly lower than PJUL's 7.09% return.

QBF

• 1D: 0.45%
• 1M: 3.01%
• 6M: -19.69%
• YTD: -27.43%
• 1Y: -42.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.57%

PJUL

• 1D: 0.85%
• 1M: 2.09%
• 6M: 6.41%
• YTD: 7.09%
• 1Y: 12.03%
• 3Y*: 13.04%
• 5Y*: 10.71%
• 10Y*: —
• ALL TIME*: 8.91%

*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	$6.52M	$10.86M	$7.30M
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	$61.34K	$84.88K	$133.05K

QBF vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-27.43%	-14.76%
PJUL Innovator U.S. Equity Power Buffer ETF - July	7.09%	10.93%

Correlation

The correlation between QBF and PJUL is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.45

Return for Risk

QBF vs. PJUL — Risk / Return Rank

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

QBF

QBF Risk / Return Rank: 1
QBF Sharpe Ratio Rank: 0
QBF Sortino Ratio Rank: 0
QBF Omega Ratio Rank: 0
QBF Calmar Ratio Rank: 2
QBF Martin Ratio Rank: 1

PJUL

PJUL Risk / Return Rank: 89
PJUL Sharpe Ratio Rank: 88
PJUL Sortino Ratio Rank: 90
PJUL Omega Ratio Rank: 92
PJUL Calmar Ratio Rank: 81
PJUL Martin Ratio Rank: 93

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.

QBF vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). 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.

	QBF	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	-1.56	2.31	-3.87
Sortino ratio: Return per unit of downside risk	-2.43	3.44	-5.87
Omega ratio: Gain probability vs. loss probability	0.74	1.48	-0.74
Calmar ratio: Return relative to maximum drawdown	-0.87	3.32	-4.19
Martin ratio: Return relative to average drawdown	-1.39	18.10	-19.48

QBF vs. PJUL - Sharpe Ratio Comparison

The current QBF Sharpe Ratio is -1.56, which is lower than the PJUL Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of QBF and PJUL, 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

QBF vs. PJUL - Drawdown Comparison

The maximum QBF drawdown since its inception was -48.71%, which is greater than PJUL's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for QBF and PJUL.

Drawdown Indicators

	QBF	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-48.71%	-18.17%	-30.54%
Max Drawdown (1Y) Largest decline over 1 year	-48.71%	-3.64%	-45.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.69%	—
Current Drawdown Current decline from peak	-45.76%	0.00%	-45.76%
Average Drawdown Average peak-to-trough decline	-20.02%	-1.45%	-18.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	0.67%	+29.87%

Volatility

QBF vs. PJUL - Volatility Comparison

Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) has a higher volatility of 5.79% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 2.17%. This indicates that QBF's price experiences larger fluctuations and is considered to be riskier than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBF	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	2.17%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	19.12%	4.26%	+14.86%
Volatility (1Y) Calculated over the trailing 1-year period	27.19%	5.27%	+21.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.64%	8.64%	+20.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.64%	9.96%	+18.68%

QBF vs. PJUL - Expense Ratio Comparison

Both QBF and PJUL have an expense ratio of 0.79%.

Dividends

QBF vs. PJUL - Dividend Comparison

QBF's dividend yield for the trailing twelve months is around 1.90%, while PJUL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.90%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QBF and PJUL in my portfolio?

QBF and PJUL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBF or PJUL?

QBF has higher volatility (5.79%) compared to PJUL (2.17%). In terms of maximum drawdown, QBF dropped -48.71% vs PJUL's -18.17%.

Which ETF is better, QBF or PJUL?

On 1-year performance, PJUL leads with 12.03% vs -42.28% for QBF. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBF or PJUL?

Over the 1-year period, PJUL has performed better with a 12.03% return vs -42.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBF or PJUL?

QBF and PJUL have the same expense ratio: 0.79% per year.

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

QBF has the higher dividend yield at 1.90%, compared with 0.00% for PJUL.

What is the main difference between QBF and PJUL?

QBF is categorized as Blockchain, while PJUL is Defined Outcome.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.31 vs -1.56), 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.