QTJL vs. SPY
QTJL (Innovator Growth Accelerated Plus ETF - July) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QTJL is a Leveraged Equities fund actively managed by Innovator, while SPY is a S&P 500 fund tracking the S&P 500 Index. QTJL is actively managed, while SPY is passively managed. Over the past 5 years, QTJL returned 9.06%/yr vs 12.76%/yr for SPY. Their correlation of 0.89 means they have usually moved in the same direction. QTJL charges 0.79%/yr vs 0.09%/yr for SPY.
Performance
QTJL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, QTJL achieves a 2.56% return, which is significantly lower than SPY's 10.13% return.
QTJL
- 1D
- 0.93%
- 1M
- -1.97%
- 6M
- 1.77%
- YTD
- 2.56%
- 1Y
- 11.97%
- 3Y*
- 15.99%
- 5Y*
- 9.06%
- 10Y*
- —
- ALL TIME*
- 9.33%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $200.88K | $354.66K | $247.25K | |
| $37.27B | $35.99B | $39.23B |
QTJL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QTJL Innovator Growth Accelerated Plus ETF - July | 2.56% | 21.07% | 16.50% | 42.39% | -30.16% | 9.36% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 11.70% |
Correlation
The correlation between QTJL and SPY is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | 0.89 |
The correlation between QTJL and SPY has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
QTJL vs. SPY — Risk / Return Rank
QTJL
SPY
QTJL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - July (QTJL) 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.
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.
| QTJL | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.27 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.20 | -0.97 |
| Martin ratioReturn relative to average drawdown | 6.04 | 9.40 | -3.36 |
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Drawdowns
QTJL vs. SPY - Drawdown Comparison
The maximum QTJL drawdown since its inception was -33.40%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QTJL and SPY.
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Drawdown Indicators
| QTJL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.40% | -55.19% | +21.79% |
Max Drawdown (1Y)Largest decline over 1 year | -8.48% | -8.88% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -22.43% | -18.76% | -3.67% |
Max Drawdown (5Y)Largest decline over 5 years | -33.40% | -24.50% | -8.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -4.62% | -1.40% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -7.74% | -9.01% | +1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 2.08% | -0.35% |
Volatility
QTJL vs. SPY - Volatility Comparison
Innovator Growth Accelerated Plus ETF - July (QTJL) has a higher volatility of 6.45% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that QTJL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QTJL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 3.58% | +2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 9.63% | 10.14% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.72% | 12.89% | -1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.43% | 17.18% | +3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.30% | 17.95% | +2.35% |
QTJL vs. SPY - Expense Ratio Comparison
QTJL has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
QTJL vs. SPY - Dividend Comparison
QTJL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QTJL Innovator Growth Accelerated Plus ETF - July | 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 | 1.01% | 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
QTJL and SPY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QTJL has higher volatility (6.45%) compared to SPY (3.58%). In terms of maximum drawdown, QTJL dropped -33.40% vs SPY's -55.19%.
On 5-year performance, SPY leads with 12.76% vs 9.06% for QTJL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 12.76% return vs 9.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for QTJL.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for QTJL.
QTJL is categorized as Leveraged Equities, while SPY is S&P 500. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for QTJL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs 0.89), 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.
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