RBUF vs. PJUL

Last updated Jun 4, 2026

RBUF (Innovator U.S. Small Cap 10 Buffer ETF - Quarterly) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. RBUF is actively managed, while PJUL is passively managed. Over the past year, RBUF returned 15.41% vs 15.32% for PJUL. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

RBUF vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (RBUF) 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, RBUF achieves a 6.49% return, which is significantly higher than PJUL's 4.74% return.

RBUF

• 1D: -0.03%
• 1M: 1.38%
• YTD: 6.49%
• 6M: 5.47%
• 1Y: 15.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: 0.10%
• 1M: 1.44%
• YTD: 4.74%
• 6M: 5.40%
• 1Y: 15.32%
• 3Y*: 13.95%
• 5Y*: 10.49%
• 10Y*: —

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

RBUF vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RBUF Innovator U.S. Small Cap 10 Buffer ETF - Quarterly	6.49%	10.88%	4.55%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.74%	12.78%	5.65%

Correlation

The correlation between RBUF and PJUL is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.77

The correlation between RBUF and PJUL has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

Return for Risk

RBUF vs. PJUL — Risk / Return Rank

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

RBUF

RBUF Risk / Return Rank: 84
RBUF Sharpe Ratio Rank: 77
RBUF Sortino Ratio Rank: 82
RBUF Omega Ratio Rank: 83
RBUF Calmar Ratio Rank: 88
RBUF Martin Ratio Rank: 91

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 83
PJUL Sortino Ratio Rank: 89
PJUL Omega Ratio Rank: 90
PJUL Calmar Ratio Rank: 81
PJUL Martin Ratio Rank: 92

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.

RBUF vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (RBUF) 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.

	RBUF	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.73	-0.26
Sortino ratio: Return per unit of downside risk	3.62	4.12	-0.50
Omega ratio: Gain probability vs. loss probability	1.49	1.59	-0.10
Calmar ratio: Return relative to maximum drawdown	5.00	4.22	+0.78
Martin ratio: Return relative to average drawdown	21.18	23.24	-2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RBUF vs. PJUL - Sharpe Ratio Comparison

The current RBUF Sharpe Ratio is 2.48, which is comparable to the PJUL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of RBUF 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.

Sharpe Ratios by Period

	RBUF	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.73	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	0.90	+0.44

Drawdowns

RBUF vs. PJUL - Drawdown Comparison

The maximum RBUF drawdown since its inception was -11.36%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for RBUF and PJUL.

Drawdown Indicators

	RBUF	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-11.36%	-18.17%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-3.64%	+0.55%
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	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.34%	-1.47%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.66%	+0.07%

Volatility

RBUF vs. PJUL - Volatility Comparison

Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (RBUF) has a higher volatility of 0.74% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.42%. This indicates that RBUF'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

	RBUF	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.42%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.11%	3.89%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	6.27%	5.66%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.73%	8.60%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.73%	10.03%	-1.30%

RBUF vs. PJUL - Expense Ratio Comparison

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

Dividends

RBUF vs. PJUL - Dividend Comparison

Neither RBUF nor PJUL has 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%
RBUF Innovator U.S. Small Cap 10 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RBUF and PJUL in my portfolio?

RBUF and PJUL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RBUF or PJUL?

RBUF has higher volatility (0.74%) compared to PJUL (0.42%). In terms of maximum drawdown, RBUF dropped -11.36% vs PJUL's -18.17%.

Which ETF is better, RBUF or PJUL?

On 1-year performance, RBUF leads with 15.41% vs 15.32% for PJUL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL 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, RBUF or PJUL?

Over the 1-year period, RBUF has performed better with a 15.41% return vs 15.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RBUF or PJUL?

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

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

RBUF and PJUL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.73 vs 2.48), 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.