SFLR vs. PJUL

Last updated Aug 1, 2026

SFLR (Innovator Equity Managed Floor ETF) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both exchange-traded funds - SFLR is a Options Trading fund actively managed by Innovator, while PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July. SFLR is actively managed, while PJUL is passively managed. Over the past 3 years, SFLR returned 13.20%/yr vs 12.02%/yr for PJUL. Their correlation of 0.87 means they have usually moved in the same direction. SFLR charges 0.89%/yr vs 0.79%/yr for PJUL.

Performance

SFLR vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed Floor ETF (SFLR) 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, SFLR achieves a 4.20% return, which is significantly lower than PJUL's 5.43% return.

SFLR

• 1D: 0.39%
• 1M: -0.65%
• 6M: 3.61%
• YTD: 4.20%
• 1Y: 13.26%
• 3Y*: 13.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.75%

PJUL

• 1D: 0.35%
• 1M: 0.51%
• 6M: 4.62%
• YTD: 5.43%
• 1Y: 11.10%
• 3Y*: 12.02%
• 5Y*: 10.37%
• 10Y*: —
• ALL TIME*: 8.71%

*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	$6.04M	$11.74M	$6.93M
SFLR Innovator Equity Managed Floor ETF	$6.54M	$8.39M	$12.78M

SFLR vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SFLR Innovator Equity Managed Floor ETF	4.20%	13.29%	19.99%	21.20%	0.42%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.43%	12.78%	13.76%	19.87%	1.27%

Correlation

The correlation between SFLR and PJUL is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.87

The correlation between SFLR and PJUL has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

SFLR vs. PJUL — Risk / Return Rank

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

SFLR

SFLR Risk / Return Rank: 50
SFLR Sharpe Ratio Rank: 49
SFLR Sortino Ratio Rank: 45
SFLR Omega Ratio Rank: 50
SFLR Calmar Ratio Rank: 49
SFLR Martin Ratio Rank: 55

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 87
PJUL Omega Ratio Rank: 89
PJUL Calmar Ratio Rank: 80
PJUL Martin Ratio Rank: 92

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.

SFLR vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed Floor ETF (SFLR) 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.

	SFLR	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.01	-0.81
Sortino ratio: Return per unit of downside risk	1.65	2.96	-1.31
Omega ratio: Gain probability vs. loss probability	1.23	1.41	-0.19
Calmar ratio: Return relative to maximum drawdown	1.76	2.87	-1.12
Martin ratio: Return relative to average drawdown	6.53	15.66	-9.13

SFLR vs. PJUL - Sharpe Ratio Comparison

The current SFLR Sharpe Ratio is 1.20, which is lower than the PJUL Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SFLR 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

SFLR vs. PJUL - Drawdown Comparison

The maximum SFLR drawdown since its inception was -12.13%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for SFLR and PJUL.

Drawdown Indicators

	SFLR	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-12.13%	-18.17%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-3.64%	-3.15%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	-10.69%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.69%	—
Current Drawdown Current decline from peak	-1.89%	-0.34%	-1.55%
Average Drawdown Average peak-to-trough decline	-1.74%	-1.45%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	0.67%	+1.16%

Volatility

SFLR vs. PJUL - Volatility Comparison

Innovator Equity Managed Floor ETF (SFLR) has a higher volatility of 2.50% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 1.96%. This indicates that SFLR'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

	SFLR	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.96%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	4.13%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	9.93%	5.21%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.27%	8.62%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.27%	9.96%	+0.31%

SFLR vs. PJUL - Expense Ratio Comparison

SFLR has a 0.89% expense ratio, which is higher than PJUL's 0.79% expense ratio.

Dividends

SFLR vs. PJUL - Dividend Comparison

SFLR's dividend yield for the trailing twelve months is around 0.28%, 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%
SFLR Innovator Equity Managed Floor ETF	0.28%	0.33%	0.42%	1.16%	0.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SFLR and PJUL in my portfolio?

SFLR and PJUL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFLR or PJUL?

SFLR has higher volatility (2.50%) compared to PJUL (1.96%). In terms of maximum drawdown, SFLR dropped -12.13% vs PJUL's -18.17%.

Which ETF is better, SFLR or PJUL?

On 3-year performance, SFLR leads with 13.20% vs 12.02% for PJUL. On fees, PJUL is cheaper at 0.79% per year. On volatility, PJUL has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLR or PJUL?

Over the 3-year period, SFLR has performed better with a 13.20% return vs 12.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLR or PJUL?

PJUL is cheaper with a 0.79% expense ratio, compared with 0.89% for SFLR.

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

SFLR has the higher dividend yield at 0.28%, compared with 0.00% for PJUL.

What is the main difference between SFLR and PJUL?

SFLR is categorized as Options Trading, while PJUL is Defined Outcome. Their fees differ too: 0.89% for SFLR and 0.79% for PJUL.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.01 vs 1.20), 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.