SSPY vs. UJUN

Last updated Jun 4, 2026

SSPY (Stratified LargeCap Index ETF) and UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) are both Large Cap Blend Equities funds - SSPY tracks the Syntax Stratified LargeCap Index while UJUN tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index. Both are passively managed. Over the past year, SSPY returned 20.61% vs 10.04% for UJUN. A 0.74 correlation means they provide meaningful diversification when combined. SSPY charges 0.45%/yr vs 0.79%/yr for UJUN.

Performance

SSPY vs. UJUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) and Innovator U.S. Equity Ultra Buffer ETF - June (UJUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSPY achieves a 10.14% return, which is significantly higher than UJUN's 3.32% return.

SSPY

• 1D: -0.30%
• 1M: 3.36%
• YTD: 10.14%
• 6M: 10.60%
• 1Y: 20.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UJUN

• 1D: -0.30%
• 1M: 0.45%
• YTD: 3.32%
• 6M: 4.16%
• 1Y: 10.04%
• 3Y*: 11.26%
• 5Y*: 6.38%
• 10Y*: —

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

SSPY vs. UJUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Stratified LargeCap Index ETF	10.14%	12.88%	-0.90%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	3.32%	10.63%	1.74%

Correlation

The correlation between SSPY and UJUN is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.74

The correlation between SSPY and UJUN has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

SSPY vs. UJUN - Sectors Allocation Comparison

Sectors	SSPY	UJUN
Technology	17.8%	36.2%
Consumer Cyclical	13.0%	10.1%
Consumer Defensive	12.1%	4.9%
Healthcare	11.8%	8.4%
Industrials	10.5%	8.1%
Financial Services	10.4%	11.9%
Energy	6.4%	3.5%
Communication Services	6.2%	10.9%
Utilities	5.9%	2.3%
Real Estate	3.4%	1.9%
Basic Materials	2.6%	1.8%

Return for Risk

SSPY vs. UJUN — Risk / Return Rank

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

SSPY

SSPY Risk / Return Rank: 59
SSPY Sharpe Ratio Rank: 57
SSPY Sortino Ratio Rank: 61
SSPY Omega Ratio Rank: 56
SSPY Calmar Ratio Rank: 57
SSPY Martin Ratio Rank: 61

UJUN

UJUN Risk / Return Rank: 81
UJUN Sharpe Ratio Rank: 73
UJUN Sortino Ratio Rank: 81
UJUN Omega Ratio Rank: 88
UJUN Calmar Ratio Rank: 72
UJUN Martin Ratio Rank: 91

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.

SSPY vs. UJUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) and Innovator U.S. Equity Ultra Buffer ETF - June (UJUN). 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.

	SSPY	UJUN	Difference
Sharpe ratio Return per unit of total volatility	1.95	2.40	-0.45
Sortino ratio Return per unit of downside risk	2.88	3.66	-0.77
Omega ratio Gain probability vs. loss probability	1.35	1.55	-0.20
Calmar ratio Return relative to maximum drawdown	2.83	3.55	-0.73
Martin ratio Return relative to average drawdown	10.88	21.84	-10.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSPY vs. UJUN - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 1.95, which is comparable to the UJUN Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of SSPY and UJUN, 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

	SSPY	UJUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.40	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.77	+0.15

Drawdowns

SSPY vs. UJUN - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, which is greater than UJUN's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for SSPY and UJUN.

Drawdown Indicators

	SSPY	UJUN	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	-13.73%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-2.84%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.96%	—
Current Drawdown Current decline from peak	-0.30%	-0.30%	0.00%
Average Drawdown Average peak-to-trough decline	-2.32%	-2.07%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	0.46%	+1.44%

Volatility

SSPY vs. UJUN - Volatility Comparison

Stratified LargeCap Index ETF (SSPY) has a higher volatility of 2.44% compared to Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) at 0.41%. This indicates that SSPY's price experiences larger fluctuations and is considered to be riskier than UJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSPY	UJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	0.41%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	3.25%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	4.25%	+6.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	8.32%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.55%	8.77%	+5.78%

SSPY vs. UJUN - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is lower than UJUN's 0.79% expense ratio.

Dividends

SSPY vs. UJUN - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.26%, while UJUN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
SSPY Stratified LargeCap Index ETF	1.26%	1.38%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%

Frequently Asked Questions

Can I hold both SSPY and UJUN in my portfolio?

SSPY and UJUN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSPY or UJUN?

SSPY has higher volatility (2.44%) compared to UJUN (0.41%). In terms of maximum drawdown, SSPY dropped -16.16% vs UJUN's -13.73%.

Which ETF is better, SSPY or UJUN?

On 1-year performance, SSPY leads with 20.61% vs 10.04% for UJUN. On fees, SSPY is cheaper at 0.45% per year. On volatility, UJUN has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSPY or UJUN?

Over the 1-year period, SSPY has performed better with a 20.61% return vs 10.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSPY or UJUN?

SSPY is cheaper with a 0.45% expense ratio, compared with 0.79% for UJUN.

Which ETF pays a higher dividend yield, SSPY or UJUN?

SSPY has the higher dividend yield at 1.26%, compared with 0.00% for UJUN.

What is the main difference between SSPY and UJUN?

SSPY tracks Syntax Stratified LargeCap Index, while UJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index. They also come from different issuers: Exchange Traded Concepts and Innovator. Their fees differ too: 0.45% for SSPY and 0.79% for UJUN.

Which has better risk-adjusted returns?

UJUN currently has the higher Sharpe Ratio (2.40 vs 1.95), 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.