TJUL vs. MAXJ

Last updated Jun 4, 2026

TJUL (Innovator Equity Defined Protection ETF – 2 Yr to July 2025) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both exchange-traded funds - TJUL is a Options Trading fund actively managed by Innovator, while MAXJ is a Equity Hedged fund actively managed by iShares. Both are actively managed. Over the past year, TJUL returned 5.85% vs 9.25% for MAXJ. A 0.60 correlation means they provide meaningful diversification when combined. TJUL charges 0.79%/yr vs 0.50%/yr for MAXJ.

Performance

TJUL vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL) and iShares Large Cap Max Buffer Jun ETF (MAXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TJUL achieves a 2.08% return, which is significantly lower than MAXJ's 2.88% return.

TJUL

• 1D: -0.05%
• 1M: 0.62%
• YTD: 2.08%
• 6M: 2.41%
• 1Y: 5.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXJ

• 1D: 0.03%
• 1M: 0.82%
• YTD: 2.88%
• 6M: 3.34%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TJUL vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	2.08%	6.55%	3.52%
MAXJ iShares Large Cap Max Buffer Jun ETF	2.88%	8.97%	4.55%

Correlation

The correlation between TJUL and MAXJ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.60

The correlation between TJUL and MAXJ shifts across timeframes, from 0.48 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TJUL vs. MAXJ — Risk / Return Rank

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

TJUL

TJUL Risk / Return Rank: 65
TJUL Sharpe Ratio Rank: 63
TJUL Sortino Ratio Rank: 68
TJUL Omega Ratio Rank: 67
TJUL Calmar Ratio Rank: 57
TJUL Martin Ratio Rank: 71

MAXJ

MAXJ Risk / Return Rank: 93
MAXJ Sharpe Ratio Rank: 91
MAXJ Sortino Ratio Rank: 95
MAXJ Omega Ratio Rank: 95
MAXJ Calmar Ratio Rank: 89
MAXJ Martin Ratio Rank: 95

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.

TJUL vs. MAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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.

	TJUL	MAXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.19	-1.07
Sortino ratio: Return per unit of downside risk	3.12	5.25	-2.13
Omega ratio: Gain probability vs. loss probability	1.41	1.76	-0.36
Calmar ratio: Return relative to maximum drawdown	2.82	5.45	-2.63
Martin ratio: Return relative to average drawdown	13.10	30.88	-17.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TJUL vs. MAXJ - Sharpe Ratio Comparison

The current TJUL Sharpe Ratio is 2.12, which is lower than the MAXJ Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of TJUL and MAXJ, 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

	TJUL	MAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	3.19	-1.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.64	0.00

Drawdowns

TJUL vs. MAXJ - Drawdown Comparison

The maximum TJUL drawdown since its inception was -4.61%, smaller than the maximum MAXJ drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for TJUL and MAXJ.

Drawdown Indicators

	TJUL	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-4.61%	-6.35%	+1.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-1.70%	-0.38%
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.56%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.30%	+0.15%

Volatility

TJUL vs. MAXJ - Volatility Comparison

Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL) has a higher volatility of 0.51% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.30%. This indicates that TJUL's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TJUL	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.30%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	1.93%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	2.93%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.26%	5.28%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	5.28%	-1.02%

TJUL vs. MAXJ - Expense Ratio Comparison

TJUL has a 0.79% expense ratio, which is higher than MAXJ's 0.50% expense ratio.

Dividends

TJUL vs. MAXJ - Dividend Comparison

TJUL has not paid dividends to shareholders, while MAXJ's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	0.98%	1.01%	0.81%
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TJUL and MAXJ in my portfolio?

TJUL and MAXJ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TJUL or MAXJ?

TJUL has higher volatility (0.51%) compared to MAXJ (0.30%). In terms of maximum drawdown, TJUL dropped -4.61% vs MAXJ's -6.35%.

Which ETF is better, TJUL or MAXJ?

On 1-year performance, MAXJ leads with 9.25% vs 5.85% for TJUL. On fees, MAXJ is cheaper at 0.50% per year. On volatility, MAXJ has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TJUL or MAXJ?

Over the 1-year period, MAXJ has performed better with a 9.25% return vs 5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TJUL or MAXJ?

MAXJ is cheaper with a 0.50% expense ratio, compared with 0.79% for TJUL.

Which ETF pays a higher dividend yield, TJUL or MAXJ?

MAXJ has the higher dividend yield at 0.98%, compared with 0.00% for TJUL.

What is the main difference between TJUL and MAXJ?

TJUL is categorized as Options Trading, while MAXJ is Equity Hedged. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TJUL and 0.50% for MAXJ.

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (3.19 vs 2.12), 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.