UAUG vs. UJUL

Last updated Jun 24, 2026

UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, UAUG returned 7.95%/yr vs 8.57%/yr for UJUL. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UAUG vs. UJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) and Innovator U.S. Equity Ultra Buffer ETF - July (UJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UAUG having a 4.86% return and UJUL slightly lower at 4.80%.

UAUG

• 1D: -0.25%
• 1M: 0.40%
• YTD: 4.86%
• 6M: 4.70%
• 1Y: 14.14%
• 3Y*: 14.14%
• 5Y*: 7.95%
• 10Y*: —

UJUL

• 1D: -0.06%
• 1M: 0.51%
• YTD: 4.80%
• 6M: 4.64%
• 1Y: 13.84%
• 3Y*: 12.36%
• 5Y*: 8.57%
• 10Y*: —

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

UAUG vs. UJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	4.86%	12.42%	15.51%	17.71%	-10.81%	4.94%	7.95%	4.26%
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	4.80%	12.34%	13.84%	17.65%	-6.96%	4.61%	4.96%	3.28%

Correlation

The correlation between UAUG and UJUL is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.89

The correlation between UAUG and UJUL has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

UAUG vs. UJUL - Sectors Allocation Comparison

Sectors	UAUG	UJUL
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UAUG vs. UJUL — Risk / Return Rank

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

UAUG

UAUG Risk / Return Rank: 87
UAUG Sharpe Ratio Rank: 88
UAUG Sortino Ratio Rank: 91
UAUG Omega Ratio Rank: 91
UAUG Calmar Ratio Rank: 75
UAUG Martin Ratio Rank: 89

UJUL

UJUL Risk / Return Rank: 88
UJUL Sharpe Ratio Rank: 88
UJUL Sortino Ratio Rank: 93
UJUL Omega Ratio Rank: 93
UJUL Calmar Ratio Rank: 73
UJUL 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.

UAUG vs. UJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) and Innovator U.S. Equity Ultra Buffer ETF - July (UJUL). 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.

	UAUG	UJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.70	-0.01
Sortino ratio: Return per unit of downside risk	3.96	4.20	-0.23
Omega ratio: Gain probability vs. loss probability	1.55	1.59	-0.04
Calmar ratio: Return relative to maximum drawdown	3.58	3.49	+0.09
Martin ratio: Return relative to average drawdown	19.01	20.26	-1.25

UAUG vs. UJUL - Sharpe Ratio Comparison

The current UAUG Sharpe Ratio is 2.69, which is comparable to the UJUL Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of UAUG and UJUL, 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

UAUG vs. UJUL - Drawdown Comparison

The maximum UAUG drawdown since its inception was -13.91%, roughly equal to the maximum UJUL drawdown of -14.11%. Use the drawdown chart below to compare losses from any high point for UAUG and UJUL.

Drawdown Indicators

	UAUG	UJUL	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-14.11%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-3.98%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-11.38%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-13.91%	-11.38%	-2.53%
Current Drawdown Current decline from peak	-0.28%	-0.06%	-0.22%
Average Drawdown Average peak-to-trough decline	-2.34%	-1.84%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.68%	+0.07%

Volatility

UAUG vs. UJUL - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) has a higher volatility of 1.05% compared to Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) at 0.56%. This indicates that UAUG's price experiences larger fluctuations and is considered to be riskier than UJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAUG	UJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.56%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	4.19%	3.98%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	5.33%	5.23%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.91%	8.12%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	8.91%	-0.22%

UAUG vs. UJUL - Expense Ratio Comparison

Both UAUG and UJUL have an expense ratio of 0.79%.

Dividends

UAUG vs. UJUL - Dividend Comparison

Neither UAUG nor UJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.43%

Frequently Asked Questions

Can I hold both UAUG and UJUL in my portfolio?

With a correlation of 0.90, UAUG and UJUL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UAUG or UJUL?

UAUG has higher volatility (1.05%) compared to UJUL (0.56%). In terms of maximum drawdown, UAUG dropped -13.91% vs UJUL's -14.11%.

Which ETF is better, UAUG or UJUL?

On 5-year performance, UJUL leads with 8.57% vs 7.95% for UAUG. Both ETFs have the same 0.79% expense ratio. On volatility, UJUL has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAUG or UJUL?

Over the 5-year period, UJUL has performed better with a 8.57% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAUG or UJUL?

UAUG and UJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UAUG or UJUL?

UAUG and UJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between UAUG and UJUL?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (2.70 vs 2.69), 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.