UJUL vs. ACIO

Last updated Jun 4, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and ACIO (Aptus Collared Income Opportunity ETF) are both exchange-traded funds - UJUL is a Defined Outcome fund tracking the S&P 500, while ACIO is a Diversified Portfolio fund actively managed by Aptus Capital Advisors. UJUL is passively managed, while ACIO is actively managed. Over the past 5 years, UJUL returned 8.54%/yr vs 10.18%/yr for ACIO. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UJUL vs. ACIO - Performance Comparison

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

Returns By Period

In the year-to-date period, UJUL achieves a 4.63% return, which is significantly lower than ACIO's 7.22% return.

UJUL

• 1D: 0.09%
• 1M: 1.36%
• YTD: 4.63%
• 6M: 5.28%
• 1Y: 14.79%
• 3Y*: 12.85%
• 5Y*: 8.54%
• 10Y*: —

ACIO

• 1D: -0.55%
• 1M: 3.52%
• YTD: 7.22%
• 6M: 6.40%
• 1Y: 15.88%
• 3Y*: 15.97%
• 5Y*: 10.18%
• 10Y*: —

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

UJUL vs. ACIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	4.63%	12.34%	13.84%	17.65%	-6.96%	4.61%	4.96%	3.26%
ACIO Aptus Collared Income Opportunity ETF	7.22%	9.03%	21.92%	15.90%	-10.31%	18.03%	9.85%	3.32%

Correlation

The correlation between UJUL and ACIO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 11, 2019	0.83

The correlation between UJUL and ACIO has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

UJUL vs. ACIO - Sectors Allocation Comparison

Sectors	UJUL	ACIO
Technology	36.2%	35.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	2.1%
Basic Materials	1.8%	1.7%

Return for Risk

UJUL vs. ACIO — Risk / Return Rank

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

UJUL

UJUL Risk / Return Rank: 85
UJUL Sharpe Ratio Rank: 81
UJUL Sortino Ratio Rank: 88
UJUL Omega Ratio Rank: 89
UJUL Calmar Ratio Rank: 75
UJUL Martin Ratio Rank: 90

ACIO

ACIO Risk / Return Rank: 53
ACIO Sharpe Ratio Rank: 56
ACIO Sortino Ratio Rank: 57
ACIO Omega Ratio Rank: 56
ACIO Calmar Ratio Rank: 44
ACIO Martin Ratio Rank: 52

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.

UJUL vs. ACIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) and Aptus Collared Income Opportunity ETF (ACIO). 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.

	UJUL	ACIO	Difference
Sharpe ratio Return per unit of total volatility	2.64	1.93	+0.70
Sortino ratio Return per unit of downside risk	4.08	2.74	+1.35
Omega ratio Gain probability vs. loss probability	1.57	1.35	+0.22
Calmar ratio Return relative to maximum drawdown	3.73	2.21	+1.52
Martin ratio Return relative to average drawdown	21.30	8.84	+12.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UJUL vs. ACIO - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 2.64, which is higher than the ACIO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of UJUL and ACIO, 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

	UJUL	ACIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	1.93	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.93	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.90	-0.10

Drawdowns

UJUL vs. ACIO - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, roughly equal to the maximum ACIO drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for UJUL and ACIO.

Drawdown Indicators

	UJUL	ACIO	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-14.19%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-7.22%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	-12.12%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	-14.00%	+2.62%
Current Drawdown Current decline from peak	0.00%	-0.64%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.86%	-3.19%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.80%	-1.10%

Volatility

UJUL vs. ACIO - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) is 0.38%, while Aptus Collared Income Opportunity ETF (ACIO) has a volatility of 2.18%. This indicates that UJUL experiences smaller price fluctuations and is considered to be less risky than ACIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUL	ACIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	2.18%	-1.80%
Volatility (6M) Calculated over the trailing 6-month period	4.02%	6.13%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	8.26%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	11.05%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	11.64%	-2.70%

UJUL vs. ACIO - Expense Ratio Comparison

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

Dividends

UJUL vs. ACIO - Dividend Comparison

UJUL has not paid dividends to shareholders, while ACIO's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ACIO Aptus Collared Income Opportunity ETF	0.38%	0.37%	0.44%	0.72%	1.51%	0.61%	1.02%	1.32%
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 UJUL and ACIO in my portfolio?

UJUL and ACIO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UJUL or ACIO?

ACIO has higher volatility (2.18%) compared to UJUL (0.38%). In terms of maximum drawdown, UJUL dropped -14.11% vs ACIO's -14.19%.

Which ETF is better, UJUL or ACIO?

On 5-year performance, ACIO leads with 10.18% vs 8.54% for UJUL. Both ETFs have the same 0.79% expense ratio. On volatility, UJUL has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUL or ACIO?

Over the 5-year period, ACIO has performed better with a 10.18% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or ACIO?

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

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

ACIO has the higher dividend yield at 0.38%, compared with 0.00% for UJUL.

What is the main difference between UJUL and ACIO?

UJUL is categorized as Defined Outcome, while ACIO is Diversified Portfolio. They also come from different issuers: Innovator and Aptus Capital Advisors.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (2.64 vs 1.93), 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.