UJUL vs. AIOO

Last updated Jul 16, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. UJUL is passively managed, while AIOO is actively managed. Over the past year, UJUL returned 11.06% vs 5.20% for AIOO. A 0.67 correlation means they provide meaningful diversification when combined. UJUL charges 0.79%/yr vs 0.64%/yr for AIOO.

Performance

UJUL vs. AIOO - 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 AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UJUL achieves a 5.50% return, which is significantly higher than AIOO's 2.52% return.

UJUL

• 1D: -0.02%
• 1M: 0.71%
• 6M: 5.00%
• YTD: 5.50%
• 1Y: 11.06%
• 3Y*: 12.13%
• 5Y*: 8.69%
• 10Y*: —

AIOO

• 1D: -0.02%
• 1M: 0.09%
• 6M: 2.31%
• YTD: 2.52%
• 1Y: 5.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UJUL vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	5.50%	5.33%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.52%	2.65%

Correlation

The correlation between UJUL and AIOO is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.67

The correlation between UJUL and AIOO has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

UJUL vs. AIOO — 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: 87
UJUL Sortino Ratio Rank: 90
UJUL Omega Ratio Rank: 91
UJUL Calmar Ratio Rank: 69
UJUL Martin Ratio Rank: 90

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 92
AIOO Sortino Ratio Rank: 94
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

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. AIOO - 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 AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	UJUL	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.53	-0.28
Sortino ratio: Return per unit of downside risk	3.42	3.93	-0.50
Omega ratio: Gain probability vs. loss probability	1.48	1.49	-0.01
Calmar ratio: Return relative to maximum drawdown	2.79	7.05	-4.26
Martin ratio: Return relative to average drawdown	16.20	20.36	-4.16

UJUL vs. AIOO - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 2.26, which is comparable to the AIOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of UJUL and AIOO, 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

UJUL vs. AIOO - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for UJUL and AIOO.

Drawdown Indicators

	UJUL	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-0.74%	-13.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-0.74%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	—	—
Current Drawdown Current decline from peak	-0.07%	-0.02%	-0.05%
Average Drawdown Average peak-to-trough decline	-1.83%	-0.18%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.26%	+0.42%

Volatility

UJUL vs. AIOO - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) has a higher volatility of 0.99% compared to AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) at 0.66%. This indicates that UJUL's price experiences larger fluctuations and is considered to be riskier than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUL	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.66%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	4.02%	1.42%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	4.93%	2.06%	+2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.13%	2.05%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	2.05%	+6.83%

UJUL vs. AIOO - Expense Ratio Comparison

UJUL has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

UJUL vs. AIOO - Dividend Comparison

Neither UJUL nor AIOO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 AIOO in my portfolio?

UJUL and AIOO have a correlation of 0.69, 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 AIOO?

UJUL has higher volatility (0.99%) compared to AIOO (0.66%). In terms of maximum drawdown, UJUL dropped -14.11% vs AIOO's -0.74%.

Which ETF is better, UJUL or AIOO?

On 1-year performance, UJUL leads with 11.06% vs 5.20% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, AIOO has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUL or AIOO?

Over the 1-year period, UJUL has performed better with a 11.06% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for UJUL.

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

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

What is the main difference between UJUL and AIOO?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for UJUL and 0.64% for AIOO.

Which has better risk-adjusted returns?

AIOO currently has the higher Sharpe Ratio (2.53 vs 2.26), 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.