UJUL vs. BJUL

Last updated Jun 24, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and BJUL (Innovator U.S. Equity Buffer ETF - July) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, UJUL returned 8.57%/yr vs 11.47%/yr for BJUL. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UJUL vs. BJUL - 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 Innovator U.S. Equity Buffer ETF - July (BJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UJUL achieves a 4.80% return, which is significantly lower than BJUL's 6.42% return.

UJUL

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

BJUL

• 1D: -0.21%
• 1M: 0.65%
• YTD: 6.42%
• 6M: 6.09%
• 1Y: 18.15%
• 3Y*: 16.15%
• 5Y*: 11.47%
• 10Y*: —

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

UJUL vs. BJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	4.80%	12.34%	13.84%	17.65%	-6.96%	4.61%	4.96%	12.99%	-6.93%
BJUL Innovator U.S. Equity Buffer ETF - July	6.42%	13.93%	18.41%	21.73%	-7.38%	10.77%	9.05%	17.81%	-9.06%

Correlation

The correlation between UJUL and BJUL is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.90

The correlation between UJUL and BJUL has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

UJUL vs. BJUL - Sectors Allocation Comparison

Sectors	UJUL	BJUL
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

UJUL vs. BJUL — Risk / Return Rank

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

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

BJUL

BJUL Risk / Return Rank: 84
BJUL Sharpe Ratio Rank: 84
BJUL Sortino Ratio Rank: 87
BJUL Omega Ratio Rank: 88
BJUL Calmar Ratio Rank: 71
BJUL Martin Ratio Rank: 87

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. BJUL - 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 Innovator U.S. Equity Buffer ETF - July (BJUL). 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	BJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.51	+0.19
Sortino ratio: Return per unit of downside risk	4.20	3.64	+0.56
Omega ratio: Gain probability vs. loss probability	1.59	1.51	+0.08
Calmar ratio: Return relative to maximum drawdown	3.49	3.37	+0.12
Martin ratio: Return relative to average drawdown	20.26	17.62	+2.63

UJUL vs. BJUL - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 2.70, which is comparable to the BJUL Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of UJUL and BJUL, 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. BJUL - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, smaller than the maximum BJUL drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for UJUL and BJUL.

Drawdown Indicators

	UJUL	BJUL	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-24.03%	+9.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-5.40%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	-14.06%	+2.68%
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	-14.06%	+2.68%
Current Drawdown Current decline from peak	-0.06%	-0.21%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.84%	-2.48%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	1.03%	-0.35%

Volatility

UJUL vs. BJUL - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) is 0.56%, while Innovator U.S. Equity Buffer ETF - July (BJUL) has a volatility of 1.14%. This indicates that UJUL experiences smaller price fluctuations and is considered to be less risky than BJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUL	BJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	1.14%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	5.50%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	5.23%	7.30%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	11.62%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	13.60%	-4.69%

UJUL vs. BJUL - Expense Ratio Comparison

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

Dividends

UJUL vs. BJUL - Dividend Comparison

Neither UJUL nor BJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BJUL Innovator U.S. Equity Buffer ETF - July	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 BJUL in my portfolio?

With a correlation of 0.93, UJUL and BJUL 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, UJUL or BJUL?

BJUL has higher volatility (1.14%) compared to UJUL (0.56%). In terms of maximum drawdown, UJUL dropped -14.11% vs BJUL's -24.03%.

Which ETF is better, UJUL or BJUL?

On 5-year performance, BJUL leads with 11.47% vs 8.57% for UJUL. 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, UJUL or BJUL?

Over the 5-year period, BJUL has performed better with a 11.47% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or BJUL?

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

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

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

What is the main difference between UJUL and BJUL?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (2.70 vs 2.51), 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.