UJUL vs. TJUL

Last updated Jun 24, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and TJUL (Innovator Equity Defined Protection ETF – 2 Yr to July 2025) are both exchange-traded funds - UJUL is a Defined Outcome fund tracking the S&P 500, while TJUL is a Options Trading fund actively managed by Innovator. UJUL is passively managed, while TJUL is actively managed. Over the past year, UJUL returned 13.84% vs 5.17% for TJUL. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

UJUL vs. TJUL - 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 Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL). 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 higher than TJUL's 1.82% return.

UJUL

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

TJUL

• 1D: -0.24%
• 1M: -0.13%
• YTD: 1.82%
• 6M: 1.55%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UJUL vs. TJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	4.80%	12.34%	13.84%	4.12%
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	1.82%	6.55%	8.18%	3.09%

Correlation

The correlation between UJUL and TJUL is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.73

The correlation between UJUL and TJUL shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UJUL vs. TJUL — 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

TJUL

TJUL Risk / Return Rank: 60
TJUL Sharpe Ratio Rank: 58
TJUL Sortino Ratio Rank: 60
TJUL Omega Ratio Rank: 60
TJUL Calmar Ratio Rank: 54
TJUL Martin Ratio Rank: 67

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. TJUL - 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 Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL). 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	TJUL	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.82	+0.89
Sortino ratio: Return per unit of downside risk	4.20	2.63	+1.57
Omega ratio: Gain probability vs. loss probability	1.59	1.34	+0.25
Calmar ratio: Return relative to maximum drawdown	3.49	2.49	+1.00
Martin ratio: Return relative to average drawdown	20.26	11.45	+8.81

UJUL vs. TJUL - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 2.70, which is higher than the TJUL Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of UJUL and TJUL, 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. TJUL - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, which is greater than TJUL's maximum drawdown of -4.61%. Use the drawdown chart below to compare losses from any high point for UJUL and TJUL.

Drawdown Indicators

	UJUL	TJUL	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-4.61%	-9.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-2.08%	-1.90%
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	-0.06%	-0.36%	+0.30%
Average Drawdown Average peak-to-trough decline	-1.84%	-0.39%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.45%	+0.23%

Volatility

UJUL vs. TJUL - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) is 0.56%, while Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL) has a volatility of 0.81%. This indicates that UJUL experiences smaller price fluctuations and is considered to be less risky than TJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUL	TJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.81%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	2.25%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	5.23%	2.86%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	4.24%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	4.24%	+4.67%

UJUL vs. TJUL - Expense Ratio Comparison

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

Dividends

UJUL vs. TJUL - Dividend Comparison

Neither UJUL nor TJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	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 TJUL in my portfolio?

UJUL and TJUL have a correlation of 0.62, 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 TJUL?

TJUL has higher volatility (0.81%) compared to UJUL (0.56%). In terms of maximum drawdown, UJUL dropped -14.11% vs TJUL's -4.61%.

Which ETF is better, UJUL or TJUL?

On 1-year performance, UJUL leads with 13.84% vs 5.17% for TJUL. 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 TJUL?

Over the 1-year period, UJUL has performed better with a 13.84% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or TJUL?

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

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

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

What is the main difference between UJUL and TJUL?

UJUL is categorized as Defined Outcome, while TJUL is Options Trading.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (2.70 vs 1.82), 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.