UJUL vs. UAUG

Last updated Jun 24, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) 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 7.95%/yr for UAUG. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UJUL vs. UAUG - 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 Ultra Buffer ETF - August (UAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

UJUL

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

UAUG

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

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

UJUL vs. UAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
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%

Correlation

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

UJUL vs. UAUG - Sectors Allocation Comparison

Sectors	UJUL	UAUG
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. UAUG — 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

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

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

UJUL vs. UAUG - Sharpe Ratio Comparison

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

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

Drawdown Indicators

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

Volatility

UJUL vs. UAUG - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) is 0.56%, while Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) has a volatility of 1.05%. This indicates that UJUL experiences smaller price fluctuations and is considered to be less risky than UAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

UJUL vs. UAUG - Expense Ratio Comparison

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

Dividends

UJUL vs. UAUG - Dividend Comparison

Neither UJUL nor UAUG 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 UJUL and UAUG in my portfolio?

With a correlation of 0.90, UJUL and UAUG 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 UAUG?

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

Which ETF is better, UJUL or UAUG?

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, UJUL or UAUG?

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, UJUL or UAUG?

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

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

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

What is the main difference between UJUL and UAUG?

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.