UJUL vs. ZALT

Last updated Jun 24, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and ZALT (Innovator U.S. Equity 10 Buffer ETF - Quarterly) are both exchange-traded funds - UJUL is a Defined Outcome fund tracking the S&P 500, while ZALT is a Options Trading fund actively managed by Innovator. UJUL is passively managed, while ZALT is actively managed. Over the past year, UJUL returned 13.84% vs 9.81% for ZALT. A 0.77 correlation means they provide meaningful diversification when combined. UJUL charges 0.79%/yr vs 0.69%/yr for ZALT.

Performance

UJUL vs. ZALT - 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 10 Buffer ETF - Quarterly (ZALT). 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 ZALT's 3.81% return.

UJUL

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

ZALT

• 1D: 0.03%
• 1M: 0.42%
• YTD: 3.81%
• 6M: 3.24%
• 1Y: 9.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UJUL vs. ZALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	4.80%	12.34%	13.84%	7.33%
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	3.81%	9.44%	11.92%	3.79%

Correlation

The correlation between UJUL and ZALT is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.77

The correlation between UJUL and ZALT has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

Return for Risk

UJUL vs. ZALT — 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

ZALT

ZALT Risk / Return Rank: 87
ZALT Sharpe Ratio Rank: 81
ZALT Sortino Ratio Rank: 83
ZALT Omega Ratio Rank: 89
ZALT Calmar Ratio Rank: 92
ZALT Martin Ratio Rank: 92

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. ZALT - 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 10 Buffer ETF - Quarterly (ZALT). 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	ZALT	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.40	+0.30
Sortino ratio: Return per unit of downside risk	4.20	3.40	+0.80
Omega ratio: Gain probability vs. loss probability	1.59	1.51	+0.08
Calmar ratio: Return relative to maximum drawdown	3.49	5.76	-2.27
Martin ratio: Return relative to average drawdown	20.26	20.59	-0.34

UJUL vs. ZALT - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 2.70, which is comparable to the ZALT Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of UJUL and ZALT, 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. ZALT - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, which is greater than ZALT's maximum drawdown of -8.19%. Use the drawdown chart below to compare losses from any high point for UJUL and ZALT.

Drawdown Indicators

	UJUL	ZALT	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-8.19%	-5.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-1.71%	-2.27%
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%	-0.06%	0.00%
Average Drawdown Average peak-to-trough decline	-1.84%	-0.47%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.48%	+0.20%

Volatility

UJUL vs. ZALT - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) has a higher volatility of 0.56% compared to Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) at 0.36%. This indicates that UJUL's price experiences larger fluctuations and is considered to be riskier than ZALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUL	ZALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.36%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	2.79%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.23%	4.11%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	6.31%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	6.31%	+2.60%

UJUL vs. ZALT - Expense Ratio Comparison

UJUL has a 0.79% expense ratio, which is higher than ZALT's 0.69% expense ratio.

Dividends

UJUL vs. ZALT - Dividend Comparison

Neither UJUL nor ZALT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UJUL and ZALT in my portfolio?

UJUL and ZALT have a correlation of 0.74, 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 ZALT?

UJUL has higher volatility (0.56%) compared to ZALT (0.36%). In terms of maximum drawdown, UJUL dropped -14.11% vs ZALT's -8.19%.

Which ETF is better, UJUL or ZALT?

On 1-year performance, UJUL leads with 13.84% vs 9.81% for ZALT. On fees, ZALT is cheaper at 0.69% per year. On volatility, ZALT has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUL or ZALT?

Over the 1-year period, UJUL has performed better with a 13.84% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or ZALT?

ZALT is cheaper with a 0.69% expense ratio, compared with 0.79% for UJUL.

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

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

What is the main difference between UJUL and ZALT?

UJUL is categorized as Defined Outcome, while ZALT is Options Trading. Their fees differ too: 0.79% for UJUL and 0.69% for ZALT.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (2.70 vs 2.40), 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.