UJUN vs. BDRY

Last updated Jun 24, 2026

UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - UJUN is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, UJUN returned 5.95%/yr vs -16.41%/yr for BDRY. At a 0.03 correlation, their price movements are largely independent. UJUN charges 0.79%/yr vs 3.76%/yr for BDRY.

Performance

UJUN vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UJUN achieves a 1.98% return, which is significantly lower than BDRY's 34.21% return.

UJUN

• 1D: -0.66%
• 1M: -1.20%
• YTD: 1.98%
• 6M: 2.05%
• 1Y: 8.54%
• 3Y*: 10.46%
• 5Y*: 5.95%
• 10Y*: —

BDRY

• 1D: 1.64%
• 1M: -7.14%
• YTD: 34.21%
• 6M: 34.67%
• 1Y: 103.63%
• 3Y*: 24.09%
• 5Y*: -16.41%
• 10Y*: —

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

UJUN vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	1.98%	10.63%	12.49%	12.17%	-8.86%	5.09%	7.15%	6.20%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	44.24%	-47.40%	25.79%	-68.84%	282.99%	-50.16%	26.12%

Correlation

The correlation between UJUN and BDRY is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 3, 2019	0.03

Return for Risk

UJUN vs. BDRY — Risk / Return Rank

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

UJUN

UJUN Risk / Return Rank: 70
UJUN Sharpe Ratio Rank: 61
UJUN Sortino Ratio Rank: 65
UJUN Omega Ratio Rank: 78
UJUN Calmar Ratio Rank: 65
UJUN Martin Ratio Rank: 83

BDRY

BDRY Risk / Return Rank: 75
BDRY Sharpe Ratio Rank: 82
BDRY Sortino Ratio Rank: 67
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 88
BDRY Martin Ratio Rank: 76

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.

UJUN vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	UJUN	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.48	-0.60
Sortino ratio: Return per unit of downside risk	2.75	2.90	-0.15
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	3.02	4.82	-1.80
Martin ratio: Return relative to average drawdown	15.83	13.59	+2.25

UJUN vs. BDRY - Sharpe Ratio Comparison

The current UJUN Sharpe Ratio is 1.87, which is comparable to the BDRY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of UJUN and BDRY, 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

UJUN vs. BDRY - Drawdown Comparison

The maximum UJUN drawdown since its inception was -13.73%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for UJUN and BDRY.

Drawdown Indicators

	UJUN	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-13.73%	-89.16%	+75.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-21.60%	+18.76%
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	-69.71%	+58.47%
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	-89.16%	+77.20%
Current Drawdown Current decline from peak	-1.59%	-71.65%	+70.06%
Average Drawdown Average peak-to-trough decline	-2.06%	-58.43%	+56.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	7.65%	-7.11%

Volatility

UJUN vs. BDRY - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) is 2.24%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that UJUN experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUN	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	7.30%	-5.06%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	29.14%	-25.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.60%	42.10%	-37.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.38%	60.24%	-51.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.78%	62.40%	-53.62%

UJUN vs. BDRY - Expense Ratio Comparison

UJUN has a 0.79% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

UJUN vs. BDRY - Dividend Comparison

Neither UJUN nor BDRY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%

Frequently Asked Questions

Can I hold both UJUN and BDRY in my portfolio?

UJUN and BDRY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UJUN or BDRY?

BDRY has higher volatility (7.30%) compared to UJUN (2.24%). In terms of maximum drawdown, UJUN dropped -13.73% vs BDRY's -89.16%.

Which ETF is better, UJUN or BDRY?

On 5-year performance, UJUN leads with 5.95% vs -16.41% for BDRY. On fees, UJUN is cheaper at 0.79% per year. On volatility, UJUN has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUN or BDRY?

Over the 5-year period, UJUN has performed better with a 5.95% return vs -16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUN or BDRY?

UJUN is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, UJUN or BDRY?

UJUN and BDRY have nearly identical dividend yields, around 0.00%.

What is the main difference between UJUN and BDRY?

UJUN is categorized as Large Cap Blend Equities, while BDRY is Commodities. UJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: Innovator and ETFMG. Their fees differ too: 0.79% for UJUN and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (2.48 vs 1.87), 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.