UJUN vs. SPXM

Last updated Jun 4, 2026

UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. UJUN is passively managed, while SPXM is actively managed. A 0.56 correlation means they provide meaningful diversification when combined. UJUN charges 0.79%/yr vs 0.47%/yr for SPXM.

Performance

UJUN vs. SPXM - 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 Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UJUN

• 1D: -0.30%
• 1M: 0.45%
• YTD: 3.32%
• 6M: 4.16%
• 1Y: 10.04%
• 3Y*: 11.26%
• 5Y*: 6.38%
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UJUN vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	3.32%	4.99%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Correlation

The correlation between UJUN and SPXM is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.56

Return for Risk

UJUN vs. SPXM — Risk / Return Rank

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

UJUN

UJUN Risk / Return Rank: 81
UJUN Sharpe Ratio Rank: 73
UJUN Sortino Ratio Rank: 81
UJUN Omega Ratio Rank: 88
UJUN Calmar Ratio Rank: 72
UJUN Martin Ratio Rank: 91

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. SPXM - 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 Azoria 500 Meritocracy ETF (SPXM). 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.

	UJUN	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.40	—	—
Sortino ratio: Return per unit of downside risk	3.66	—	—
Omega ratio: Gain probability vs. loss probability	1.55	—	—
Calmar ratio: Return relative to maximum drawdown	3.55	—	—
Martin ratio: Return relative to average drawdown	21.84	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UJUN	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.56	-0.79

Drawdowns

UJUN vs. SPXM - Drawdown Comparison

The maximum UJUN drawdown since its inception was -13.73%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for UJUN and SPXM.

Drawdown Indicators

	UJUN	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-13.73%	-5.08%	-8.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	—	—
Current Drawdown Current decline from peak	-0.30%	-0.75%	+0.45%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.79%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	UJUN	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	8.18%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	8.18%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	8.18%	+0.59%

UJUN vs. SPXM - Expense Ratio Comparison

UJUN has a 0.79% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

UJUN vs. SPXM - Dividend Comparison

UJUN has not paid dividends to shareholders, while SPXM's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	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 SPXM in my portfolio?

UJUN and SPXM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UJUN or SPXM?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UJUN or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.79% for UJUN.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.00% for UJUN.

What is the main difference between UJUN and SPXM?

They also come from different issuers: Innovator and Azoria. Their fees differ too: 0.79% for UJUN and 0.47% for SPXM.