UOCT vs. PJUL

Last updated Aug 1, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator - UOCT tracks the S&P 500 Index while PJUL tracks the Cboe S&P 500 Buffer Protect Index July. Both are passively managed. Over the past 5 years, UOCT returned 8.40%/yr vs 10.37%/yr for PJUL. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

UOCT vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOCT achieves a 6.37% return, which is significantly higher than PJUL's 5.43% return.

UOCT

• 1D: 0.51%
• 1M: 0.93%
• 6M: 5.62%
• YTD: 6.37%
• 1Y: 12.03%
• 3Y*: 11.31%
• 5Y*: 8.40%
• 10Y*: —
• ALL TIME*: 7.23%

PJUL

• 1D: 0.35%
• 1M: 0.51%
• 6M: 4.62%
• YTD: 5.43%
• 1Y: 11.10%
• 3Y*: 12.02%
• 5Y*: 10.37%
• 10Y*: —
• ALL TIME*: 8.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PJUL Innovator U.S. Equity Power Buffer ETF - July	$6.04M	$11.74M	$6.93M
UOCT Innovator U.S. Equity Ultra Buffer ETF October	$230.60K	$267.21K	$357.00K

UOCT vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UOCT Innovator U.S. Equity Ultra Buffer ETF October	6.37%	10.67%	8.98%	18.66%	-4.33%	5.83%	8.00%	10.89%	-6.38%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.43%	12.78%	13.76%	19.87%	-2.08%	7.20%	7.51%	12.47%	-6.57%

Correlation

The correlation between UOCT and PJUL is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.84

The correlation between UOCT and PJUL has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

UOCT vs. PJUL - Sectors Allocation Comparison

Sectors	UOCT	PJUL
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

UOCT vs. PJUL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UOCT

UOCT Risk / Return Rank: 83
UOCT Sharpe Ratio Rank: 83
UOCT Sortino Ratio Rank: 83
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 75
UOCT Martin Ratio Rank: 87

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 87
PJUL Omega Ratio Rank: 89
PJUL Calmar Ratio Rank: 80
PJUL Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UOCT vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). 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.

	UOCT	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.01	-0.06
Sortino ratio: Return per unit of downside risk	2.73	2.96	-0.23
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio: Return relative to maximum drawdown	2.63	2.87	-0.24
Martin ratio: Return relative to average drawdown	12.75	15.66	-2.92

UOCT vs. PJUL - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 1.95, which is comparable to the PJUL Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of UOCT and PJUL, 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

UOCT vs. PJUL - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for UOCT and PJUL.

Drawdown Indicators

	UOCT	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-18.17%	+4.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-3.64%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-10.69%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-10.69%	+1.48%
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-1.50%	-1.45%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.67%	+0.20%

Volatility

UOCT vs. PJUL - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.47%, while Innovator U.S. Equity Power Buffer ETF - July (PJUL) has a volatility of 1.96%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.96%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	4.13%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	5.21%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	8.62%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	9.96%	-2.34%

UOCT vs. PJUL - Expense Ratio Comparison

Both UOCT and PJUL have an expense ratio of 0.79%.

Dividends

UOCT vs. PJUL - Dividend Comparison

Neither UOCT nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PJUL Innovator U.S. Equity Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.82%
UOCT Innovator U.S. Equity Ultra Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%

Frequently Asked Questions

Can I hold both UOCT and PJUL in my portfolio?

UOCT and PJUL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UOCT or PJUL?

PJUL has higher volatility (1.96%) compared to UOCT (1.47%). In terms of maximum drawdown, UOCT dropped -13.68% vs PJUL's -18.17%.

Which ETF is better, UOCT or PJUL?

On 5-year performance, PJUL leads with 10.37% vs 8.40% for UOCT. Both ETFs have the same 0.79% expense ratio. On volatility, UOCT has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UOCT or PJUL?

Over the 5-year period, PJUL has performed better with a 10.37% return vs 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or PJUL?

UOCT and PJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UOCT or PJUL?

UOCT and PJUL have nearly identical dividend yields, around 0.00%.

What is the main difference between UOCT and PJUL?

UOCT tracks S&P 500 Index, while PJUL tracks Cboe S&P 500 Buffer Protect Index July.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.01 vs 1.95), 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.