XTJL vs. PJUL

Last updated Jul 14, 2026

XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both exchange-traded funds - XTJL is a Leveraged Equities fund actively managed by Innovator, while PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July. XTJL is actively managed, while PJUL is passively managed. Over the past 5 years, XTJL returned 9.59%/yr vs 10.42%/yr for PJUL. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XTJL vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) 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, XTJL achieves a 5.76% return, which is significantly higher than PJUL's 5.32% return.

XTJL

• 1D: -0.56%
• 1M: 0.36%
• 6M: 4.80%
• YTD: 5.76%
• 1Y: 13.62%
• 3Y*: 14.14%
• 5Y*: 9.59%
• 10Y*: —

PJUL

• 1D: -0.44%
• 1M: 0.60%
• 6M: 4.53%
• YTD: 5.32%
• 1Y: 11.09%
• 3Y*: 12.30%
• 5Y*: 10.42%
• 10Y*: —

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

XTJL vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.76%	15.42%	14.43%	25.72%	-15.66%	7.81%
PJUL Innovator U.S. Equity Power Buffer ETF - July	5.32%	12.78%	13.76%	19.87%	-2.08%	4.12%

Correlation

The correlation between XTJL and PJUL is 0.92, 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	0.92
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 Jul 1, 2021	0.92

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

XTJL vs. PJUL - Sectors Allocation Comparison

Sectors	XTJL	PJUL
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

XTJL vs. PJUL — Risk / Return Rank

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

XTJL

XTJL Risk / Return Rank: 78
XTJL Sharpe Ratio Rank: 73
XTJL Sortino Ratio Rank: 78
XTJL Omega Ratio Rank: 86
XTJL Calmar Ratio Rank: 67
XTJL Martin Ratio Rank: 88

PJUL

PJUL Risk / Return Rank: 87
PJUL Sharpe Ratio Rank: 87
PJUL Sortino Ratio Rank: 90
PJUL Omega Ratio Rank: 91
PJUL Calmar Ratio Rank: 75
PJUL 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.

XTJL vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) 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.

	XTJL	PJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.24	-0.39
Sortino ratio: Return per unit of downside risk	2.77	3.33	-0.56
Omega ratio: Gain probability vs. loss probability	1.41	1.47	-0.06
Calmar ratio: Return relative to maximum drawdown	2.67	3.06	-0.38
Martin ratio: Return relative to average drawdown	15.12	17.17	-2.05

XTJL vs. PJUL - Sharpe Ratio Comparison

The current XTJL Sharpe Ratio is 1.85, which is comparable to the PJUL Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of XTJL 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

XTJL vs. PJUL - Drawdown Comparison

The maximum XTJL drawdown since its inception was -23.24%, which is greater than PJUL's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for XTJL and PJUL.

Drawdown Indicators

	XTJL	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-23.24%	-18.17%	-5.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-3.64%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	-10.69%	-6.01%
Max Drawdown (5Y) Largest decline over 5 years	-23.24%	-10.69%	-12.55%
Current Drawdown Current decline from peak	-0.56%	-0.44%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.96%	-1.45%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.65%	+0.25%

Volatility

XTJL vs. PJUL - Volatility Comparison

Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) has a higher volatility of 1.25% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 1.05%. This indicates that XTJL's price experiences larger fluctuations and is considered to be riskier than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTJL	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.05%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	5.71%	3.92%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	4.98%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	8.61%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	9.97%	+5.10%

XTJL vs. PJUL - Expense Ratio Comparison

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

Dividends

XTJL vs. PJUL - Dividend Comparison

Neither XTJL 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%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTJL and PJUL in my portfolio?

With a correlation of 0.92, XTJL and PJUL 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, XTJL or PJUL?

XTJL has higher volatility (1.25%) compared to PJUL (1.05%). In terms of maximum drawdown, XTJL dropped -23.24% vs PJUL's -18.17%.

Which ETF is better, XTJL or PJUL?

On 5-year performance, PJUL leads with 10.42% vs 9.59% for XTJL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTJL or PJUL?

Over the 5-year period, PJUL has performed better with a 10.42% return vs 9.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTJL or PJUL?

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

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

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

What is the main difference between XTJL and PJUL?

XTJL is categorized as Leveraged Equities, while PJUL is Defined Outcome.

Which has better risk-adjusted returns?

PJUL currently has the higher Sharpe Ratio (2.24 vs 1.85), 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.