XUSP vs. TJUL

Last updated Jun 23, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and TJUL (Innovator Equity Defined Protection ETF – 2 Yr to July 2025) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, XUSP returned 31.76% vs 5.54% for TJUL. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

XUSP vs. TJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUSP achieves a 10.53% return, which is significantly higher than TJUL's 2.07% return.

XUSP

• 1D: -0.60%
• 1M: -0.28%
• YTD: 10.53%
• 6M: 9.88%
• 1Y: 31.76%
• 3Y*: 23.78%
• 5Y*: —
• 10Y*: —

TJUL

• 1D: -0.05%
• 1M: 0.10%
• YTD: 2.07%
• 6M: 2.08%
• 1Y: 5.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XUSP vs. TJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	10.53%	18.27%	30.60%	6.07%
TJUL Innovator Equity Defined Protection ETF – 2 Yr to July 2025	2.07%	6.55%	8.18%	3.09%

Correlation

The correlation between XUSP and TJUL is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.76

The correlation between XUSP and TJUL has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

XUSP vs. TJUL — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 57
XUSP Sharpe Ratio Rank: 59
XUSP Sortino Ratio Rank: 55
XUSP Omega Ratio Rank: 55
XUSP Calmar Ratio Rank: 55
XUSP Martin Ratio Rank: 62

TJUL

TJUL Risk / Return Rank: 62
TJUL Sharpe Ratio Rank: 60
TJUL Sortino Ratio Rank: 63
TJUL Omega Ratio Rank: 63
TJUL Calmar Ratio Rank: 55
TJUL Martin Ratio Rank: 69

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.

XUSP vs. TJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL). 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.

	XUSP	TJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.95	-0.04
Sortino ratio: Return per unit of downside risk	2.56	2.84	-0.27
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.63	2.67	-0.04
Martin ratio: Return relative to average drawdown	10.77	12.29	-1.52

XUSP vs. TJUL - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 1.91, which is comparable to the TJUL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XUSP and TJUL, 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

XUSP vs. TJUL - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, which is greater than TJUL's maximum drawdown of -4.61%. Use the drawdown chart below to compare losses from any high point for XUSP and TJUL.

Drawdown Indicators

	XUSP	TJUL	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-4.61%	-17.98%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-2.08%	-10.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	—	—
Current Drawdown Current decline from peak	-2.74%	-0.13%	-2.61%
Average Drawdown Average peak-to-trough decline	-4.41%	-0.39%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	0.45%	+2.51%

Volatility

XUSP vs. TJUL - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) has a higher volatility of 6.26% compared to Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (TJUL) at 0.77%. This indicates that XUSP's price experiences larger fluctuations and is considered to be riskier than TJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUSP	TJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	0.77%	+5.49%
Volatility (6M) Calculated over the trailing 6-month period	12.97%	2.23%	+10.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	2.85%	+13.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	4.24%	+15.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	4.24%	+15.08%

XUSP vs. TJUL - Expense Ratio Comparison

Both XUSP and TJUL have an expense ratio of 0.79%.

Dividends

XUSP vs. TJUL - Dividend Comparison

Neither XUSP nor TJUL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XUSP and TJUL in my portfolio?

XUSP and TJUL have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XUSP or TJUL?

XUSP has higher volatility (6.26%) compared to TJUL (0.77%). In terms of maximum drawdown, XUSP dropped -22.59% vs TJUL's -4.61%.

Which ETF is better, XUSP or TJUL?

On 1-year performance, XUSP leads with 31.76% vs 5.54% for TJUL. Both ETFs have the same 0.79% expense ratio. On volatility, TJUL has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XUSP or TJUL?

Over the 1-year period, XUSP has performed better with a 31.76% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or TJUL?

XUSP and TJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, XUSP or TJUL?

XUSP and TJUL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

TJUL currently has the higher Sharpe Ratio (1.95 vs 1.91), 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.