ZJUL vs. AIOO

Last updated Aug 1, 2026

ZJUL (Innovator Equity Defined Protection ETF - 1 Yr July) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, ZJUL returned 5.96% vs 4.97% for AIOO. Their 0.57 correlation means they have sometimes moved together and sometimes differently. ZJUL charges 0.79%/yr vs 0.64%/yr for AIOO.

Performance

ZJUL vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZJUL achieves a 3.32% return, which is significantly higher than AIOO's 2.41% return.

ZJUL

• 1D: 0.13%
• 1M: 0.27%
• 6M: 2.84%
• YTD: 3.32%
• 1Y: 5.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.19%

AIOO

• 1D: 0.10%
• 1M: 0.20%
• 6M: 2.08%
• YTD: 2.41%
• 1Y: 4.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.72%

*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)
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	$338.86K	$297.94K	$421.07K
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	$1.56M	$2.90M	$1.70M

ZJUL vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	3.32%	3.14%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.41%	2.65%

Correlation

The correlation between ZJUL and AIOO is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.57

The correlation between ZJUL and AIOO has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

Return for Risk

ZJUL vs. AIOO — Risk / Return Rank

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

ZJUL

ZJUL Risk / Return Rank: 93
ZJUL Sharpe Ratio Rank: 92
ZJUL Sortino Ratio Rank: 94
ZJUL Omega Ratio Rank: 94
ZJUL Calmar Ratio Rank: 91
ZJUL Martin Ratio Rank: 96

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 91
AIOO Sortino Ratio Rank: 93
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

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.

ZJUL vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	ZJUL	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.33	+0.09
Sortino ratio: Return per unit of downside risk	3.85	3.59	+0.26
Omega ratio: Gain probability vs. loss probability	1.50	1.44	+0.06
Calmar ratio: Return relative to maximum drawdown	4.11	6.44	-2.33
Martin ratio: Return relative to average drawdown	22.22	18.58	+3.64

ZJUL vs. AIOO - Sharpe Ratio Comparison

The current ZJUL Sharpe Ratio is 2.41, which is comparable to the AIOO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of ZJUL and AIOO, 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

ZJUL vs. AIOO - Drawdown Comparison

The maximum ZJUL drawdown since its inception was -5.51%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for ZJUL and AIOO.

Drawdown Indicators

	ZJUL	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-0.74%	-4.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-0.74%	-0.69%
Current Drawdown Current decline from peak	-0.07%	-0.13%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.44%	-0.18%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.26%	0.00%

Volatility

ZJUL vs. AIOO - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) has a higher volatility of 0.72% compared to AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) at 0.40%. This indicates that ZJUL's price experiences larger fluctuations and is considered to be riskier than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJUL	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.40%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	1.39%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	2.05%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.49%	2.02%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.49%	2.02%	+2.47%

ZJUL vs. AIOO - Expense Ratio Comparison

ZJUL has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

ZJUL vs. AIOO - Dividend Comparison

Neither ZJUL nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZJUL and AIOO in my portfolio?

ZJUL and AIOO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJUL or AIOO?

ZJUL has higher volatility (0.72%) compared to AIOO (0.40%). In terms of maximum drawdown, ZJUL dropped -5.51% vs AIOO's -0.74%.

Which ETF is better, ZJUL or AIOO?

On 1-year performance, ZJUL leads with 5.96% vs 4.97% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, AIOO has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJUL or AIOO?

Over the 1-year period, ZJUL has performed better with a 5.96% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJUL or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for ZJUL.

Which ETF pays a higher dividend yield, ZJUL or AIOO?

ZJUL and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between ZJUL and AIOO?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for ZJUL and 0.64% for AIOO.

Which has better risk-adjusted returns?

ZJUL currently has the higher Sharpe Ratio (2.41 vs 2.33), 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.