ZJUL vs. BOUT

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) and Innovator IBD Breakout Opportunities ETF (BOUT).

ZJUL and BOUT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZJUL is an actively managed fund by Innovator. It was launched on Jun 28, 2024. BOUT is a passively managed fund by Innovator that tracks the performance of the IBD Breakout Stocks Total Return Index. It was launched on Sep 13, 2018.

Performance

ZJUL vs. BOUT - 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 Innovator IBD Breakout Opportunities ETF (BOUT). The values are adjusted to include any dividend payments, if applicable.

ZJUL vs. BOUT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	-0.02%	7.47%	4.02%
BOUT Innovator IBD Breakout Opportunities ETF	9.59%	-6.77%	13.50%

Returns By Period

In the year-to-date period, ZJUL achieves a -0.02% return, which is significantly lower than BOUT's 9.59% return.

ZJUL

• 1D: -0.03%
• 1M: -0.70%
• YTD: -0.02%
• 6M: 1.11%
• 1Y: 8.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOUT

• 1D: 1.26%
• 1M: -3.95%
• YTD: 9.59%
• 6M: 2.35%
• 1Y: 10.03%
• 3Y*: 9.30%
• 5Y*: 4.29%
• 10Y*: —

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

ZJUL vs. BOUT - Expense Ratio Comparison

ZJUL has a 0.79% expense ratio, which is lower than BOUT's 0.80% expense ratio.

BOUT

Innovator IBD Breakout Opportunities ETF

ZJUL

Innovator Equity Defined Protection ETF - 1 Yr July

Return for Risk

ZJUL vs. BOUT — Risk / Return Rank

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

ZJUL

ZJUL Risk / Return Rank: 85
ZJUL Sharpe Ratio Rank: 81
ZJUL Sortino Ratio Rank: 87
ZJUL Omega Ratio Rank: 91
ZJUL Calmar Ratio Rank: 76
ZJUL Martin Ratio Rank: 89

BOUT

BOUT Risk / Return Rank: 25
BOUT Sharpe Ratio Rank: 25
BOUT Sortino Ratio Rank: 24
BOUT Omega Ratio Rank: 24
BOUT Calmar Ratio Rank: 29
BOUT Martin Ratio Rank: 26

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.

ZJUL vs. BOUT - 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 Innovator IBD Breakout Opportunities ETF (BOUT). 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.

	ZJUL	BOUT	Difference
Sharpe ratio Return per unit of total volatility	1.63	0.46	+1.16
Sortino ratio Return per unit of downside risk	2.48	0.74	+1.74
Omega ratio Gain probability vs. loss probability	1.41	1.10	+0.31
Calmar ratio Return relative to maximum drawdown	2.35	0.73	+1.62
Martin ratio Return relative to average drawdown	12.52	2.03	+10.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJUL vs. BOUT - Sharpe Ratio Comparison

The current ZJUL Sharpe Ratio is 1.63, which is higher than the BOUT Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of ZJUL and BOUT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZJUL	BOUT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	0.46	+1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	0.31	+1.06

Correlation

The correlation between ZJUL and BOUT is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZJUL vs. BOUT - Dividend Comparison

ZJUL has not paid dividends to shareholders, while BOUT's dividend yield for the trailing twelve months is around 0.31%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BOUT Innovator IBD Breakout Opportunities ETF	0.31%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%

Drawdowns

ZJUL vs. BOUT - Drawdown Comparison

The maximum ZJUL drawdown since its inception was -5.51%, smaller than the maximum BOUT drawdown of -36.75%. Use the drawdown chart below to compare losses from any high point for ZJUL and BOUT.

Drawdown Indicators

	ZJUL	BOUT	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-36.75%	+31.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-13.73%	+10.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.28%	—
Current Drawdown Current decline from peak	-0.80%	-5.33%	+4.53%
Average Drawdown Average peak-to-trough decline	-0.51%	-12.55%	+12.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	4.96%	-4.28%

Volatility

ZJUL vs. BOUT - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) is 1.23%, while Innovator IBD Breakout Opportunities ETF (BOUT) has a volatility of 7.26%. This indicates that ZJUL experiences smaller price fluctuations and is considered to be less risky than BOUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJUL	BOUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	7.26%	-6.03%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	17.22%	-15.38%
Volatility (1Y) Calculated over the trailing 1-year period	5.11%	21.77%	-16.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	19.54%	-14.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.82%	22.96%	-18.14%