ZJUL vs. ZDEK

Last updated Jun 3, 2026

ZJUL (Innovator Equity Defined Protection ETF - 1 Yr July) and ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, ZJUL returned 7.81% vs 9.29% for ZDEK. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZJUL vs. ZDEK - 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 Equity Defined Protection ETF - 1 Yr December (ZDEK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZJUL having a 2.56% return and ZDEK slightly higher at 2.60%.

ZJUL

• 1D: 0.00%
• 1M: 0.52%
• YTD: 2.56%
• 6M: 3.02%
• 1Y: 7.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZDEK

• 1D: 0.02%
• 1M: 0.90%
• YTD: 2.60%
• 6M: 2.94%
• 1Y: 9.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZJUL vs. ZDEK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	2.56%	7.47%	-0.20%
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	2.60%	7.78%	-0.38%

Correlation

The correlation between ZJUL and ZDEK is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.76

The correlation between ZJUL and ZDEK has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

ZJUL vs. ZDEK — Risk / Return Rank

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

ZJUL

ZJUL Risk / Return Rank: 92
ZJUL Sharpe Ratio Rank: 88
ZJUL Sortino Ratio Rank: 94
ZJUL Omega Ratio Rank: 92
ZJUL Calmar Ratio Rank: 90
ZJUL Martin Ratio Rank: 95

ZDEK

ZDEK Risk / Return Rank: 94
ZDEK Sharpe Ratio Rank: 92
ZDEK Sortino Ratio Rank: 95
ZDEK Omega Ratio Rank: 95
ZDEK Calmar Ratio Rank: 92
ZDEK Martin Ratio Rank: 95

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. ZDEK - 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 Equity Defined Protection ETF - 1 Yr December (ZDEK). 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	ZDEK	Difference
Sharpe ratio Return per unit of total volatility	2.99	3.37	-0.38
Sortino ratio Return per unit of downside risk	4.93	5.26	-0.33
Omega ratio Gain probability vs. loss probability	1.64	1.73	-0.09
Calmar ratio Return relative to maximum drawdown	5.57	6.23	-0.66
Martin ratio Return relative to average drawdown	30.35	31.93	-1.58
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. ZDEK - Sharpe Ratio Comparison

The current ZJUL Sharpe Ratio is 2.99, which is comparable to the ZDEK Sharpe Ratio of 3.37. The chart below compares the historical Sharpe Ratios of ZJUL and ZDEK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZJUL	ZDEK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.37	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	2.03	-0.44

Drawdowns

ZJUL vs. ZDEK - Drawdown Comparison

The maximum ZJUL drawdown since its inception was -5.51%, which is greater than ZDEK's maximum drawdown of -3.40%. Use the drawdown chart below to compare losses from any high point for ZJUL and ZDEK.

Drawdown Indicators

	ZJUL	ZDEK	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-3.40%	-2.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-1.51%	+0.08%
Current Drawdown Current decline from peak	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.47%	-0.45%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.29%	-0.03%

Volatility

ZJUL vs. ZDEK - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) is 0.28%, while Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) has a volatility of 0.35%. This indicates that ZJUL experiences smaller price fluctuations and is considered to be less risky than ZDEK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJUL	ZDEK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.35%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.64%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	2.77%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	3.32%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	3.32%	+1.33%

ZJUL vs. ZDEK - Expense Ratio Comparison

Both ZJUL and ZDEK have an expense ratio of 0.79%.

Dividends

ZJUL vs. ZDEK - Dividend Comparison

Neither ZJUL nor ZDEK has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZJUL and ZDEK in my portfolio?

ZJUL and ZDEK have a correlation of 0.68, 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 ZDEK?

ZDEK has higher volatility (0.35%) compared to ZJUL (0.28%). In terms of maximum drawdown, ZJUL dropped -5.51% vs ZDEK's -3.40%.

Which ETF is better, ZJUL or ZDEK?

On 1-year performance, ZDEK leads with 9.29% vs 7.81% for ZJUL. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJUL or ZDEK?

Over the 1-year period, ZDEK has performed better with a 9.29% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJUL or ZDEK?

ZJUL and ZDEK have the same expense ratio: 0.79% per year.

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

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

Which has better risk-adjusted returns?

ZDEK currently has the higher Sharpe Ratio (3.37 vs 2.99), 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.