Data as of Oct 28, 2026.
AJUL vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, AJUL returned +5.8% to SPY's +13.6%, and SPY charges 0.09% to AJUL's 0.79%.
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Net assets: $99m on Oct 28, 2026 for Innovator Equity Defined Protection ETF - Jul 2028, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.70 points a year less; their one-year returns differ by 7.8 points; SPY is far larger, $814.8bn against $99m.
| Measure | AJUL | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.8% | +13.6% |
| Drawdown | ||
| Index fall to the buffer | 3.2% | |
| Fund price fall to the buffer | 1.6% | |
| Benchmark | ||
| What it tracks | SPY | S&P 500 Index |
| The outcome period | ||
| Room to the cap | 16.4% | |
| Buffer left, in index points | 100.0% of 100.0% | |
| Days left in the period | 611 | |
| Period ends | Jun 30, 2028 | |
| Cost and size | ||
| Expense ratio | 0.79% | 0.09% |
| Net assets, as of Oct 27, 2026 | $99m | $814.8bn |
| Holdings | ||
| Holdings in common | not published | |
| Top ten holdings, share of the fund | 38.1% | |
Side by side
AJUL and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
AJUL
From its price on Oct 28, 2026, the fund can gain about 16.4% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.2% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 611 days remained on Oct 28, 2026. On Jun 30, 2028 the period ends and a new cap is set.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are AJUL and SPY in the same category?
- AJUL is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, AJUL or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, AJUL returned +5.8% and SPY +13.6%.
- Which is cheaper, AJUL or SPY?
- SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
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ETFIQ, AJUL against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/ajul-vs-spy
ETFIQ. (Oct 28, 2026). AJUL against SPY. Retrieved from https://etfiq.com/compare/any/ajul-vs-spy
[AJUL against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ajul-vs-spy)
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