Are BJUL and SPY in the same category?

BJUL 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, BJUL or SPY?

In the year to Oct 28, 2026, with distributions reinvested, BJUL returned +11.0% and SPY +13.6%.

Which is cheaper, BJUL 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.

Data as of Oct 28, 2026.

Across categories

BJUL vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, BJUL returned +11.0% to SPY's +13.6%, and SPY charges 0.09% to BJUL's 0.79%.

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Net assets: $362m on Oct 28, 2026 for Innovator U.S. Equity Buffer ETF - Jul, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.

BJUL on its own →SPY on its own →

At a glance

+11.0%

BJUL total return, 1 year

+13.6%

SPY total return, 1 year

0.79%

BJUL expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.70 points a year less; their one-year returns differ by 2.6 points; SPY is far larger, $814.8bn against $361m.

BJUL vs SPY: Differences, Returns & Fees
Measure	BJUL	SPY
Return
Measure	BJUL	SPY
Total return, 1 year	+11.0%	+13.6%
Drawdown
Measure	BJUL	SPY
Index fall to the buffer	3.2%
Fund price fall to the buffer	3.2%
Benchmark
Measure	BJUL	SPY
What it tracks	SPY	S&P 500 Index
The outcome period
Measure	BJUL	SPY
Room to the cap	14.4%
Buffer left, in index points	9.0% of 9.0%
Days left in the period	245
Period ends	Jun 30, 2027
Cost and size
Measure	BJUL	SPY
Expense ratio	0.79%	0.09%
Net assets, as of Oct 27, 2026	$361m	$814.8bn
Holdings
Measure	BJUL	SPY
Holdings in common	not published
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		38.1%

Method

Risk and return

Sep 7, 2018 to Oct 23, 2026 · 424 weekly returns

BJUL SPY

Return

Total return edge SPY +116.2% +199.4%

Annualized edge SPY +9.9% +14.4%

Price return edge SPY +116.2% +164.2%

Risk

Volatility edge BJUL 12.4% 18.2%

Max drawdown edge BJUL −23.5% −31.8%

Downside capture 71.9% 100.0%

Beta 0.66 1.00

Risk-adjusted

Sharpe edge SPY 0.60 0.68

Sortino edge SPY 0.85 0.97

Treynor 0.113 0.133

Calmar edge SPY (slight) 0.42 0.45

Against the benchmark

Alpha −0.7% a year −0.1% a year

Alpha t-stat −0.65 −0.51

Information ratio −0.71 −0.15

Tracking error 6.9% 0.4%

Each against its own benchmark: BJUL against SPY, Sep 7, 2018 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +199.4% to +116.2%. BJUL swung less: 12.4% to 18.2%. BJUL fell less at its worst: −23.5% to −31.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: BJUL vs SPY: Differences, Returns & Fees
Measure	BJUL	SPY	Edge	How it is measured
Return
Total return	+116.2%	+199.4%	SPY	Price change plus distributions, reinvested.
Annualized	+9.9%	+14.4%	SPY	Total return as a yearly rate.
Price return	+116.2%	+164.2%	SPY	Price change alone, distributions left out.
Risk
Volatility	12.4%	18.2%	BJUL	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.7%	12.7%	BJUL	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−23.5%	−31.8%	BJUL	Deepest fall from a high to the low after it.
Upside capture	52.3%	99.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	71.9%	100.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.66	1.00	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.94	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.60	0.68	SPY	Return above Treasury bills per unit of volatility.
Sortino	0.85	0.97	SPY	Return above Treasury bills per unit of downside deviation.
Treynor	0.113	0.133		Return above Treasury bills per unit of beta.
Calmar	0.42	0.45	SPY (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	VOO		The ETF each fund is measured against.
Alpha	−0.7% a year	−0.1% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.65	−0.51	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.8% to +1.4%	−0.3% to +0.1%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.71	−0.15		Return against its benchmark per unit of tracking error.
Tracking error	6.9%	0.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 424 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

BJUL Innovator U.S. Equity Buffer ETF - Jul SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer Innovator State Street

What it is Defined outcome, 9% on SPY Tracks the S&P 500

Total return, 1 year +11.0% +13.6%

Its benchmark over the same days +12.4% (SPY) +13.7% (VOO)

Gap to its benchmark −1.4 pts vs SPY −0.1 pts vs VOO

Expense ratio 0.79% 0.09%

Holdings not read by ETFIQ 504

Net assets, BJUL as of Oct 28, 2026 and SPY as of Oct 27, 2026 $362m $814.8bn

BJUL and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-4CC27F8BEA

BJUL and SPY do different jobs. What does each one do in a portfolio?

What each follows. BJUL follows SPY and SPY follows S&P 500 Index.
One-year total return. Over 1 year to Oct 28, 2026 BJUL returned +11.0% and SPY +13.6% with distributions reinvested, a gap of 2.6 points.
Cost. BJUL charges 0.79% of assets a year and SPY 0.09%, a gap of 0.70 points.

Data as of Oct 28, 2026.

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About each fund

BJUL

From its price on Oct 28, 2026, the fund can gain about 14.4% more before it reaches its cap. The fund's price can fall 3.2% 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: 9.0% of the 9.0% buffer still sits below today's SPY level. 245 days remained on Oct 28, 2026. On Jun 30, 2027 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 BJUL and SPY in the same category?: BJUL 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, BJUL or SPY?: In the year to Oct 28, 2026, with distributions reinvested, BJUL returned +11.0% and SPY +13.6%.
Which is cheaper, BJUL 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.

Other comparisons

BJUL vs IVV BJUL vs VOO BJUL vs SPYM GSEP vs SPY GFEB vs SPY GOCT vs SPY DJUN vs SPY JUNW vs SPY

Where to next

BJUL on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

BJUL filings on SEC EDGAR ↗

Innovator page for BJUL ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, BJUL against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/bjul-vs-spy

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