Data as of Oct 28, 2026.
BJUL vs PJUL: Cap, Buffer & Days Left
As of Oct 28, 2026 BJUL can fall 3.2% before its buffer engages and PJUL 3.0%.
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Net assets on Oct 28, 2026: $362m for Innovator U.S. Equity Buffer ETF - Jul and $1.3bn for Innovator U.S. Equity Power Buffer ETF - Jul.
BJUL: reference +3.3% since period start, fund +3.0%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Data to Oct 28, 2026.
BJUL: reference +3.3% since period start, fund +3.0%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Data to Oct 28, 2026.PJUL: reference +3.3% since period start, fund +2.8%; buffer 0 to −15; cap +14.0%; Between buffer and cap. Data to Oct 28, 2026.
PJUL: reference +3.3% since period start, fund +2.8%; buffer 0 to −15; cap +14.0%; Between buffer and cap. Data to Oct 28, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 2.1 points; PJUL is 3.6 times larger.
Points (pts) are percentage points.
| Measure | BJUL | PJUL |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.0% | +8.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $362m | $1.3bn |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Sep 7, 2018 to Oct 23, 2026 · 424 weekly returns · each against SPYBJUL returned more: +116.2% to +96.8%. PJUL swung less: 8.9% to 12.4%. PJUL fell less at its worst: −16.4% to −23.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BJUL | PJUL | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +116.2% | +96.8% | BJUL | Price change plus distributions, reinvested. | |
| Annualized | +9.9% | +8.7% | BJUL | Total return as a yearly rate. | |
| Price return | +116.2% | +95.2% | BJUL | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 12.4% | 8.9% | PJUL | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 8.7% | 6.2% | PJUL | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −23.5% | −16.4% | PJUL | Deepest fall from a high to the low after it. | |
| Upside capture | 52.3% | 35.7% | 100.0% | BJUL | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 71.9% | 54.0% | 100.0% | PJUL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.66 | 0.46 | 1.00 | PJUL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.94 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.60 | 0.66 | PJUL (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.85 | 0.95 | PJUL | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.113 | 0.127 | 0.123 | PJUL | Return above Treasury bills per unit of beta. |
| Calmar | 0.42 | 0.53 | PJUL | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.7% a year | +0.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.65 | 0.18 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.8% to +1.4% | −1.8% to +2.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.71 | −0.63 | PJUL | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.9% | 10.2% | 0.0% | 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.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BJUL | PJUL | BJUL | PJUL |
| 3 months | +4.4% | +3.6% | −1.5 pts | −2.3 pts |
| 6 months | +6.2% | +4.9% | −2.3 pts | −3.7 pts |
| 1 year | +11.0% | +8.9% | −1.4 pts | −3.5 pts |
| 3 years | +67.2% | +52.0% | −20.9 pts | −36.0 pts |
| Since launchNot the same days: BJUL Aug 2018 · PJUL Aug 2018 | +118.1% | +101.2% | −46.9 pts | −69.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Oct 28, 2026. Source: ETFIQ.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
BJUL resets first, on Jun 30, 2027, 245 days from now; PJUL runs to Jun 30, 2027, 245 days. BJUL can still gain 14.4% before its cap, PJUL 10.7%. A fall from here reaches BJUL’s buffer after 3.2% and PJUL’s after 3.0%. Both track SPY, so what separates them is where each is in its own period.
BJUL and PJUL are built for the same job. How do they differ in cost, holdings and results?
- Protection and cap. BJUL: Absorbs the first 9% of loss on SPY and caps the gain at 18.1%, over a period ending Jun 30, 2027. PJUL: Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Jun 30, 2027. The starting caps are 4.1 points apart.
- One-year total return. Over 1 year to Oct 28, 2026 BJUL returned +11.0% and PJUL +8.9% with distributions reinvested, a gap of 2.1 points.
- Size. BJUL has $362m in net assets and PJUL $1.3bn (Net assets); PJUL is 3.6 times larger.
Data as of Oct 28, 2026.
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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.
PJUL
From its price on Oct 28, 2026, the fund can gain about 10.7% more before it reaches its cap. The fund's price can fall 3.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, BJUL against PJUL, data as of Oct 28, 2026. https://etfiq.com/compare/buffer/bjul-vs-pjul
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