Data as of Nov 4, 2026.
DDFL vs JULW: Cap, Buffer & Days Left
As of Nov 4, 2026 JULW can fall 3.1% before its buffer engages and DDFL 2.8%.
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Net assets: $160m on Nov 4, 2026 for Innovator Equity Dual Directional 15 Buffer ETF - Jul, and $254m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Jul.
DDFL: reference +2.6% since period start, fund +2.6%; buffer 0 to −15; cap +10.9%; Between buffer and cap. Data to Nov 4, 2026.
DDFL: reference +2.6% since period start, fund +2.6%; buffer 0 to −15; cap +10.9%; Between buffer and cap. Data to Nov 4, 2026.JULW: reference +2.7% since period start, fund +2.4%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.
JULW: reference +2.7% since period start, fund +2.4%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
JULW costs 0.05 points a year less; their one-year returns differ by 1.0 point; JULW is 1.6 times larger.
Points (pts) are percentage points.
| Measure | DDFL | JULW |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.3% | +8.3% |
| Drawdown | ||
| Index fall to the buffer | 2.6% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Nov 3, 2026 | $159m | $254m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Jul 11, 2025 to Oct 30, 2026 · 68 weekly returns · each against SPYFrom Jul 2025 to Oct 2026, JULW returned more: +11.2% to +9.6%. DDFL swung less: 2.9% to 3.9%. DDFL fell less at its worst: −1.4% to −2.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DDFL | JULW | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +9.6% | +11.2% | JULW | Price change plus distributions, reinvested. | |
| Annualized | +7.3% | +8.5% | JULW | Total return as a yearly rate. | |
| Price return | +9.6% | +11.2% | JULW | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 2.9% | 3.9% | DDFL | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 1.6% | 2.3% | DDFL | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −1.4% | −2.7% | DDFL | Deepest fall from a high to the low after it. | |
| Upside capture | 20.2% | 27.5% | 100.0% | JULW | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 19.7% | 31.0% | 100.0% | DDFL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.21 | 0.30 | 1.00 | DDFL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.71 | 0.82 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.10 | 1.12 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.99 | 1.92 | DDFL (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.151 | 0.143 | 0.125 | DDFL (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 5.18 | 3.15 | DDFL | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.5% a year | +0.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.39 | 0.36 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.2% to +3.3% | −2.4% to +3.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.01 | −1.00 | Tie | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.3% | 8.2% | 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, 68 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDFL | JULW | DDFL | JULW |
| 3 months | +1.1% | +0.8% | +1.5 pts | +1.1 pts |
| 6 months | +3.5% | +3.4% | −1.0 pts | −1.1 pts |
| 1 year | +7.3% | +8.3% | −6.2 pts | −5.2 pts |
| 3 years | – | +40.4% | – | −36.0 pts |
| Since launchNot the same days: DDFL Jul 2025 · JULW Jul 2020 | +10.8% | +71.7% | −13.3 pts | −75.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. JULW is a floor fund, which caps how far a holder can fall. DDFL is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
DDFL resets first, on Jun 30, 2027, 238 days from now; JULW runs to Jun 30, 2027, 238 days. DDFL can still gain 7.8% before its cap, JULW 8.8%. A fall from here reaches DDFL’s buffer after 2.8% and JULW’s after 3.1%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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DDFL
From its price on Nov 4, 2026, the fund can gain about 7.8% more before it reaches its cap. The fund's price can fall 2.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and a new cap is set.
JULW
From its price on Nov 4, 2026, the fund can gain about 8.8% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% 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
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, DDFL against JULW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfl-vs-julw
ETFIQ. (Nov 4, 2026). DDFL against JULW. Retrieved from https://etfiq.com/compare/buffer/ddfl-vs-julw
[DDFL against JULW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddfl-vs-julw)
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