Data as of Nov 4, 2026.
JULW vs PJUL: Cap, Buffer & Days Left
As of Nov 4, 2026 JULW can fall 3.1% before its buffer engages and PJUL 2.7%.
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Net assets: $254m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Jul, and $1.3bn on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - Jul.
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.PJUL: reference +2.6% since period start, fund +2.5%; buffer 0 to −15; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.
PJUL: reference +2.6% since period start, fund +2.5%; buffer 0 to −15; cap +14.0%; 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; PJUL is 5.1 times larger.
Points (pts) are percentage points.
| Measure | JULW | PJUL |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.3% | +9.3% |
| Drawdown | ||
| Index fall to the buffer | 2.6% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $254m | $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
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
Jul 10, 2020 to Oct 30, 2026 · 329 weekly returns · each against SPYFrom Jul 2020 to Oct 2026, PJUL returned more: +82.8% to +68.9%. JULW swung less: 6.1% to 7.6%. JULW fell less at its worst: −8.3% to −9.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | JULW | PJUL | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +68.9% | +82.8% | PJUL | Price change plus distributions, reinvested. | |
| Annualized | +8.6% | +10.0% | PJUL | Total return as a yearly rate. | |
| Price return | +63.9% | +82.8% | PJUL | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.1% | 7.6% | JULW | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 3.9% | 4.8% | JULW | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −8.3% | −9.5% | JULW | Deepest fall from a high to the low after it. | |
| Upside capture | 27.4% | 35.5% | 100.0% | PJUL | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 39.4% | 49.6% | 100.0% | JULW | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.35 | 0.44 | 1.00 | JULW lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.80 | 0.85 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.87 | 0.88 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.36 | 1.39 | Tie | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.154 | 0.151 | 0.132 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 1.04 | 1.05 | Tie | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.8% a year | +0.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.70 | 0.73 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.4% to +2.9% | −1.5% to +3.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.74 | −0.70 | PJUL (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 10.7% | 9.3% | 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, 329 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JULW | PJUL | JULW | PJUL |
| 3 months | +0.8% | +0.6% | +1.1 pts | +1.0 pts |
| 6 months | +3.4% | +3.9% | −1.1 pts | −0.6 pts |
| 1 year | +8.3% | +9.3% | −5.2 pts | −4.2 pts |
| 3 years | +40.4% | +46.5% | −36.0 pts | −29.9 pts |
| Since launchNot the same days: JULW Jul 2020 · PJUL Aug 2018 | +71.7% | +100.8% | −75.3 pts | −67.8 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 Nov 4, 2026. Source: ETFIQ.
Where each one stands today
JULW resets first, on Jun 30, 2027, 238 days from now; PJUL runs to Jun 30, 2027, 238 days. JULW can still gain 8.8% before its cap, PJUL 10.9%. A fall from here reaches JULW’s buffer after 3.1% and PJUL’s after 2.7%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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. In index terms, SPY can fall 2.6% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% 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.
PJUL
From its price on Nov 4, 2026, the fund can gain about 10.9% more before it reaches its cap. The fund's price can fall 2.7% 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
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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, JULW against PJUL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/julw-vs-pjul
ETFIQ. (Nov 4, 2026). JULW against PJUL. Retrieved from https://etfiq.com/compare/buffer/julw-vs-pjul
[JULW against PJUL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/julw-vs-pjul)
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