Data as of Nov 4, 2026.
JULW vs ZJUL: Cap, Buffer & Days Left
As of Nov 4, 2026 JULW can fall 3.1% before its buffer engages and ZJUL 1.9%.
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Net assets: $254m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Jul, and $193m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr July.
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.ZJUL: reference +2.6% since period start, fund +1.7%; buffer Floor; cap +8.4%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
JULW costs 0.05 points a year less; their one-year returns differ by 2.6 points; JULW is 1.3 times larger.
Points (pts) are percentage points.
| Measure | JULW | ZJUL |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.3% | +5.7% |
| 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 | $192m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Jul 12, 2024 to Oct 30, 2026 · 120 weekly returns · each against SPYFrom Jul 2024 to Oct 2026, JULW returned more: +22.9% to +15.4%. ZJUL swung less: 4.3% to 6.8%. ZJUL fell less at its worst: −5.1% to −8.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | JULW | ZJUL | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +22.9% | +15.4% | JULW | Price change plus distributions, reinvested. | |
| Annualized | +9.4% | +6.4% | JULW | Total return as a yearly rate. | |
| Price return | +22.9% | +15.4% | JULW | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.8% | 4.3% | ZJUL | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.4% | 2.7% | ZJUL | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −8.3% | −5.1% | ZJUL | Deepest fall from a high to the low after it. | |
| Upside capture | 33.9% | 19.0% | 100.0% | JULW | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 44.8% | 25.7% | 100.0% | ZJUL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.43 | 0.25 | 1.00 | ZJUL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.80 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.74 | 0.50 | JULW | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.14 | 0.77 | JULW | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.117 | 0.083 | 0.111 | JULW | Return above Treasury bills per unit of beta. |
| Calmar | 1.12 | 1.25 | ZJUL (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.3% a year | −0.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.18 | −0.56 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.7% to +3.3% | −3.2% to +1.8% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.68 | −0.79 | JULW | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.8% | 11.3% | 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, 120 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JULW | ZJUL | JULW | ZJUL |
| 3 months | +0.8% | +0.7% | +1.1 pts | +1.0 pts |
| 6 months | +3.4% | +2.5% | −1.1 pts | −2.0 pts |
| 1 year | +8.3% | +5.7% | −5.2 pts | −7.9 pts |
| 3 years | +40.4% | – | −36.0 pts | – |
| Since launchNot the same days: JULW Jul 2020 · ZJUL Jul 2024 | +71.7% | +17.0% | −75.3 pts | −23.6 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. ZJUL is a floor fund, which caps how far a holder can fall. JULW 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
JULW resets first, on Jun 30, 2027, 238 days from now; ZJUL runs to Jun 30, 2027, 238 days. JULW can still gain 8.8% before its cap, ZJUL 6.4%. A fall from here reaches JULW’s buffer after 3.1% and ZJUL’s after 1.9%. 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.
ZJUL
From its price on Nov 4, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
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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, JULW against ZJUL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/julw-vs-zjul
ETFIQ. (Nov 4, 2026). JULW against ZJUL. Retrieved from https://etfiq.com/compare/buffer/julw-vs-zjul
[JULW against ZJUL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/julw-vs-zjul)
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