AJUL vs SPY
Innovator Equity Defined Protection ETF - 2 Yr to July 2026 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | AJUL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $86M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +4.85% | +14.47% | |
| 1Y Return | +7.57% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 3.5% | 15.3% | |
| Max Drawdown | -6.1% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jul 1, 2024 | Jan 22, 1993 |
AJUL vs SPY Performance
Innovator Equity Defined Protection ETF - 2 Yr to July 2026 (AJUL) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AJUL returned +7.57% while SPY returned +21.96%. Year to date, AJUL is up 4.85% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for AJUL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -6.1% for AJUL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AJUL charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, AJUL currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, AJUL or SPY?
AJUL has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, AJUL or SPY?
Over the past year AJUL returned +7.57% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), AJUL annualized +8.10% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, AJUL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for AJUL. Worst drawdown: AJUL -6.1% vs SPY -56.5%.
Should I hold both AJUL and SPY?
AJUL and SPY have a monthly-return correlation of 0.89, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, AJUL or SPY?
AJUL yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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