- CUSIP
- 45782C235
- Issuer
- Innovator
- Inception Date
- Aug 17, 2020
- Region
- North America (U.S.)
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- iShares 20+ Year Treasury Bond ETF
- Distribution Policy
- Accumulating
- Asset Class
- Bond
- Assets Under Management
- $18M
Share Price Chart
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Performance
TBJL Performance Chart
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is down 0.4% since the beginning of the year. TBJL is currently trading at $20 per share. Investors who bought $1,000 worth of TBJL shares 5 years ago would now be looking at an investment worth $833.
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Returns By Period
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has returned -0.40% so far this year and -0.80% over the past 12 months.
Innovator 20+ Year Treasury Bond Buffer ETF – July
- 1D
- 0.13%
- 1M
- 0.33%
- YTD
- -0.40%
- 6M
- -0.30%
- 1Y
- -0.80%
- 3Y*
- -1.54%
- 5Y*
- -3.58%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TBJL Monthly Returns History
Based on dividend-adjusted daily data since Aug 18, 2020, TBJL's average daily return is -0.01%, while the average monthly return is -0.29%.
Historically, 48% of months were positive and 52% were negative. The best month was Nov 2023 with a return of +7.6%, while the worst month was Apr 2022 at -6.3%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 7 months.
On a daily basis, TBJL closed higher 50% of trading days. The best single day was Feb 26, 2021 with a return of +3.0%, while the worst single day was Jun 13, 2022 at -3.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.00% | 2.49% | -2.47% | -0.61% | 0.20% | 0.05% | -0.40% | ||||||
| 2025 | 0.44% | 3.31% | -0.38% | -1.09% | -1.00% | 0.86% | -1.87% | 0.09% | 2.39% | 0.81% | 0.10% | -1.81% | 1.74% |
| 2024 | -1.67% | -0.80% | 1.06% | -3.26% | 2.24% | 2.18% | 0.99% | 1.88% | 1.40% | -4.07% | 1.42% | -4.22% | -3.16% |
| 2023 | 5.19% | -3.03% | 3.72% | 0.40% | -0.68% | 0.89% | -2.91% | -2.19% | -5.15% | -4.51% | 7.58% | 5.71% | 4.12% |
| 2022 | -1.90% | -0.69% | -2.89% | -6.34% | -1.91% | -0.59% | 1.38% | -3.29% | -5.89% | -4.87% | 6.19% | -1.68% | -20.82% |
| 2021 | -1.76% | -3.14% | -3.57% | 1.87% | 0.50% | 4.01% | 0.25% | 0.52% | -1.16% | 1.84% | 1.12% | -0.56% | -0.32% |
Benchmark Metrics
Innovator 20+ Year Treasury Bond Buffer ETF – July has an annualized alpha of -3.88%, beta of 0.04, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since August 18, 2020.
- This ETF participated in 58.91% of S&P 500 Index downside but only 13.00% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.04 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -3.88%
- Beta
- 0.04
- R²
- 0.00
- Upside Capture
- 13.00%
- Downside Capture
- 58.91%
Expense Ratio
TBJL has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TBJL ranks 7 for risk / return — in the bottom 7% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TBJL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.78 | -2.96 |
| Martin ratioReturn relative to average drawdown | -0.31 | 12.44 | -12.75 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Innovator 20+ Year Treasury Bond Buffer ETF – July. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Innovator 20+ Year Treasury Bond Buffer ETF – July was 29.36%, occurring on Oct 20, 2023. The portfolio has not yet recovered.
The current Innovator 20+ Year Treasury Bond Buffer ETF – July drawdown is 20.90%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -29.36%Oct 2023 | 3y 2mo | — | 5y 10moAug 2020 - now |
Drawdown Indicators
| TBJL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -56.78% | +27.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -9.10% | +4.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -18.90% | +3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -25.43% | -3.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -20.90% | -1.80% | -19.10% |
Average DrawdownAverage peak-to-trough decline | -15.66% | -10.71% | -4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.03% | +0.59% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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