Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with TBJL. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to TBJL
TBJL charges 0.79% annually. There are 92 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | TBJL vs OCTB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | TBJL vs JULB | |
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | TBJL vs JANB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | TBJL vs APRB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | TBJL vs FBUF |
Best Risk-Adjusted Alternatives to TBJL
TBJL has a PortfoliosLab risk / return rank of 6. There are 235 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | TBJL vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | TBJL vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 19.60M | Apr 2025 | TBJL vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | TBJL vs ZAPR | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 134.85M | Mar 2021 | TBJL vs XBAP |
Top Performing TBJL Alternatives (YTD)
TBJL is at -3.24% YTD. There are 267 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | TBJL vs NVDO | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.70% | — | Jan 2025 | TBJL vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.15% | 214.51M | Mar 2020 | TBJL vs KAPR | |
| FT Vest Emerging Markets Buffer ETF - March | 12.87% | — | Mar 2025 | TBJL vs TMAR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 12.87% | 568.10M | Mar 2021 | TBJL vs QMAR |
Lowest Volatility Alternatives to TBJL
TBJL has 6.08% 1-year volatility. There are 150 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.15%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.15% | — | Mar 2025 | TBJL vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.24% | — | Apr 2025 | TBJL vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 1.30% | — | Apr 2025 | TBJL vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.34% | 19.60M | Apr 2025 | TBJL vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 1.41% | — | Mar 2025 | TBJL vs MMAX |
Lowest Drawdown Alternatives to TBJL
TBJL has a 1-year max drawdown of -6.41%. There are 209 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | TBJL vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 19.60M | Apr 2025 | TBJL vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | TBJL vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | TBJL vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | TBJL vs CPSM |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, FFTY, BUFF and span 6 categories. AUM among these funds goes as high as $3B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 95 | 2.66% | 2.68B | Jun 2021 | TBJL vs BALT | |
| Innovator IBD 50 ETF | Large Cap Growth Equities | 26 | 15.54% | 89.40M | Apr 2015 | TBJL vs FFTY | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 89 | 6.28% | 891.58M | Oct 2016 | TBJL vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 56 | 5.58% | 2.12B | Nov 2022 | TBJL vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 63 | 23.47% | 221.95M | Jul 2018 | TBJL vs LOUP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 83 | 5.98% | 1.47B | Jan 2019 | TBJL vs PJAN | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 12.07% | 22.82M | Apr 2021 | TBJL vs XTAP | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 11.65% | 404.39M | Mar 2019 | TBJL vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 88 | 5.78% | 1.12B | Aug 2018 | TBJL vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 60 | 6.01% | 543.68M | Jan 2024 | TBJL vs QFLR |
Often Compared With TBJL
Investors most often compare TBJL with SPY, HYG, VOO. These 20 comparison targets span 6 categories, based on PortfoliosLab usage data.
Compare TBJL with Any Fund or Stock
Compare TBJL with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair TBJL with funds that move differently
Innovator 20+ Year Treasury Bond Buffer ETF – July alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to TBJL.
Explore TBJL Diversifiers