AJUL vs. TLTW

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

AJUL and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AJUL is an actively managed fund by Innovator. It was launched on Jun 28, 2024. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022.

Performance

AJUL vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

AJUL vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	0.03%	7.63%	4.51%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.39%	11.36%	1.42%

Returns By Period

In the year-to-date period, AJUL achieves a 0.03% return, which is significantly lower than TLTW's 1.39% return.

AJUL

• 1D: 0.29%
• 1M: -0.69%
• YTD: 0.03%
• 6M: 1.48%
• 1Y: 8.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.04%
• 1M: -2.53%
• YTD: 1.39%
• 6M: 1.87%
• 1Y: 6.62%
• 3Y*: 0.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AJUL vs. TLTW - Expense Ratio Comparison

AJUL has a 0.79% expense ratio, which is higher than TLTW's 0.35% expense ratio.

AJUL

Innovator Equity Defined Protection ETF - 2 Yr To July 2026

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Return for Risk

AJUL vs. TLTW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AJUL

AJUL Risk / Return Rank: 82
AJUL Sharpe Ratio Rank: 78
AJUL Sortino Ratio Rank: 83
AJUL Omega Ratio Rank: 89
AJUL Calmar Ratio Rank: 70
AJUL Martin Ratio Rank: 89

TLTW

TLTW Risk / Return Rank: 37
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 34
TLTW Omega Ratio Rank: 32
TLTW Calmar Ratio Rank: 47
TLTW Martin Ratio Rank: 36

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AJUL vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AJUL	TLTW	Difference
Sharpe ratio Return per unit of total volatility	1.54	0.75	+0.79
Sortino ratio Return per unit of downside risk	2.33	1.05	+1.28
Omega ratio Gain probability vs. loss probability	1.39	1.14	+0.25
Calmar ratio Return relative to maximum drawdown	2.11	1.28	+0.83
Martin ratio Return relative to average drawdown	12.53	3.35	+9.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AJUL vs. TLTW - Sharpe Ratio Comparison

The current AJUL Sharpe Ratio is 1.54, which is higher than the TLTW Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of AJUL and TLTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AJUL	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	0.75	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	-0.03	+1.38

Correlation

The correlation between AJUL and TLTW is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AJUL vs. TLTW - Dividend Comparison

AJUL has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 13.67%.

	TTM	2025	2024	2023	2022
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.67%	14.82%	14.47%	19.59%	8.71%

Drawdowns

AJUL vs. TLTW - Drawdown Comparison

The maximum AJUL drawdown since its inception was -6.06%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for AJUL and TLTW.

Drawdown Indicators

	AJUL	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-6.06%	-18.61%	+12.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.15%	-5.80%	+1.65%
Current Drawdown Current decline from peak	-0.84%	-3.02%	+2.18%
Average Drawdown Average peak-to-trough decline	-0.55%	-8.49%	+7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	2.21%	-1.51%

Volatility

AJUL vs. TLTW - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) is 1.89%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 3.46%. This indicates that AJUL experiences smaller price fluctuations and is considered to be less risky than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJUL	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	3.46%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	2.61%	5.80%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	8.88%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.18%	11.55%	-6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	11.55%	-6.37%