BJAN vs. TLT
BJAN (Innovator U.S. Equity Buffer ETF - January) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, BJAN returned 10.74%/yr vs -6.27%/yr for TLT. At a correlation of -0.05, they often move in opposite directions. BJAN charges 0.79%/yr vs 0.15%/yr for TLT.
Performance
BJAN vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BJAN achieves a 7.20% return, which is significantly higher than TLT's -0.05% return.
BJAN
- 1D
- 0.15%
- 1M
- 2.66%
- YTD
- 7.20%
- 6M
- 8.74%
- 1Y
- 20.82%
- 3Y*
- 17.37%
- 5Y*
- 10.74%
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
BJAN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BJAN Innovator U.S. Equity Buffer ETF - January | 7.20% | 14.81% | 17.36% | 23.66% | -11.40% | 13.86% | 12.54% | 20.73% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 13.52% |
Correlation
The correlation between BJAN and TLT is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019 | -0.05 |
The correlation between BJAN and TLT shifts across timeframes, from -0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BJAN vs. TLT — Risk / Return Rank
BJAN
TLT
BJAN vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| BJAN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.07 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 0.46 | +2.87 |
| Martin ratioReturn relative to average drawdown | 16.89 | 1.14 | +15.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BJAN | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.71 | 0.36 | +2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | -0.40 | +1.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 0.26 | +0.66 |
Drawdowns
BJAN vs. TLT - Drawdown Comparison
The maximum BJAN drawdown since its inception was -26.86%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BJAN and TLT.
Loading charts...
Drawdown Indicators
| BJAN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.86% | -48.35% | +21.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.27% | -7.58% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -13.81% | -19.18% | +5.37% |
Max Drawdown (5Y)Largest decline over 5 years | -17.38% | -43.70% | +26.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.06% | -40.31% | +40.25% |
Average DrawdownAverage peak-to-trough decline | -2.91% | -13.82% | +10.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 3.05% | -1.81% |
Volatility
BJAN vs. TLT - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF - January (BJAN) is 1.40%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that BJAN experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BJAN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 2.71% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 6.06% | 6.50% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 9.77% | -2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.97% | 15.86% | -3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 14.90% | -0.84% |
BJAN vs. TLT - Expense Ratio Comparison
BJAN has a 0.79% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
BJAN vs. TLT - Dividend Comparison
BJAN has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BJAN Innovator U.S. Equity Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.66% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
BJAN and TLT have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to BJAN (1.40%). In terms of maximum drawdown, BJAN dropped -26.86% vs TLT's -48.35%.
On 5-year performance, BJAN leads with 10.74% vs -6.27% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BJAN has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BJAN has performed better with a 10.74% return vs -6.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.79% for BJAN.
TLT has the higher dividend yield at 4.58%, compared with 0.00% for BJAN.
BJAN is categorized as Defined Outcome, while TLT is Government Bonds. BJAN tracks S&P 500, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for BJAN and 0.15% for TLT.
BJAN currently has the higher Sharpe Ratio (2.71 vs 0.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for BJAN and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer