TBJL vs. BNO
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, TBJL returned -4.48%/yr vs 21.69%/yr for BNO. At a correlation of -0.16, they often move in opposite directions. TBJL charges 0.79%/yr vs 1.00%/yr for BNO.
Performance
TBJL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -3.84% return, which is significantly lower than BNO's 78.53% return.
TBJL
- 1D
- -0.23%
- 1M
- -3.33%
- 6M
- -3.53%
- YTD
- -3.84%
- 1Y
- -1.69%
- 3Y*
- -1.69%
- 5Y*
- -4.48%
- 10Y*
- —
- ALL TIME*
- -4.41%
BNO
- 1D
- 2.51%
- 1M
- 15.22%
- 6M
- 69.78%
- YTD
- 78.53%
- 1Y
- 66.75%
- 3Y*
- 22.68%
- 5Y*
- 21.69%
- 10Y*
- 14.02%
- ALL TIME*
- 4.34%
TBJL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -3.84% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.68% |
BNO United States Brent Oil Fund LP | 78.53% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 9.62% |
Correlation
The correlation between TBJL and BNO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | -0.16 |
The correlation between TBJL and BNO shifts across timeframes, from -0.27 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. BNO — Risk / Return Rank
TBJL
BNO
TBJL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and United States Brent Oil Fund LP (BNO). 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.
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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.28 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.95 | -2.19 |
| Martin ratioReturn relative to average drawdown | -0.57 | 5.57 | -6.14 |
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Drawdowns
TBJL vs. BNO - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TBJL and BNO.
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Drawdown Indicators
| TBJL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -87.06% | +57.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.97% | -34.46% | +27.49% |
Max Drawdown (3Y)Largest decline over 3 years | -12.42% | -34.46% | +22.04% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -34.46% | +5.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -23.63% | -15.92% | -7.71% |
Average DrawdownAverage peak-to-trough decline | -15.75% | -40.04% | +24.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 12.02% | -9.05% |
Volatility
TBJL vs. BNO - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 2.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.84%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 14.84% | -12.69% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 39.31% | -35.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 42.97% | -36.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 36.00% | -25.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 36.81% | -26.22% |
TBJL vs. BNO - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
TBJL vs. BNO - Dividend Comparison
Neither TBJL nor BNO has paid dividends to shareholders.
Frequently Asked Questions
TBJL and BNO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.84%) compared to TBJL (2.15%). In terms of maximum drawdown, TBJL dropped -29.36% vs BNO's -87.06%.
On 5-year performance, BNO leads with 21.69% vs -4.48% for TBJL. On fees, TBJL is cheaper at 0.79% per year. On volatility, TBJL has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 21.69% return vs -4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBJL is cheaper with a 0.79% expense ratio, compared with 1.00% for BNO.
TBJL and BNO have nearly identical dividend yields, around 0.00%.
TBJL is categorized as Defined Outcome, while BNO is Oil & Gas. TBJL tracks iShares 20+ Year Treasury Bond ETF, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Innovator and USCF Investments. Their fees differ too: 0.79% for TBJL and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.56 vs -0.28), 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.
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