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 Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, TBJL returned -3.21%/yr vs 22.87%/yr for BNO. At a correlation of -0.16, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.90%/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 -0.55% return, which is significantly lower than BNO's 80.79% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
BNO
- 1D
- -2.44%
- 1M
- -4.35%
- YTD
- 80.79%
- 6M
- 73.97%
- 1Y
- 82.92%
- 3Y*
- 25.89%
- 5Y*
- 22.87%
- 10Y*
- 12.62%
TBJL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.55% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.92% |
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 9.99% |
Correlation
The correlation between TBJL and BNO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | -0.16 |
The correlation between TBJL and BNO shifts across timeframes, from -0.30 (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.
| TBJL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.66 | -4.74 |
| Martin ratioReturn relative to average drawdown | -0.13 | 8.73 | -8.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBJL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 2.00 | -2.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 0.65 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.13 | -0.51 |
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 | -4.46% | -17.87% | +13.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -23.75% | +8.74% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -33.70% | +5.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -21.02% | -14.85% | -6.17% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -40.16% | +24.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 9.53% | -7.02% |
Volatility
TBJL vs. BNO - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.67%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. 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 | 0.67% | 11.71% | -11.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 36.33% | -33.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 41.63% | -35.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 35.41% | -24.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 36.69% | -26.03% |
TBJL vs. BNO - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is lower than BNO's 0.90% 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 -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.71%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs BNO's -87.06%.
On 5-year performance, BNO leads with 22.87% vs -3.21% for TBJL. On fees, TBJL is cheaper at 0.79% per year. On volatility, TBJL has been the lower-risk option at 0.67%. 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 22.87% return vs -3.21%. 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 0.90% 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 Front Month Brent Crude Oil. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for TBJL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.00 vs -0.06), 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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