TBJL vs. BUFF
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - TBJL tracks the iShares 20+ Year Treasury Bond ETF while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, TBJL returned -4.28%/yr vs 8.68%/yr for BUFF. At a 0.05 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.89%/yr for BUFF.
Performance
TBJL vs. BUFF - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -3.24% return, which is significantly lower than BUFF's 6.28% return.
TBJL
- 1D
- -0.08%
- 1M
- -2.73%
- 6M
- -3.50%
- YTD
- -3.24%
- 1Y
- -0.94%
- 3Y*
- -1.08%
- 5Y*
- -4.28%
- 10Y*
- —
BUFF
- 1D
- 0.21%
- 1M
- 1.30%
- 6M
- 5.41%
- YTD
- 6.28%
- 1Y
- 12.41%
- 3Y*
- 11.86%
- 5Y*
- 8.68%
- 10Y*
- —
TBJL vs. BUFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -3.24% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.68% |
BUFF Innovator Laddered Allocation Power Buffer ETF | 6.28% | 11.02% | 12.05% | 16.51% | -4.44% | 8.37% | 4.33% |
Correlation
The correlation between TBJL and BUFF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | 0.05 |
The correlation between TBJL and BUFF shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. BUFF — Risk / Return Rank
TBJL
BUFF
TBJL vs. BUFF - 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 Innovator Laddered Allocation Power Buffer ETF (BUFF). 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 | BUFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.48 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 3.45 | -3.76 |
| Martin ratioReturn relative to average drawdown | -0.72 | 17.88 | -18.60 |
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Drawdowns
TBJL vs. BUFF - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for TBJL and BUFF.
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Drawdown Indicators
| TBJL | BUFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -46.23% | +16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -3.58% | -2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -13.49% | -10.24% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -10.24% | -18.33% |
Current DrawdownCurrent decline from peak | -23.15% | 0.00% | -23.15% |
Average DrawdownAverage peak-to-trough decline | -15.71% | -6.12% | -9.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 0.69% | +2.07% |
Volatility
TBJL vs. BUFF - Volatility Comparison
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 2.05% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.64%. This indicates that TBJL's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | BUFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 1.64% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 4.13% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 5.18% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 8.44% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.61% | 17.59% | -6.98% |
TBJL vs. BUFF - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.
Dividends
TBJL vs. BUFF - Dividend Comparison
Neither TBJL nor BUFF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BUFF Innovator Laddered Allocation Power Buffer ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.78% | 1.26% | 1.74% | 1.55% | 0.18% |
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and BUFF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBJL has higher volatility (2.05%) compared to BUFF (1.64%). In terms of maximum drawdown, TBJL dropped -29.36% vs BUFF's -46.23%.
On 5-year performance, BUFF leads with 8.68% vs -4.28% for TBJL. On fees, TBJL is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BUFF has performed better with a 8.68% return vs -4.28%. 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 0.89% for BUFF.
TBJL and BUFF have nearly identical dividend yields, around 0.00%.
TBJL tracks iShares 20+ Year Treasury Bond ETF, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for TBJL and 0.89% for BUFF.
BUFF currently has the higher Sharpe Ratio (2.39 vs -0.33), 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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