TBJL vs. CMDT
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, TBJL returned -1.08%/yr vs 12.44%/yr for CMDT. At a correlation of -0.10, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.65%/yr for CMDT.
Performance
TBJL vs. CMDT - 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 CMDT's 15.27% return.
TBJL
- 1D
- -0.08%
- 1M
- -2.73%
- 6M
- -3.50%
- YTD
- -3.24%
- 1Y
- -0.94%
- 3Y*
- -1.08%
- 5Y*
- -4.28%
- 10Y*
- —
CMDT
- 1D
- -0.10%
- 1M
- -2.39%
- 6M
- 13.14%
- YTD
- 15.27%
- 1Y
- 23.48%
- 3Y*
- 12.44%
- 5Y*
- —
- 10Y*
- —
TBJL vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -3.24% | 1.74% | -3.16% | -0.16% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 15.27% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between TBJL and CMDT is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.10 |
The correlation between TBJL and CMDT shifts across timeframes, from -0.23 (1 year) to -0.10 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. CMDT — Risk / Return Rank
TBJL
CMDT
TBJL vs. CMDT - 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 PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.33 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 1.90 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.72 | 7.45 | -8.17 |
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Drawdowns
TBJL vs. CMDT - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than CMDT's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for TBJL and CMDT.
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Drawdown Indicators
| TBJL | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -13.23% | -16.13% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -13.23% | +6.82% |
Max Drawdown (3Y)Largest decline over 3 years | -13.49% | -13.23% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | — | — |
Current DrawdownCurrent decline from peak | -23.15% | -9.67% | -13.48% |
Average DrawdownAverage peak-to-trough decline | -15.71% | -2.90% | -12.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 3.36% | -0.60% |
Volatility
TBJL vs. CMDT - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 2.05%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.13%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 4.13% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 10.95% | -7.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 12.86% | -6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 12.31% | -1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.61% | 12.31% | -1.70% |
TBJL vs. CMDT - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
TBJL vs. CMDT - Dividend Comparison
TBJL has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.68%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.68% | 3.04% | 8.80% | 2.71% |
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and CMDT have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (4.13%) compared to TBJL (2.05%). In terms of maximum drawdown, TBJL dropped -29.36% vs CMDT's -13.23%.
On 3-year performance, CMDT leads with 12.44% vs -1.08% for TBJL. On fees, CMDT is cheaper at 0.65% per year. On volatility, TBJL has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 12.44% return vs -1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.79% for TBJL.
CMDT has the higher dividend yield at 2.68%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while CMDT is Commodities. TBJL tracks iShares 20+ Year Treasury Bond ETF, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Innovator and PIMCO. Their fees differ too: 0.79% for TBJL and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (1.95 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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