TBJL vs. DBC
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 5 years, TBJL returned -3.21%/yr vs 11.98%/yr for DBC. At a correlation of -0.11, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.85%/yr for DBC.
Performance
TBJL vs. DBC - 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 DBC's 30.72% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
DBC
- 1D
- -2.18%
- 1M
- -3.24%
- YTD
- 30.72%
- 6M
- 29.51%
- 1Y
- 40.66%
- 3Y*
- 13.78%
- 5Y*
- 11.98%
- 10Y*
- 8.48%
TBJL vs. DBC - 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% |
DBC Invesco DB Commodity Index Tracking Fund | 30.72% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | 8.97% |
Correlation
The correlation between TBJL and DBC is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | -0.11 |
The correlation between TBJL and DBC shifts across timeframes, from -0.28 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. DBC — Risk / Return Rank
TBJL
DBC
TBJL vs. DBC - 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 Invesco DB Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.38 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 5.26 | -5.34 |
| Martin ratioReturn relative to average drawdown | -0.13 | 12.12 | -12.25 |
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 | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 2.17 | -2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 0.63 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.11 | -0.48 |
Drawdowns
TBJL vs. DBC - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for TBJL and DBC.
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Drawdown Indicators
| TBJL | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -76.36% | +47.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -7.76% | +3.30% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -13.82% | -1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -27.34% | -1.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -21.02% | -24.38% | +3.36% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -46.21% | +30.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 3.36% | -0.85% |
Volatility
TBJL vs. DBC - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.67%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.13%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 6.13% | -5.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 16.00% | -12.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 18.87% | -12.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 19.20% | -8.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 17.82% | -7.16% |
TBJL vs. DBC - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
TBJL vs. DBC - Dividend Comparison
TBJL has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.55% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
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% |
Frequently Asked Questions
TBJL and DBC have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.13%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs DBC's -76.36%.
On 5-year performance, DBC leads with 11.98% 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, DBC has performed better with a 11.98% 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 0.85% for DBC.
DBC has the higher dividend yield at 2.55%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while DBC is Commodities. TBJL tracks iShares 20+ Year Treasury Bond ETF, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for TBJL and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (2.17 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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