TBJL vs. DBE
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, TBJL returned -4.48%/yr vs 18.32%/yr for DBE. At a correlation of -0.15, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.78%/yr for DBE.
Performance
TBJL vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBJL achieves a -3.84% return, which is significantly lower than DBE's 78.09% 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%
DBE
- 1D
- 1.74%
- 1M
- 13.21%
- 6M
- 70.33%
- YTD
- 78.09%
- 1Y
- 66.16%
- 3Y*
- 18.80%
- 5Y*
- 18.32%
- 10Y*
- 12.35%
- ALL TIME*
- 2.50%
TBJL vs. DBE - 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% |
DBE Invesco DB Energy Fund | 78.09% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 6.43% |
Correlation
The correlation between TBJL and DBE 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 | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | -0.15 |
The correlation between TBJL and DBE shifts across timeframes, from -0.28 (1 year) to -0.15 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBJL vs. DBE — Risk / Return Rank
TBJL
DBE
TBJL vs. DBE - 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 Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.31 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 2.69 | -2.93 |
| Martin ratioReturn relative to average drawdown | -0.57 | 7.96 | -8.53 |
Loading charts...
Drawdowns
TBJL vs. DBE - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for TBJL and DBE.
Loading charts...
Drawdown Indicators
| TBJL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -86.69% | +57.33% |
Max Drawdown (1Y)Largest decline over 1 year | -6.97% | -24.72% | +17.75% |
Max Drawdown (3Y)Largest decline over 3 years | -12.42% | -24.72% | +12.30% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -38.74% | +10.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -23.63% | -32.39% | +8.76% |
Average DrawdownAverage peak-to-trough decline | -15.75% | -57.17% | +41.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 8.33% | -5.36% |
Volatility
TBJL vs. DBE - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 2.15%, while Invesco DB Energy Fund (DBE) has a volatility of 11.43%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBJL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 11.43% | -9.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 32.71% | -29.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 36.12% | -30.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 29.75% | -18.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 28.42% | -17.83% |
TBJL vs. DBE - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
TBJL vs. DBE - Dividend Comparison
TBJL has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.17% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
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 DBE 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.
DBE has higher volatility (11.43%) compared to TBJL (2.15%). In terms of maximum drawdown, TBJL dropped -29.36% vs DBE's -86.69%.
On 5-year performance, DBE leads with 18.32% vs -4.48% for TBJL. On fees, DBE is cheaper at 0.78% 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, DBE has performed better with a 18.32% return vs -4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for TBJL.
DBE has the higher dividend yield at 2.17%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while DBE is Oil & Gas. TBJL tracks iShares 20+ Year Treasury Bond ETF, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for TBJL and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.84 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.
Find the right allocation for TBJL and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer