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 -3.21%/yr vs 18.57%/yr for DBE. At a correlation of -0.16, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.78%/yr for DBE.
Performance
TBJL vs. DBE - 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 DBE's 75.49% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
DBE
- 1D
- -1.98%
- 1M
- -1.03%
- YTD
- 75.49%
- 6M
- 64.58%
- 1Y
- 76.30%
- 3Y*
- 21.68%
- 5Y*
- 18.57%
- 10Y*
- 11.19%
TBJL vs. DBE - 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% |
DBE Invesco DB Energy Fund | 75.49% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 6.27% |
Correlation
The correlation between TBJL and DBE is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | -0.16 |
The correlation between TBJL and DBE shifts across timeframes, from -0.32 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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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.
| TBJL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.37 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 5.32 | -5.40 |
| Martin ratioReturn relative to average drawdown | -0.13 | 10.35 | -10.48 |
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 | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 2.18 | -2.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 0.63 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.09 | -0.46 |
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.
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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 | -4.46% | -14.41% | +9.95% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -23.89% | +8.88% |
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 | -21.02% | -33.38% | +12.36% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -57.30% | +41.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 7.39% | -4.88% |
Volatility
TBJL vs. DBE - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.67%, while Invesco DB Energy Fund (DBE) has a volatility of 11.07%. 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.
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Volatility by Period
| TBJL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 11.07% | -10.40% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 31.06% | -27.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 35.12% | -29.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 29.41% | -18.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 28.34% | -17.68% |
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 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.20% | 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 -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.07%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs DBE's -86.69%.
On 5-year performance, DBE leads with 18.57% vs -3.21% for TBJL. On fees, DBE is cheaper at 0.78% 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, DBE has performed better with a 18.57% return vs -3.21%. 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 2.20%, 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 (2.18 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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