TBJL vs. DMAX
Compare and contrast key facts about Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and iShares Large Cap Max Buffer December ETF (DMAX).
TBJL and DMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBJL is a passively managed fund by Innovator that tracks the performance of the iShares 20+ Year Treasury Bond ETF. It was launched on Aug 17, 2020. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024. Both TBJL and DMAX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TBJL vs. DMAX - Performance Comparison
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TBJL vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.23% | 1.39% |
DMAX iShares Large Cap Max Buffer December ETF | -0.26% | 7.81% |
Returns By Period
In the year-to-date period, TBJL achieves a -0.23% return, which is significantly higher than DMAX's -0.26% return.
TBJL
- 1D
- -0.18%
- 1M
- -1.85%
- YTD
- -0.23%
- 6M
- -1.29%
- 1Y
- -2.09%
- 3Y*
- -1.10%
- 5Y*
- -2.72%
- 10Y*
- —
DMAX
- 1D
- 0.11%
- 1M
- -0.73%
- YTD
- -0.26%
- 6M
- 1.70%
- 1Y
- 7.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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TBJL vs. DMAX - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Return for Risk
TBJL vs. DMAX — Risk / Return Rank
TBJL
DMAX
TBJL vs. DMAX - 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 iShares Large Cap Max Buffer December ETF (DMAX). 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 | DMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.30 | 2.25 | -2.55 |
Sortino ratioReturn per unit of downside risk | -0.35 | 3.38 | -3.73 |
Omega ratioGain probability vs. loss probability | 0.96 | 1.51 | -0.55 |
Calmar ratioReturn relative to maximum drawdown | -0.30 | 3.94 | -4.24 |
Martin ratioReturn relative to average drawdown | -0.57 | 19.00 | -19.57 |
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 | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 2.25 | -2.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.25 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 1.70 | -2.08 |
Correlation
The correlation between TBJL and DMAX is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TBJL vs. DMAX - Dividend Comparison
TBJL has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.18%.
| TTM | 2025 | |
|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | 0.00% | 0.00% |
DMAX iShares Large Cap Max Buffer December ETF | 1.18% | 1.18% |
Drawdowns
TBJL vs. DMAX - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for TBJL and DMAX.
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Drawdown Indicators
| TBJL | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -3.37% | -25.99% |
Max Drawdown (1Y)Largest decline over 1 year | -6.10% | -2.00% | -4.10% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | — | — |
Current DrawdownCurrent decline from peak | -20.76% | -0.86% | -19.90% |
Average DrawdownAverage peak-to-trough decline | -15.46% | -0.42% | -15.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 0.41% | +2.76% |
Volatility
TBJL vs. DMAX - Volatility Comparison
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 1.75% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.99%. This indicates that TBJL's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 0.99% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 1.82% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.07% | 3.45% | +3.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.99% | 3.56% | +7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.82% | 3.56% | +7.26% |