TBJL vs. DMAX

Last updated Jun 6, 2026

TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - TBJL tracks the iShares 20+ Year Treasury Bond ETF while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, TBJL returned -0.32% vs 8.27% for DMAX. At a 0.11 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

TBJL vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBJL achieves a -0.55% return, which is significantly lower than DMAX's 2.12% return.

TBJL

• 1D: -0.08%
• 1M: -0.13%
• YTD: -0.55%
• 6M: -1.07%
• 1Y: -0.32%
• 3Y*: -1.18%
• 5Y*: -3.21%
• 10Y*: —

DMAX

• 1D: -0.27%
• 1M: 0.35%
• YTD: 2.12%
• 6M: 2.65%
• 1Y: 8.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBJL vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	-0.55%	1.39%
DMAX iShares Large Cap Max Buffer December ETF	2.12%	7.81%

Correlation

The correlation between TBJL and DMAX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.11

Return for Risk

TBJL vs. DMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBJL

TBJL Risk / Return Rank: 8
TBJL Sharpe Ratio Rank: 9
TBJL Sortino Ratio Rank: 8
TBJL Omega Ratio Rank: 8
TBJL Calmar Ratio Rank: 8
TBJL Martin Ratio Rank: 9

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 95
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 92
DMAX Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	-0.06	3.54	-3.60
Sortino ratio: Return per unit of downside risk	-0.04	5.45	-5.49
Omega ratio: Gain probability vs. loss probability	1.00	1.76	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.07	5.88	-5.95
Martin ratio: Return relative to average drawdown	-0.13	29.98	-30.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBJL vs. DMAX - Sharpe Ratio Comparison

The current TBJL Sharpe Ratio is -0.06, which is lower than the DMAX Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of TBJL and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBJL	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	3.54	-3.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.38	2.08	-2.45

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.

Drawdown Indicators

	TBJL	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-3.37%	-25.99%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-1.41%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	—	—
Current Drawdown Current decline from peak	-21.02%	-0.29%	-20.73%
Average Drawdown Average peak-to-trough decline	-15.63%	-0.38%	-15.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	0.28%	+2.23%

Volatility

TBJL vs. DMAX - Volatility Comparison

Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 0.67% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.42%. 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.

Volatility by Period

	TBJL	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.42%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	1.56%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	2.35%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.89%	3.40%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	3.40%	+7.26%

TBJL vs. DMAX - Expense Ratio Comparison

TBJL has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.

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 1.16%.

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.16%	1.18%
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBJL and DMAX in my portfolio?

TBJL and DMAX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBJL or DMAX?

TBJL has higher volatility (0.67%) compared to DMAX (0.42%). In terms of maximum drawdown, TBJL dropped -29.36% vs DMAX's -3.37%.

Which ETF is better, TBJL or DMAX?

On 1-year performance, DMAX leads with 8.27% vs -0.32% for TBJL. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBJL or DMAX?

Over the 1-year period, DMAX has performed better with a 8.27% return vs -0.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBJL or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for TBJL.

Which ETF pays a higher dividend yield, TBJL or DMAX?

DMAX has the higher dividend yield at 1.16%, compared with 0.00% for TBJL.

What is the main difference between TBJL and DMAX?

TBJL tracks iShares 20+ Year Treasury Bond ETF, while DMAX tracks S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TBJL and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.54 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.