TBJL vs. FFUT

Last updated Jul 12, 2026

TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while FFUT is a Systematic Trend fund actively managed by Fidelity. TBJL is passively managed, while FFUT is actively managed. Over the past year, TBJL returned -0.94% vs 17.58% for FFUT. At a correlation of -0.28, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.80%/yr for FFUT.

Performance

TBJL vs. FFUT - 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 Fidelity Managed Futures ETF (FFUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBJL achieves a -3.24% return, which is significantly lower than FFUT's 10.26% return.

TBJL

• 1D: -0.08%
• 1M: -2.73%
• 6M: -3.50%
• YTD: -3.24%
• 1Y: -0.94%
• 3Y*: -1.08%
• 5Y*: -4.28%
• 10Y*: —

FFUT

• 1D: 0.11%
• 1M: -1.01%
• 6M: 7.43%
• YTD: 10.26%
• 1Y: 17.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBJL vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	-3.24%	0.31%
FFUT Fidelity Managed Futures ETF	10.26%	8.58%

Correlation

The correlation between TBJL and FFUT is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.28

Return for Risk

TBJL vs. FFUT — Risk / Return Rank

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

TBJL

TBJL Risk / Return Rank: 6
TBJL Sharpe Ratio Rank: 6
TBJL Sortino Ratio Rank: 6
TBJL Omega Ratio Rank: 6
TBJL Calmar Ratio Rank: 7
TBJL Martin Ratio Rank: 6

FFUT

FFUT Risk / Return Rank: 66
FFUT Sharpe Ratio Rank: 59
FFUT Sortino Ratio Rank: 60
FFUT Omega Ratio Rank: 62
FFUT Calmar Ratio Rank: 78
FFUT Martin Ratio Rank: 74

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. FFUT - 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 Fidelity Managed Futures ETF (FFUT). 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	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	1.59	-1.91
Sortino ratio: Return per unit of downside risk	-0.41	2.27	-2.68
Omega ratio: Gain probability vs. loss probability	0.95	1.30	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.31	3.22	-3.53
Martin ratio: Return relative to average drawdown	-0.72	10.82	-11.54

TBJL vs. FFUT - Sharpe Ratio Comparison

The current TBJL Sharpe Ratio is -0.33, which is lower than the FFUT Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of TBJL and FFUT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBJL vs. FFUT - Drawdown Comparison

The maximum TBJL drawdown since its inception was -29.36%, which is greater than FFUT's maximum drawdown of -5.59%. Use the drawdown chart below to compare losses from any high point for TBJL and FFUT.

Drawdown Indicators

	TBJL	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-5.59%	-23.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-5.59%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	—	—
Current Drawdown Current decline from peak	-23.15%	-3.08%	-20.07%
Average Drawdown Average peak-to-trough decline	-15.71%	-1.12%	-14.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	1.66%	+1.10%

Volatility

TBJL vs. FFUT - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 2.05%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 2.57%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than FFUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBJL	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	2.57%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	9.00%	-5.43%
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	11.34%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	10.94%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.61%	10.94%	-0.33%

TBJL vs. FFUT - Expense Ratio Comparison

TBJL has a 0.79% expense ratio, which is lower than FFUT's 0.80% expense ratio.

Dividends

TBJL vs. FFUT - Dividend Comparison

TBJL has not paid dividends to shareholders, while FFUT's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025
FFUT Fidelity Managed Futures ETF	1.90%	2.09%
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBJL and FFUT in my portfolio?

TBJL and FFUT have a correlation of -0.27, 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 FFUT?

FFUT has higher volatility (2.57%) compared to TBJL (2.05%). In terms of maximum drawdown, TBJL dropped -29.36% vs FFUT's -5.59%.

Which ETF is better, TBJL or FFUT?

On 1-year performance, FFUT leads with 17.58% vs -0.94% for TBJL. On fees, TBJL is cheaper at 0.79% per year. On volatility, TBJL has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBJL or FFUT?

Over the 1-year period, FFUT has performed better with a 17.58% return vs -0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBJL or FFUT?

TBJL is cheaper with a 0.79% expense ratio, compared with 0.80% for FFUT.

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

FFUT has the higher dividend yield at 1.90%, compared with 0.00% for TBJL.

What is the main difference between TBJL and FFUT?

TBJL is categorized as Defined Outcome, while FFUT is Systematic Trend. They also come from different issuers: Innovator and Fidelity. Their fees differ too: 0.79% for TBJL and 0.80% for FFUT.

Which has better risk-adjusted returns?

FFUT currently has the higher Sharpe Ratio (1.59 vs -0.33), 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.