TBJL vs. FTGC
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while FTGC is a Commodities fund actively managed by First Trust. TBJL is passively managed, while FTGC is actively managed. Over the past 5 years, TBJL returned -3.58%/yr vs 12.56%/yr for FTGC. At a correlation of -0.08, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.95%/yr for FTGC.
Performance
TBJL vs. FTGC - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -0.40% return, which is significantly lower than FTGC's 20.23% return.
TBJL
- 1D
- 0.13%
- 1M
- 0.33%
- YTD
- -0.40%
- 6M
- -0.30%
- 1Y
- -0.80%
- 3Y*
- -1.54%
- 5Y*
- -3.58%
- 10Y*
- —
FTGC
- 1D
- -0.24%
- 1M
- -6.30%
- YTD
- 20.23%
- 6M
- 20.44%
- 1Y
- 26.86%
- 3Y*
- 14.70%
- 5Y*
- 12.56%
- 10Y*
- 7.28%
TBJL vs. FTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.40% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.68% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 20.23% | 14.61% | 9.96% | -5.36% | 17.36% | 27.95% | 13.17% |
Correlation
The correlation between TBJL and FTGC is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | -0.08 |
The correlation between TBJL and FTGC shifts across timeframes, from -0.23 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. FTGC — Risk / Return Rank
TBJL
FTGC
TBJL vs. FTGC - 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 First Trust Global Tactical Commodity Strategy Fund (FTGC). 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 | FTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.31 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.74 | -2.92 |
| Martin ratioReturn relative to average drawdown | -0.31 | 9.43 | -9.74 |
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Drawdowns
TBJL vs. FTGC - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for TBJL and FTGC.
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Drawdown Indicators
| TBJL | FTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -59.47% | +30.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -9.84% | +5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -10.39% | -4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -22.64% | -5.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.91% | — |
Current DrawdownCurrent decline from peak | -20.90% | -9.84% | -11.06% |
Average DrawdownAverage peak-to-trough decline | -15.66% | -27.34% | +11.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.98% | -0.36% |
Volatility
TBJL vs. FTGC - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.50%, while First Trust Global Tactical Commodity Strategy Fund (FTGC) has a volatility of 2.99%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | FTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 2.99% | -2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 13.17% | -10.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.92% | 15.69% | -9.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.81% | 15.86% | -5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.62% | 14.71% | -4.09% |
TBJL vs. FTGC - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is lower than FTGC's 0.95% expense ratio.
Dividends
TBJL vs. FTGC - Dividend Comparison
TBJL has not paid dividends to shareholders, while FTGC's dividend yield for the trailing twelve months is around 15.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FTGC First Trust Global Tactical Commodity Strategy Fund | 15.95% | 17.74% | 3.05% | 3.34% | 10.35% | 7.21% | 0.00% | 0.81% | 0.80% | 1.21% |
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% | 0.00% |
Frequently Asked Questions
TBJL and FTGC have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTGC has higher volatility (2.99%) compared to TBJL (0.50%). In terms of maximum drawdown, TBJL dropped -29.36% vs FTGC's -59.47%.
On 5-year performance, FTGC leads with 12.56% vs -3.58% for TBJL. On fees, TBJL is cheaper at 0.79% per year. On volatility, TBJL has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTGC has performed better with a 12.56% return vs -3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBJL is cheaper with a 0.79% expense ratio, compared with 0.95% for FTGC.
FTGC has the higher dividend yield at 15.95%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while FTGC is Commodities. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for TBJL and 0.95% for FTGC.
FTGC currently has the higher Sharpe Ratio (1.72 vs -0.14), 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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