TBJL vs. GSG
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, TBJL returned -3.21%/yr vs 14.82%/yr for GSG. At a correlation of -0.13, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.75%/yr for GSG.
Performance
TBJL vs. GSG - 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 GSG's 36.99% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
GSG
- 1D
- -2.47%
- 1M
- -3.81%
- YTD
- 36.99%
- 6M
- 33.63%
- 1Y
- 45.17%
- 3Y*
- 17.71%
- 5Y*
- 14.82%
- 10Y*
- 7.06%
TBJL vs. GSG - 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% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 36.99% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | 10.48% |
Correlation
The correlation between TBJL and GSG is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | -0.13 |
The correlation between TBJL and GSG shifts across timeframes, from -0.29 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. GSG — Risk / Return Rank
TBJL
GSG
TBJL vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.35 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.80 | -4.87 |
| Martin ratioReturn relative to average drawdown | -0.13 | 12.37 | -12.50 |
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 | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 1.96 | -2.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 0.66 | -0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | -0.09 | -0.28 |
Drawdowns
TBJL vs. GSG - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TBJL and GSG.
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Drawdown Indicators
| TBJL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -89.62% | +60.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -9.46% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -14.94% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -29.12% | +0.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -21.02% | -58.64% | +37.62% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -63.71% | +48.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 3.66% | -1.15% |
Volatility
TBJL vs. GSG - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.67%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.03%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 7.03% | -6.36% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 20.66% | -17.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 23.15% | -17.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 22.63% | -11.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 22.04% | -11.38% |
TBJL vs. GSG - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
TBJL vs. GSG - Dividend Comparison
Neither TBJL nor GSG has paid dividends to shareholders.
Frequently Asked Questions
TBJL and GSG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.03%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.82% vs -3.21% for TBJL. On fees, GSG is cheaper at 0.75% 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, GSG has performed better with a 14.82% return vs -3.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.79% for TBJL.
TBJL and GSG have nearly identical dividend yields, around 0.00%.
TBJL is categorized as Defined Outcome, while GSG is Commodities. TBJL tracks iShares 20+ Year Treasury Bond ETF, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TBJL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.96 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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