TBJL vs. HGER
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, TBJL returned -1.08%/yr vs 18.60%/yr for HGER. At a correlation of -0.04, they often move in opposite directions. TBJL charges 0.79%/yr vs 0.68%/yr for HGER.
Performance
TBJL vs. HGER - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -3.24% return, which is significantly lower than HGER's 23.17% return.
TBJL
- 1D
- -0.08%
- 1M
- -2.73%
- 6M
- -3.50%
- YTD
- -3.24%
- 1Y
- -0.94%
- 3Y*
- -1.08%
- 5Y*
- -4.28%
- 10Y*
- —
HGER
- 1D
- -0.84%
- 1M
- 1.33%
- 6M
- 20.50%
- YTD
- 23.17%
- 1Y
- 31.96%
- 3Y*
- 18.60%
- 5Y*
- —
- 10Y*
- —
TBJL vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -3.24% | 1.74% | -3.16% | 4.12% | -18.34% |
HGER Harbor Commodity All-Weather Strategy ETF | 23.17% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between TBJL and HGER is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | -0.04 |
The correlation between TBJL and HGER shifts across timeframes, from -0.22 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. HGER — Risk / Return Rank
TBJL
HGER
TBJL vs. HGER - 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 Harbor Commodity All-Weather Strategy ETF (HGER). 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 | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.35 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 2.39 | -2.70 |
| Martin ratioReturn relative to average drawdown | -0.72 | 8.73 | -9.45 |
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Drawdowns
TBJL vs. HGER - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for TBJL and HGER.
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Drawdown Indicators
| TBJL | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -23.31% | -6.05% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -14.04% | +7.63% |
Max Drawdown (3Y)Largest decline over 3 years | -13.49% | -14.04% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | — | — |
Current DrawdownCurrent decline from peak | -23.15% | -8.66% | -14.49% |
Average DrawdownAverage peak-to-trough decline | -15.71% | -7.71% | -8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 3.83% | -1.07% |
Volatility
TBJL vs. HGER - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 2.05%, while Harbor Commodity All-Weather Strategy ETF (HGER) has a volatility of 5.75%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 5.75% | -3.70% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 15.35% | -11.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 17.37% | -11.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 17.67% | -6.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.61% | 17.67% | -7.06% |
TBJL vs. HGER - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than HGER's 0.68% expense ratio.
Dividends
TBJL vs. HGER - Dividend Comparison
TBJL has not paid dividends to shareholders, while HGER's dividend yield for the trailing twelve months is around 5.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 5.75% | 7.09% | 3.28% | 7.24% | 0.64% |
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and HGER have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HGER has higher volatility (5.75%) compared to TBJL (2.05%). In terms of maximum drawdown, TBJL dropped -29.36% vs HGER's -23.31%.
On 3-year performance, HGER leads with 18.60% vs -1.08% for TBJL. On fees, HGER is cheaper at 0.68% 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.
Over the 3-year period, HGER has performed better with a 18.60% return vs -1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HGER is cheaper with a 0.68% expense ratio, compared with 0.79% for TBJL.
HGER has the higher dividend yield at 5.75%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while HGER is Commodities. TBJL tracks iShares 20+ Year Treasury Bond ETF, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Innovator and Harbor. Their fees differ too: 0.79% for TBJL and 0.68% for HGER.
HGER currently has the higher Sharpe Ratio (1.93 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.
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