TBJL vs. HYG
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 5 years, TBJL returned -3.19%/yr vs 3.81%/yr for HYG. At a 0.33 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.49%/yr for HYG.
Performance
TBJL vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -0.48% return, which is significantly lower than HYG's 1.51% return.
TBJL
- 1D
- 0.03%
- 1M
- 0.15%
- YTD
- -0.48%
- 6M
- -1.29%
- 1Y
- -0.17%
- 3Y*
- -1.02%
- 5Y*
- -3.19%
- 10Y*
- —
HYG
- 1D
- 0.19%
- 1M
- 0.40%
- YTD
- 1.51%
- 6M
- 1.84%
- 1Y
- 6.51%
- 3Y*
- 8.57%
- 5Y*
- 3.81%
- 10Y*
- 4.91%
TBJL vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.48% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.92% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.51% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 5.21% |
Correlation
The correlation between TBJL and HYG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.33 |
The correlation between TBJL and HYG shifts across timeframes, from 0.33 (1 year) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. HYG — Risk / Return Rank
TBJL
HYG
TBJL vs. HYG - 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 iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.33 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.79 | -2.83 |
| Martin ratioReturn relative to average drawdown | -0.07 | 12.34 | -12.41 |
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 | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.03 | 1.72 | -1.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.51 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.37 | 0.46 | -0.83 |
Drawdowns
TBJL vs. HYG - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for TBJL and HYG.
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Drawdown Indicators
| TBJL | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -34.25% | +4.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -2.34% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -4.56% | -10.45% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -15.79% | -12.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -20.96% | -0.09% | -20.87% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -3.24% | -12.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 0.53% | +1.97% |
Volatility
TBJL vs. HYG - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.70%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.21%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 1.21% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 3.01% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 3.81% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 7.53% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 8.29% | +2.37% |
TBJL vs. HYG - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
TBJL vs. HYG - Dividend Comparison
TBJL has not paid dividends to shareholders, while HYG's dividend yield for the trailing twelve months is around 5.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and HYG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYG has higher volatility (1.21%) compared to TBJL (0.70%). In terms of maximum drawdown, TBJL dropped -29.36% vs HYG's -34.25%.
On 5-year performance, HYG leads with 3.81% vs -3.19% for TBJL. On fees, HYG is cheaper at 0.49% per year. On volatility, TBJL has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYG has performed better with a 3.81% return vs -3.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.79% for TBJL.
HYG has the higher dividend yield at 5.91%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while HYG is High Yield Bonds. TBJL tracks iShares 20+ Year Treasury Bond ETF, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TBJL and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.72 vs -0.03), 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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