TBJL vs. JPST
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. TBJL is passively managed, while JPST is actively managed. Over the past 5 years, TBJL returned -3.19%/yr vs 3.61%/yr for JPST. At a 0.35 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.18%/yr for JPST.
Performance
TBJL vs. JPST - 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 JPST's 1.38% return.
TBJL
- 1D
- 0.03%
- 1M
- 0.15%
- YTD
- -0.48%
- 6M
- -1.29%
- 1Y
- -0.17%
- 3Y*
- -1.02%
- 5Y*
- -3.19%
- 10Y*
- —
JPST
- 1D
- -0.02%
- 1M
- 0.28%
- YTD
- 1.38%
- 6M
- 1.70%
- 1Y
- 4.23%
- 3Y*
- 5.15%
- 5Y*
- 3.61%
- 10Y*
- —
TBJL vs. JPST - 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% |
JPST JPMorgan Ultra-Short Income ETF | 1.38% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 0.34% |
Correlation
The correlation between TBJL and JPST is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.35 |
The correlation between TBJL and JPST shifts across timeframes, from 0.35 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TBJL vs. JPST — Risk / Return Rank
TBJL
JPST
TBJL vs. JPST - 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 JPMorgan Ultra-Short Income ETF (JPST). 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 | JPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.97 | ||
| Sortino ratioReturn per unit of downside risk | -17.21 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 3.85 | -2.85 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 28.60 | -28.64 |
| Martin ratioReturn relative to average drawdown | -0.07 | 143.05 | -143.12 |
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 | JPST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.03 | 7.95 | -7.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 6.31 | -6.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.37 | 3.20 | -3.57 |
Drawdowns
TBJL vs. JPST - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for TBJL and JPST.
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Drawdown Indicators
| TBJL | JPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -3.28% | -26.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -0.15% | -4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -0.30% | -14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -0.79% | -27.78% |
Current DrawdownCurrent decline from peak | -20.96% | -0.04% | -20.92% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -0.08% | -15.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 0.03% | +2.47% |
Volatility
TBJL vs. JPST - Volatility Comparison
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 0.70% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that TBJL's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | JPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.15% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 0.36% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 0.54% | +5.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 0.58% | +10.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 0.93% | +9.73% |
TBJL vs. JPST - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than JPST's 0.18% expense ratio.
Dividends
TBJL vs. JPST - Dividend Comparison
TBJL has not paid dividends to shareholders, while JPST's dividend yield for the trailing twelve months is around 4.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JPST JPMorgan Ultra-Short Income ETF | 4.26% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% |
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 JPST have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBJL has higher volatility (0.70%) compared to JPST (0.15%). In terms of maximum drawdown, TBJL dropped -29.36% vs JPST's -3.28%.
On 5-year performance, JPST leads with 3.61% vs -3.19% for TBJL. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JPST has performed better with a 3.61% return vs -3.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPST is cheaper with a 0.18% expense ratio, compared with 0.79% for TBJL.
JPST has the higher dividend yield at 4.26%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while JPST is Ultrashort Bond. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for TBJL and 0.18% for JPST.
JPST currently has the higher Sharpe Ratio (7.95 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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