TBJL vs. MMAX

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and iShares Large Cap Max Buffer Mar ETF (MMAX).

TBJL and MMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBJL is a passively managed fund by Innovator that tracks the performance of the iShares 20+ Year Treasury Bond ETF. It was launched on Aug 17, 2020. MMAX is an actively managed fund by iShares. It was launched on Mar 31, 2025.

Performance

TBJL vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

TBJL vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	-0.23%	-1.87%
MMAX iShares Large Cap Max Buffer Mar ETF	1.18%	5.88%

Returns By Period

In the year-to-date period, TBJL achieves a -0.23% return, which is significantly lower than MMAX's 1.18% return.

TBJL

• 1D: -0.18%
• 1M: -1.85%
• YTD: -0.23%
• 6M: -1.29%
• 1Y: -2.09%
• 3Y*: -1.10%
• 5Y*: -2.72%
• 10Y*: —

MMAX

• 1D: -0.13%
• 1M: 0.41%
• YTD: 1.18%
• 6M: 2.85%
• 1Y: 7.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBJL vs. MMAX - Expense Ratio Comparison

TBJL has a 0.79% expense ratio, which is higher than MMAX's 0.50% expense ratio.

TBJL

Innovator 20+ Year Treasury Bond Buffer ETF – July

MMAX

iShares Large Cap Max Buffer Mar ETF

Return for Risk

TBJL vs. MMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBJL

TBJL Risk / Return Rank: 7
TBJL Sharpe Ratio Rank: 7
TBJL Sortino Ratio Rank: 6
TBJL Omega Ratio Rank: 6
TBJL Calmar Ratio Rank: 7
TBJL Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TBJL vs. MMAX - 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 Large Cap Max Buffer Mar ETF (MMAX). 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	MMAX	Difference
Sharpe ratio Return per unit of total volatility	-0.30	—	—
Sortino ratio Return per unit of downside risk	-0.35	—	—
Omega ratio Gain probability vs. loss probability	0.96	—	—
Calmar ratio Return relative to maximum drawdown	-0.30	—	—
Martin ratio Return relative to average drawdown	-0.57	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TBJL	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.38	2.75	-3.13

Correlation

The correlation between TBJL and MMAX is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TBJL vs. MMAX - Dividend Comparison

TBJL has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.30%.

	TTM	2025
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.30%	1.31%

Drawdowns

TBJL vs. MMAX - Drawdown Comparison

The maximum TBJL drawdown since its inception was -29.36%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for TBJL and MMAX.

Drawdown Indicators

	TBJL	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-1.93%	-27.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-1.93%	-4.17%
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	—	—
Current Drawdown Current decline from peak	-20.76%	-0.13%	-20.63%
Average Drawdown Average peak-to-trough decline	-15.46%	-0.11%	-15.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	—	—

Volatility

Volatility by Period

	TBJL	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.07%	2.61%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.99%	2.61%	+8.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.82%	2.61%	+8.21%