TBJL vs. OCTB

Last updated Jul 12, 2026

TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. TBJL is passively managed, while OCTB is actively managed. At a 0.14 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.25%/yr for OCTB.

Performance

TBJL vs. OCTB - 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 Aptus October Buffer ETF (OCTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBJL achieves a -3.24% return, which is significantly lower than OCTB's 7.24% return.

TBJL

• 1D: -0.08%
• 1M: -2.73%
• 6M: -3.50%
• YTD: -3.24%
• 1Y: -0.94%
• 3Y*: -1.08%
• 5Y*: -4.28%
• 10Y*: —

OCTB

• 1D: 0.22%
• 1M: 1.58%
• 6M: 6.37%
• YTD: 7.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBJL vs. OCTB - Yearly Performance Comparison

	2026 (YTD)	2025
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	-3.24%	-2.02%
OCTB Aptus October Buffer ETF	7.24%	2.37%

Correlation

The correlation between TBJL and OCTB is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.14

Return for Risk

TBJL vs. OCTB — Risk / Return Rank

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

TBJL

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

OCTB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. OCTB - 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 Aptus October Buffer ETF (OCTB). 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	OCTB	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	—	—
Sortino ratio: Return per unit of downside risk	-0.41	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.31	—	—
Martin ratio: Return relative to average drawdown	-0.72	—	—

Drawdowns

TBJL vs. OCTB - Drawdown Comparison

The maximum TBJL drawdown since its inception was -29.36%, which is greater than OCTB's maximum drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for TBJL and OCTB.

Drawdown Indicators

	TBJL	OCTB	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-4.79%	-24.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	—	—
Current Drawdown Current decline from peak	-23.15%	0.00%	-23.15%
Average Drawdown Average peak-to-trough decline	-15.71%	-0.67%	-15.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	—	—

Volatility

Volatility by Period

	TBJL	OCTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	7.18%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	7.18%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.61%	7.18%	+3.43%

TBJL vs. OCTB - Expense Ratio Comparison

TBJL has a 0.79% expense ratio, which is higher than OCTB's 0.25% expense ratio.

Dividends

TBJL vs. OCTB - Dividend Comparison

Neither TBJL nor OCTB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TBJL and OCTB in my portfolio?

TBJL and OCTB have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBJL or OCTB?

On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBJL or OCTB?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.79% for TBJL.

Which ETF pays a higher dividend yield, TBJL or OCTB?

TBJL and OCTB have nearly identical dividend yields, around 0.00%.

What is the main difference between TBJL and OCTB?

They also come from different issuers: Innovator and Aptus Capital Advisors. Their fees differ too: 0.79% for TBJL and 0.25% for OCTB.