TBJL vs. PJUL
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator - TBJL tracks the iShares 20+ Year Treasury Bond ETF while PJUL tracks the Cboe S&P 500 Buffer Protect Index July. Both are passively managed. Over the past 5 years, TBJL returned -3.21%/yr vs 10.40%/yr for PJUL. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
TBJL vs. PJUL - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -0.55% return, which is significantly lower than PJUL's 4.31% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
PJUL
- 1D
- -0.31%
- 1M
- 0.66%
- YTD
- 4.31%
- 6M
- 4.83%
- 1Y
- 15.58%
- 3Y*
- 13.73%
- 5Y*
- 10.40%
- 10Y*
- —
TBJL vs. PJUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.55% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.92% |
PJUL Innovator U.S. Equity Power Buffer ETF - July | 4.31% | 12.78% | 13.76% | 19.87% | -2.08% | 7.20% | 3.53% |
Correlation
The correlation between TBJL and PJUL is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.04 |
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Return for Risk
TBJL vs. PJUL — Risk / Return Rank
TBJL
PJUL
TBJL vs. PJUL - 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 Innovator U.S. Equity Power Buffer ETF - July (PJUL). 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 | PJUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.60 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.30 | -4.37 |
| Martin ratioReturn relative to average drawdown | -0.13 | 23.65 | -23.78 |
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 | PJUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 2.79 | -2.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 1.21 | -1.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.89 | -1.26 |
Drawdowns
TBJL vs. PJUL - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than PJUL's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for TBJL and PJUL.
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Drawdown Indicators
| TBJL | PJUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -18.17% | -11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -3.64% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -10.69% | -4.32% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -10.69% | -17.88% |
Current DrawdownCurrent decline from peak | -21.02% | -0.41% | -20.61% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -1.47% | -14.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 0.66% | +1.85% |
Volatility
TBJL vs. PJUL - Volatility Comparison
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 0.67% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.55%. This indicates that TBJL's price experiences larger fluctuations and is considered to be riskier than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | PJUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.55% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 3.90% | -0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 5.64% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 8.60% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 10.02% | +0.64% |
TBJL vs. PJUL - Expense Ratio Comparison
Both TBJL and PJUL have an expense ratio of 0.79%.
Dividends
TBJL vs. PJUL - Dividend Comparison
Neither TBJL nor PJUL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PJUL Innovator U.S. Equity Power Buffer ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.82% |
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% |
Frequently Asked Questions
TBJL and PJUL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBJL has higher volatility (0.67%) compared to PJUL (0.55%). In terms of maximum drawdown, TBJL dropped -29.36% vs PJUL's -18.17%.
On 5-year performance, PJUL leads with 10.40% vs -3.21% for TBJL. Both ETFs have the same 0.79% expense ratio. On volatility, PJUL has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PJUL has performed better with a 10.40% return vs -3.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBJL and PJUL have the same expense ratio: 0.79% per year.
TBJL and PJUL have nearly identical dividend yields, around 0.00%.
TBJL tracks iShares 20+ Year Treasury Bond ETF, while PJUL tracks Cboe S&P 500 Buffer Protect Index July.
PJUL currently has the higher Sharpe Ratio (2.79 vs -0.06), 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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