TBJL vs. QB
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds - TBJL tracks the iShares 20+ Year Treasury Bond ETF while QB tracks the Nasdaq-100. Both are passively managed. Over the past year, TBJL returned -1.69% vs 19.14% for QB. At a 0.12 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.58%/yr for QB.
Performance
TBJL vs. QB - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -3.84% return, which is significantly lower than QB's 13.19% return.
TBJL
- 1D
- -0.23%
- 1M
- -3.33%
- 6M
- -3.53%
- YTD
- -3.84%
- 1Y
- -1.69%
- 3Y*
- -1.69%
- 5Y*
- -4.48%
- 10Y*
- —
- ALL TIME*
- -4.41%
QB
- 1D
- 0.82%
- 1M
- 1.75%
- 6M
- 12.90%
- YTD
- 13.19%
- 1Y
- 19.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.70%
TBJL vs. QB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -3.84% | -0.35% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 13.19% | 6.10% |
Correlation
The correlation between TBJL and QB is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.12 |
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Return for Risk
TBJL vs. QB — Risk / Return Rank
TBJL
QB
TBJL vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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 | QB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.00 | ||
| Sortino ratioReturn per unit of downside risk | -4.32 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.65 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 5.53 | -5.77 |
| Martin ratioReturn relative to average drawdown | -0.57 | 26.72 | -27.29 |
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Drawdowns
TBJL vs. QB - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for TBJL and QB.
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Drawdown Indicators
| TBJL | QB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -3.47% | -25.89% |
Max Drawdown (1Y)Largest decline over 1 year | -6.97% | -3.47% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -12.42% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | — | — |
Current DrawdownCurrent decline from peak | -23.63% | 0.00% | -23.63% |
Average DrawdownAverage peak-to-trough decline | -15.75% | -0.42% | -15.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 0.72% | +2.25% |
Volatility
TBJL vs. QB - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 2.15%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 2.53%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than QB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | QB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 2.53% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 5.87% | -2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 7.07% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 6.91% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 6.91% | +3.68% |
TBJL vs. QB - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than QB's 0.58% expense ratio.
Dividends
TBJL vs. QB - Dividend Comparison
TBJL has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.77%.
| Position | TTM | 2025 |
|---|---|---|
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 0.77% | 0.48% |
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and QB have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QB has higher volatility (2.53%) compared to TBJL (2.15%). In terms of maximum drawdown, TBJL dropped -29.36% vs QB's -3.47%.
On 1-year performance, QB leads with 19.14% vs -1.69% for TBJL. On fees, QB is cheaper at 0.58% per year. On volatility, TBJL has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QB has performed better with a 19.14% return vs -1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QB is cheaper with a 0.58% expense ratio, compared with 0.79% for TBJL.
QB has the higher dividend yield at 0.77%, compared with 0.00% for TBJL.
TBJL tracks iShares 20+ Year Treasury Bond ETF, while QB tracks Nasdaq-100. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for TBJL and 0.58% for QB.
QB currently has the higher Sharpe Ratio (2.72 vs -0.28), 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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