TBJL vs. QFLR

Last updated Jun 6, 2026

TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while QFLR is a Nasdaq-100 fund actively managed by Innovator. TBJL is passively managed, while QFLR is actively managed. Over the past year, TBJL returned -0.32% vs 22.36% for QFLR. At a 0.03 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

TBJL vs. QFLR - 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 Innovator Nasdaq-100 Managed Floor ETF (QFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBJL achieves a -0.55% return, which is significantly lower than QFLR's 2.95% return.

TBJL

• 1D: -0.08%
• 1M: -0.13%
• YTD: -0.55%
• 6M: -1.07%
• 1Y: -0.32%
• 3Y*: -1.18%
• 5Y*: -3.21%
• 10Y*: —

QFLR

• 1D: -3.63%
• 1M: -1.45%
• YTD: 2.95%
• 6M: 1.73%
• 1Y: 22.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBJL vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	-0.55%	1.74%	-0.08%
QFLR Innovator Nasdaq-100 Managed Floor ETF	2.95%	17.27%	16.64%

Correlation

The correlation between TBJL and QFLR is 0.01, 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	0.01
Correlation (All Time) Calculated using the full available price history since Jan 26, 2024	0.03

Return for Risk

TBJL vs. QFLR — Risk / Return Rank

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

TBJL

TBJL Risk / Return Rank: 8
TBJL Sharpe Ratio Rank: 9
TBJL Sortino Ratio Rank: 8
TBJL Omega Ratio Rank: 8
TBJL Calmar Ratio Rank: 8
TBJL Martin Ratio Rank: 9

QFLR

QFLR Risk / Return Rank: 62
QFLR Sharpe Ratio Rank: 59
QFLR Sortino Ratio Rank: 55
QFLR Omega Ratio Rank: 61
QFLR Calmar Ratio Rank: 62
QFLR Martin Ratio Rank: 70

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. QFLR - 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 Nasdaq-100 Managed Floor ETF (QFLR). 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	QFLR	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.89	-1.95
Sortino ratio: Return per unit of downside risk	-0.04	2.50	-2.54
Omega ratio: Gain probability vs. loss probability	1.00	1.36	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.07	2.95	-3.02
Martin ratio: Return relative to average drawdown	-0.13	12.46	-12.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBJL vs. QFLR - Sharpe Ratio Comparison

The current TBJL Sharpe Ratio is -0.06, which is lower than the QFLR Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TBJL and QFLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBJL	QFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	1.89	-1.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.38	1.22	-1.60

Drawdowns

TBJL vs. QFLR - Drawdown Comparison

The maximum TBJL drawdown since its inception was -29.36%, which is greater than QFLR's maximum drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for TBJL and QFLR.

Drawdown Indicators

	TBJL	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-13.97%	-15.39%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-7.61%	+3.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	—	—
Current Drawdown Current decline from peak	-21.02%	-4.16%	-16.86%
Average Drawdown Average peak-to-trough decline	-15.63%	-2.50%	-13.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	1.80%	+0.71%

Volatility

TBJL vs. QFLR - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.67%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 4.48%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than QFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBJL	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	4.48%	-3.81%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	8.87%	-5.69%
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	11.87%	-5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.89%	12.83%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	12.83%	-2.17%

TBJL vs. QFLR - Expense Ratio Comparison

TBJL has a 0.79% expense ratio, which is lower than QFLR's 0.89% expense ratio.

Dividends

TBJL vs. QFLR - Dividend Comparison

Neither TBJL nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBJL and QFLR in my portfolio?

TBJL and QFLR have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBJL or QFLR?

QFLR has higher volatility (4.48%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs QFLR's -13.97%.

Which ETF is better, TBJL or QFLR?

On 1-year performance, QFLR leads with 22.36% vs -0.32% for TBJL. On fees, TBJL is cheaper at 0.79% per year. On volatility, TBJL has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBJL or QFLR?

Over the 1-year period, QFLR has performed better with a 22.36% return vs -0.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBJL or QFLR?

TBJL is cheaper with a 0.79% expense ratio, compared with 0.89% for QFLR.

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

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

What is the main difference between TBJL and QFLR?

TBJL is categorized as Defined Outcome, while QFLR is Nasdaq-100. Their fees differ too: 0.79% for TBJL and 0.89% for QFLR.

Which has better risk-adjusted returns?

QFLR currently has the higher Sharpe Ratio (1.89 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.