TBJL vs. SFLR
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and SFLR (Innovator Equity Managed Floor ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while SFLR is a Options Trading fund actively managed by Innovator. TBJL is passively managed, while SFLR is actively managed. Over the past 3 years, TBJL returned -1.18%/yr vs 15.25%/yr for SFLR. At a 0.09 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.89%/yr for SFLR.
Performance
TBJL vs. SFLR - 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 SFLR's 3.59% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
SFLR
- 1D
- -2.45%
- 1M
- 1.58%
- YTD
- 3.59%
- 6M
- 3.63%
- 1Y
- 17.46%
- 3Y*
- 15.25%
- 5Y*
- —
- 10Y*
- —
TBJL vs. SFLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.55% | 1.74% | -3.16% | 4.12% | 4.24% |
SFLR Innovator Equity Managed Floor ETF | 3.59% | 13.29% | 19.99% | 21.20% | 1.38% |
Correlation
The correlation between TBJL and SFLR is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2022 | 0.09 |
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Return for Risk
TBJL vs. SFLR — Risk / Return Rank
TBJL
SFLR
TBJL vs. SFLR - 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 Equity Managed Floor ETF (SFLR). 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 | SFLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.37 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.58 | -2.65 |
| Martin ratioReturn relative to average drawdown | -0.13 | 10.49 | -10.62 |
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 | SFLR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 1.90 | -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 | 1.63 | -2.01 |
Drawdowns
TBJL vs. SFLR - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than SFLR's maximum drawdown of -12.13%. Use the drawdown chart below to compare losses from any high point for TBJL and SFLR.
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Drawdown Indicators
| TBJL | SFLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -12.13% | -17.23% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -6.79% | +2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -12.13% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | — | — |
Current DrawdownCurrent decline from peak | -21.02% | -2.45% | -18.57% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -1.74% | -13.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 1.67% | +0.84% |
Volatility
TBJL vs. SFLR - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.67%, while Innovator Equity Managed Floor ETF (SFLR) has a volatility of 3.19%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than SFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | SFLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 3.19% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 6.96% | -3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 9.26% | -3.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 10.23% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 10.23% | +0.43% |
TBJL vs. SFLR - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is lower than SFLR's 0.89% expense ratio.
Dividends
TBJL vs. SFLR - Dividend Comparison
TBJL has not paid dividends to shareholders, while SFLR's dividend yield for the trailing twelve months is around 0.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SFLR Innovator Equity Managed Floor ETF | 0.33% | 0.33% | 0.42% | 1.16% | 0.06% |
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and SFLR have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SFLR has higher volatility (3.19%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs SFLR's -12.13%.
On 3-year performance, SFLR leads with 15.25% vs -1.18% 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.
Over the 3-year period, SFLR has performed better with a 15.25% return vs -1.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBJL is cheaper with a 0.79% expense ratio, compared with 0.89% for SFLR.
SFLR has the higher dividend yield at 0.33%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while SFLR is Options Trading. Their fees differ too: 0.79% for TBJL and 0.89% for SFLR.
SFLR currently has the higher Sharpe Ratio (1.90 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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