TBJL vs. SPLV
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - TBJL is a Defined Outcome fund tracking the iShares 20+ Year Treasury Bond ETF, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 5 years, TBJL returned -3.19%/yr vs 5.54%/yr for SPLV. At a 0.15 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.25%/yr for SPLV.
Performance
TBJL vs. SPLV - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -0.48% return, which is significantly lower than SPLV's 2.34% return.
TBJL
- 1D
- 0.03%
- 1M
- 0.15%
- YTD
- -0.48%
- 6M
- -1.29%
- 1Y
- -0.17%
- 3Y*
- -1.02%
- 5Y*
- -3.19%
- 10Y*
- —
SPLV
- 1D
- 1.00%
- 1M
- -1.54%
- YTD
- 2.34%
- 6M
- 2.40%
- 1Y
- 1.57%
- 3Y*
- 7.86%
- 5Y*
- 5.54%
- 10Y*
- 8.12%
TBJL vs. SPLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -0.48% | 1.74% | -3.16% | 4.12% | -20.82% | -0.32% | -1.92% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.34% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | 4.04% |
Correlation
The correlation between TBJL and SPLV is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.15 |
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Return for Risk
TBJL vs. SPLV — Risk / Return Rank
TBJL
SPLV
TBJL vs. SPLV - 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 Invesco S&P 500 Low Volatility ETF (SPLV). 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 | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.03 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 0.21 | -0.25 |
| Martin ratioReturn relative to average drawdown | -0.07 | 0.51 | -0.58 |
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 | SPLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.03 | 0.16 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.45 | -0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.37 | 0.68 | -1.06 |
Drawdowns
TBJL vs. SPLV - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for TBJL and SPLV.
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Drawdown Indicators
| TBJL | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -36.26% | +6.90% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -7.41% | +2.95% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -9.64% | -5.37% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -17.26% | -11.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.26% | — |
Current DrawdownCurrent decline from peak | -20.96% | -5.97% | -14.99% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -3.55% | -12.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 3.07% | -0.57% |
Volatility
TBJL vs. SPLV - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) is 0.70%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 3.17%. This indicates that TBJL experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 3.17% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 6.82% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 9.83% | -3.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 12.46% | -1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 15.36% | -4.70% |
TBJL vs. SPLV - Expense Ratio Comparison
TBJL has a 0.79% expense ratio, which is higher than SPLV's 0.25% expense ratio.
Dividends
TBJL vs. SPLV - Dividend Comparison
TBJL has not paid dividends to shareholders, while SPLV's dividend yield for the trailing twelve months is around 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.20% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBJL and SPLV have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (3.17%) compared to TBJL (0.70%). In terms of maximum drawdown, TBJL dropped -29.36% vs SPLV's -36.26%.
On 5-year performance, SPLV leads with 5.54% vs -3.19% for TBJL. On fees, SPLV is cheaper at 0.25% per year. On volatility, TBJL has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPLV has performed better with a 5.54% return vs -3.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.79% for TBJL.
SPLV has the higher dividend yield at 2.20%, compared with 0.00% for TBJL.
TBJL is categorized as Defined Outcome, while SPLV is S&P 500. TBJL tracks iShares 20+ Year Treasury Bond ETF, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for TBJL and 0.25% for SPLV.
SPLV currently has the higher Sharpe Ratio (0.16 vs -0.03), 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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