TBJL vs. UAUG
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) are both Defined Outcome funds from Innovator - TBJL tracks the iShares 20+ Year Treasury Bond ETF while UAUG tracks the S&P 500. Both are passively managed. Over the past 5 years, TBJL returned -3.21%/yr vs 7.90%/yr for UAUG. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
TBJL vs. UAUG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBJL achieves a -0.55% return, which is significantly lower than UAUG's 4.51% return.
TBJL
- 1D
- -0.08%
- 1M
- -0.13%
- YTD
- -0.55%
- 6M
- -1.07%
- 1Y
- -0.32%
- 3Y*
- -1.18%
- 5Y*
- -3.21%
- 10Y*
- —
UAUG
- 1D
- -0.42%
- 1M
- 0.66%
- YTD
- 4.51%
- 6M
- 4.90%
- 1Y
- 15.35%
- 3Y*
- 14.43%
- 5Y*
- 7.90%
- 10Y*
- —
TBJL vs. UAUG - 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% |
UAUG Innovator U.S. Equity Ultra Buffer ETF - August | 4.51% | 12.42% | 15.51% | 17.71% | -10.81% | 4.94% | 3.00% |
Correlation
The correlation between TBJL and UAUG is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.07 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBJL vs. UAUG — Risk / Return Rank
TBJL
UAUG
TBJL vs. UAUG - 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 Ultra Buffer ETF - August (UAUG). 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 | UAUG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.58 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 3.89 | -3.96 |
| Martin ratioReturn relative to average drawdown | -0.13 | 20.59 | -20.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TBJL | UAUG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 2.81 | -2.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 1.00 | -1.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.91 | -1.28 |
Drawdowns
TBJL vs. UAUG - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than UAUG's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for TBJL and UAUG.
Loading charts...
Drawdown Indicators
| TBJL | UAUG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -13.91% | -15.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -3.96% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -10.35% | -4.66% |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | -13.91% | -14.66% |
Current DrawdownCurrent decline from peak | -21.02% | -0.42% | -20.60% |
Average DrawdownAverage peak-to-trough decline | -15.63% | -2.36% | -13.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 0.75% | +1.76% |
Volatility
TBJL vs. UAUG - Volatility Comparison
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) and Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) have volatilities of 0.67% and 0.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBJL | UAUG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.68% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 4.15% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 5.51% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.89% | 7.89% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 8.71% | +1.95% |
TBJL vs. UAUG - Expense Ratio Comparison
Both TBJL and UAUG have an expense ratio of 0.79%.
Dividends
TBJL vs. UAUG - Dividend Comparison
Neither TBJL nor UAUG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
UAUG Innovator U.S. Equity Ultra Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.83% |
Frequently Asked Questions
TBJL and UAUG have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UAUG has higher volatility (0.68%) compared to TBJL (0.67%). In terms of maximum drawdown, TBJL dropped -29.36% vs UAUG's -13.91%.
On 5-year performance, UAUG leads with 7.90% vs -3.21% for TBJL. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UAUG has performed better with a 7.90% return vs -3.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBJL and UAUG have the same expense ratio: 0.79% per year.
TBJL and UAUG have nearly identical dividend yields, around 0.00%.
TBJL tracks iShares 20+ Year Treasury Bond ETF, while UAUG tracks S&P 500.
UAUG currently has the higher Sharpe Ratio (2.81 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.
Find the right allocation for TBJL and UAUG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer