TBJL vs. ZAPR
TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds from Innovator. TBJL is passively managed, while ZAPR is actively managed. Over the past year, TBJL returned -0.94% vs 6.52% for ZAPR. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
TBJL vs. ZAPR - Performance Comparison
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Returns By Period
In the year-to-date period, TBJL achieves a -3.24% return, which is significantly lower than ZAPR's 3.65% return.
TBJL
- 1D
- -0.08%
- 1M
- -2.73%
- 6M
- -3.50%
- YTD
- -3.24%
- 1Y
- -0.94%
- 3Y*
- -1.08%
- 5Y*
- -4.28%
- 10Y*
- —
ZAPR
- 1D
- 0.06%
- 1M
- 0.51%
- 6M
- 3.37%
- YTD
- 3.65%
- 1Y
- 6.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TBJL vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July | -3.24% | -1.58% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 3.65% | 5.31% |
Correlation
The correlation between TBJL and ZAPR 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 Apr 1, 2025 | 0.11 |
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Return for Risk
TBJL vs. ZAPR — Risk / Return Rank
TBJL
ZAPR
TBJL vs. ZAPR - 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 Defined Protection ETF - 1 Yr April (ZAPR). 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 | ZAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.86 | ||
| Sortino ratioReturn per unit of downside risk | -8.50 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 2.15 | -1.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 16.55 | -16.86 |
| Martin ratioReturn relative to average drawdown | -0.72 | 71.02 | -71.75 |
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Drawdowns
TBJL vs. ZAPR - Drawdown Comparison
The maximum TBJL drawdown since its inception was -29.36%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for TBJL and ZAPR.
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Drawdown Indicators
| TBJL | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.36% | -1.72% | -27.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -0.40% | -6.01% |
Max Drawdown (3Y)Largest decline over 3 years | -13.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.57% | — | — |
Current DrawdownCurrent decline from peak | -23.15% | 0.00% | -23.15% |
Average DrawdownAverage peak-to-trough decline | -15.71% | -0.09% | -15.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 0.09% | +2.67% |
Volatility
TBJL vs. ZAPR - Volatility Comparison
Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 2.05% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.49%. This indicates that TBJL's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBJL | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 0.49% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 1.12% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 1.47% | +4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 2.46% | +8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.61% | 2.46% | +8.15% |
TBJL vs. ZAPR - Expense Ratio Comparison
Both TBJL and ZAPR have an expense ratio of 0.79%.
Dividends
TBJL vs. ZAPR - Dividend Comparison
Neither TBJL nor ZAPR has paid dividends to shareholders.
Frequently Asked Questions
TBJL and ZAPR 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.
TBJL has higher volatility (2.05%) compared to ZAPR (0.49%). In terms of maximum drawdown, TBJL dropped -29.36% vs ZAPR's -1.72%.
On 1-year performance, ZAPR leads with 6.52% vs -0.94% for TBJL. Both ETFs have the same 0.79% expense ratio. On volatility, ZAPR has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZAPR has performed better with a 6.52% return vs -0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBJL and ZAPR have the same expense ratio: 0.79% per year.
TBJL and ZAPR have nearly identical dividend yields, around 0.00%.
ZAPR currently has the higher Sharpe Ratio (4.54 vs -0.33), 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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