TENJ vs. BALI

Last updated Jul 11, 2026

TENJ (iShares Large Cap 10% Target Buffer Jun ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both exchange-traded funds - TENJ is a Defined Outcome fund actively managed by BlackRock, while BALI is a Derivative Income fund actively managed by BlackRock. Both are actively managed. With a 0.96 correlation, they move nearly in lockstep. TENJ charges 0.50%/yr vs 0.35%/yr for BALI.

Performance

TENJ vs. BALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Jun ETF (TENJ) and Blackrock Advantage Large Cap Income ETF (BALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TENJ achieves a 9.51% return, which is significantly lower than BALI's 12.01% return.

TENJ

• 1D: 0.32%
• 1M: 2.33%
• 6M: 8.27%
• YTD: 9.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALI

• 1D: 0.32%
• 1M: 1.82%
• 6M: 10.71%
• YTD: 12.01%
• 1Y: 22.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TENJ vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025
TENJ iShares Large Cap 10% Target Buffer Jun ETF	9.51%	2.22%
BALI Blackrock Advantage Large Cap Income ETF	12.01%	2.50%

Correlation

The correlation between TENJ and BALI is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 22, 2025	0.96

Return for Risk

TENJ vs. BALI — Risk / Return Rank

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

TENJ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BALI

BALI Risk / Return Rank: 84
BALI Sharpe Ratio Rank: 84
BALI Sortino Ratio Rank: 83
BALI Omega Ratio Rank: 84
BALI Calmar Ratio Rank: 80
BALI Martin Ratio Rank: 89

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.

TENJ vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Jun ETF (TENJ) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

	TENJ	BALI	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	2.97	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	3.35	—
Martin ratio: Return relative to average drawdown	—	15.66	—

Drawdowns

TENJ vs. BALI - Drawdown Comparison

The maximum TENJ drawdown since its inception was -5.51%, smaller than the maximum BALI drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for TENJ and BALI.

Drawdown Indicators

	TENJ	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-16.65%	+11.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.71%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.81%	-1.62%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.43%	—

Volatility

Volatility by Period

	TENJ	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.48%	10.45%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	12.93%	-4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.48%	12.93%	-4.45%

TENJ vs. BALI - Expense Ratio Comparison

TENJ has a 0.50% expense ratio, which is higher than BALI's 0.35% expense ratio.

Dividends

TENJ vs. BALI - Dividend Comparison

TENJ's dividend yield for the trailing twelve months is around 0.26%, less than BALI's 7.86% yield.

Position	TTM	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	7.86%	8.51%	7.13%	2.13%
TENJ iShares Large Cap 10% Target Buffer Jun ETF	0.26%	0.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TENJ and BALI in my portfolio?

With a correlation of 0.96, TENJ and BALI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TENJ or BALI?

On fees, BALI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TENJ or BALI?

BALI is cheaper with a 0.35% expense ratio, compared with 0.50% for TENJ.

Which ETF pays a higher dividend yield, TENJ or BALI?

BALI has the higher dividend yield at 7.86%, compared with 0.26% for TENJ.

What is the main difference between TENJ and BALI?

TENJ is categorized as Defined Outcome, while BALI is Derivative Income. Their fees differ too: 0.50% for TENJ and 0.35% for BALI.