TFJL vs. BIL
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. TFJL is actively managed, while BIL is passively managed. Over the past 5 years, TFJL returned -3.56%/yr vs 3.45%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. TFJL charges 0.79%/yr vs 0.14%/yr for BIL.
Performance
TFJL vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, TFJL achieves a -1.34% return, which is significantly lower than BIL's 1.67% return.
TFJL
- 1D
- 0.15%
- 1M
- 1.73%
- YTD
- -1.34%
- 6M
- -1.61%
- 1Y
- -1.74%
- 3Y*
- -1.49%
- 5Y*
- -3.56%
- 10Y*
- —
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.84%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
TFJL vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -1.34% | -0.81% | -6.79% | 8.23% | -17.17% | -2.46% | -2.00% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.67% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | -0.01% |
Correlation
The correlation between TFJL and BIL is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | -0.01 |
Over the past year, the inverse relationship between TFJL and BIL has strengthened: their correlation has moved from -0.01 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TFJL vs. BIL — Risk / Return Rank
TFJL
BIL
TFJL vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| TFJL | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.53 | ||
| Sortino ratioReturn per unit of downside risk | -172.91 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 87.16 | -86.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 352.24 | -352.45 |
| Martin ratioReturn relative to average drawdown | -0.44 | 2,793.11 | -2,793.55 |
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Drawdowns
TFJL vs. BIL - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TFJL and BIL.
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Drawdown Indicators
| TFJL | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -0.78% | -24.67% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -0.01% | -8.49% |
Max Drawdown (3Y)Largest decline over 3 years | -12.72% | -0.01% | -12.71% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -0.09% | -23.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -22.04% | 0.00% | -22.04% |
Average DrawdownAverage peak-to-trough decline | -15.07% | -0.26% | -14.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 0.00% | +4.01% |
Volatility
TFJL vs. BIL - Volatility Comparison
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) has a higher volatility of 2.05% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that TFJL's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFJL | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 0.07% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 5.82% | 0.14% | +5.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.31% | 0.20% | +8.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.38% | 0.26% | +9.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.02% | 0.26% | +8.76% |
TFJL vs. BIL - Expense Ratio Comparison
TFJL has a 0.79% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
TFJL vs. BIL - Dividend Comparison
TFJL has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | 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
TFJL and BIL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFJL has higher volatility (2.05%) compared to BIL (0.07%). In terms of maximum drawdown, TFJL dropped -25.45% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.45% vs -3.56% for TFJL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIL has performed better with a 3.45% return vs -3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.79% for TFJL.
BIL has the higher dividend yield at 3.85%, compared with 0.00% for TFJL.
TFJL is categorized as Defined Outcome, while BIL is Government Bonds. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for TFJL and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs -0.21), 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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