TFJL vs. CMDT
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. TFJL is actively managed, while CMDT is passively managed. Over the past 3 years, TFJL returned -1.49%/yr vs 12.77%/yr for CMDT. At a correlation of -0.14, they often move in opposite directions. TFJL charges 0.79%/yr vs 0.65%/yr for CMDT.
Performance
TFJL vs. CMDT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TFJL achieves a -1.34% return, which is significantly lower than CMDT's 13.43% return.
TFJL
- 1D
- 0.15%
- 1M
- 1.73%
- YTD
- -1.34%
- 6M
- -1.61%
- 1Y
- -1.74%
- 3Y*
- -1.49%
- 5Y*
- -3.56%
- 10Y*
- —
CMDT
- 1D
- -1.14%
- 1M
- -8.86%
- YTD
- 13.43%
- 6M
- 13.42%
- 1Y
- 21.34%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
TFJL vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -1.34% | -0.81% | -6.79% | 3.67% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 13.43% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between TFJL and CMDT is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.14 |
The correlation between TFJL and CMDT shifts across timeframes, from -0.25 (1 year) to -0.13 (3 years), reflecting how their relationship changes across market environments.
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
TFJL vs. CMDT — Risk / Return Rank
TFJL
CMDT
TFJL vs. CMDT - 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 PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.29 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.93 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.44 | 9.62 | -10.06 |
Loading charts...
Drawdowns
TFJL vs. CMDT - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for TFJL and CMDT.
Loading charts...
Drawdown Indicators
| TFJL | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -11.11% | -14.34% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -11.11% | +2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -12.72% | -11.11% | -1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | — | — |
Current DrawdownCurrent decline from peak | -22.04% | -11.11% | -10.93% |
Average DrawdownAverage peak-to-trough decline | -15.07% | -2.77% | -12.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 2.25% | +1.76% |
Volatility
TFJL vs. CMDT - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 2.05%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TFJL | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 3.26% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 5.82% | 10.60% | -4.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.31% | 12.65% | -4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.38% | 12.24% | -2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.02% | 12.24% | -3.22% |
TFJL vs. CMDT - Expense Ratio Comparison
TFJL has a 0.79% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
TFJL vs. CMDT - Dividend Comparison
TFJL has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.67% | 3.04% | 8.80% | 2.71% |
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TFJL and CMDT have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.26%) compared to TFJL (2.05%). In terms of maximum drawdown, TFJL dropped -25.45% vs CMDT's -11.11%.
On 3-year performance, CMDT leads with 12.77% vs -1.49% for TFJL. On fees, CMDT is cheaper at 0.65% per year. On volatility, TFJL has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 12.77% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.79% for TFJL.
CMDT has the higher dividend yield at 2.67%, compared with 0.00% for TFJL.
TFJL is categorized as Defined Outcome, while CMDT is Commodities. They also come from different issuers: Innovator and PIMCO. Their fees differ too: 0.79% for TFJL and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (1.71 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.
Find the right allocation for TFJL and CMDT
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