TFJL vs. DBC
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. TFJL is actively managed, while DBC is passively managed. Over the past 5 years, TFJL returned -4.00%/yr vs 11.45%/yr for DBC. At a correlation of -0.16, they often move in opposite directions. TFJL charges 0.79%/yr vs 0.85%/yr for DBC.
Performance
TFJL vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, TFJL achieves a -3.71% return, which is significantly lower than DBC's 27.28% return.
TFJL
- 1D
- -0.13%
- 1M
- -2.54%
- 6M
- -4.58%
- YTD
- -3.71%
- 1Y
- -2.68%
- 3Y*
- -1.78%
- 5Y*
- -4.00%
- 10Y*
- —
DBC
- 1D
- -1.15%
- 1M
- 2.01%
- 6M
- 22.67%
- YTD
- 27.28%
- 1Y
- 31.86%
- 3Y*
- 11.51%
- 5Y*
- 11.45%
- 10Y*
- 8.52%
TFJL vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -3.71% | -0.81% | -6.79% | 8.23% | -17.17% | -2.46% | -2.00% |
DBC Invesco DB Commodity Index Tracking Fund | 27.28% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | 9.21% |
Correlation
The correlation between TFJL and DBC is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | -0.16 |
The correlation between TFJL and DBC shifts across timeframes, from -0.34 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TFJL vs. DBC — Risk / Return Rank
TFJL
DBC
TFJL vs. DBC - 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 Invesco DB Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.29 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.94 | -2.25 |
| Martin ratioReturn relative to average drawdown | -0.62 | 6.62 | -7.24 |
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Drawdowns
TFJL vs. DBC - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for TFJL and DBC.
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Drawdown Indicators
| TFJL | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -76.36% | +50.91% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -16.54% | +8.04% |
Max Drawdown (3Y)Largest decline over 3 years | -12.72% | -16.54% | +3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -27.34% | +3.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -23.91% | -26.37% | +2.46% |
Average DrawdownAverage peak-to-trough decline | -15.15% | -46.12% | +30.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 4.82% | -0.49% |
Volatility
TFJL vs. DBC - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 2.65%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.03%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFJL | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 6.03% | -3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 6.04% | 16.71% | -10.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.35% | 18.85% | -10.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.42% | 19.29% | -9.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.02% | 17.80% | -8.78% |
TFJL vs. DBC - Expense Ratio Comparison
TFJL has a 0.79% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
TFJL vs. DBC - Dividend Comparison
TFJL has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.61%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
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% |
Frequently Asked Questions
TFJL and DBC have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.03%) compared to TFJL (2.65%). In terms of maximum drawdown, TFJL dropped -25.45% vs DBC's -76.36%.
On 5-year performance, DBC leads with 11.45% vs -4.00% for TFJL. On fees, TFJL is cheaper at 0.79% per year. On volatility, TFJL has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 11.45% return vs -4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFJL is cheaper with a 0.79% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.61%, compared with 0.00% for TFJL.
TFJL is categorized as Defined Outcome, while DBC is Commodities. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for TFJL and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.70 vs -0.32), 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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