TFJL vs. DBO
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. TFJL is actively managed, while DBO is passively managed. Over the past 5 years, TFJL returned -3.76%/yr vs 15.98%/yr for DBO. At a correlation of -0.19, they often move in opposite directions. TFJL charges 0.79%/yr vs 0.78%/yr for DBO.
Performance
TFJL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, TFJL achieves a -2.35% return, which is significantly lower than DBO's 84.75% return.
TFJL
- 1D
- -0.54%
- 1M
- -0.05%
- YTD
- -2.35%
- 6M
- -4.14%
- 1Y
- -2.72%
- 3Y*
- -1.72%
- 5Y*
- -3.76%
- 10Y*
- —
DBO
- 1D
- 2.27%
- 1M
- -2.34%
- YTD
- 84.75%
- 6M
- 81.10%
- 1Y
- 80.26%
- 3Y*
- 21.86%
- 5Y*
- 15.98%
- 10Y*
- 11.37%
TFJL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -2.35% | -0.81% | -6.79% | 8.23% | -17.17% | -2.46% | -1.98% |
DBO Invesco DB Oil Fund | 84.75% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | 9.20% |
Correlation
The correlation between TFJL and DBO is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | -0.19 |
The correlation between TFJL and DBO shifts across timeframes, from -0.36 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TFJL vs. DBO — Risk / Return Rank
TFJL
DBO
TFJL vs. DBO - 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 Oil Fund (DBO). 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.
| TFJL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.38 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 4.44 | -4.76 |
| Martin ratioReturn relative to average drawdown | -0.73 | 9.02 | -9.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TFJL | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.33 | 2.34 | -2.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | 0.50 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.48 | 0.02 | -0.50 |
Drawdowns
TFJL vs. DBO - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TFJL and DBO.
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Drawdown Indicators
| TFJL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -90.18% | +64.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -18.19% | +9.69% |
Max Drawdown (3Y)Largest decline over 3 years | -12.72% | -28.20% | +15.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -37.68% | +14.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -22.83% | -51.38% | +28.55% |
Average DrawdownAverage peak-to-trough decline | -15.02% | -62.25% | +47.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 8.92% | -5.18% |
Volatility
TFJL vs. DBO - Volatility Comparison
The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 1.99%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFJL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 12.61% | -10.62% |
Volatility (6M)Calculated over the trailing 6-month period | 5.67% | 28.20% | -22.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.22% | 34.46% | -26.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.34% | 32.29% | -22.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.03% | 31.78% | -22.75% |
TFJL vs. DBO - Expense Ratio Comparison
TFJL has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
TFJL vs. DBO - Dividend Comparison
TFJL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.90% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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 DBO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (12.61%) compared to TFJL (1.99%). In terms of maximum drawdown, TFJL dropped -25.45% vs DBO's -90.18%.
On 5-year performance, DBO leads with 15.98% vs -3.76% for TFJL. On fees, DBO is cheaper at 0.78% per year. On volatility, TFJL has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 15.98% return vs -3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for TFJL.
DBO has the higher dividend yield at 1.90%, compared with 0.00% for TFJL.
TFJL is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for TFJL and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (2.34 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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