TFJL vs. IEF
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. TFJL is actively managed, while IEF is passively managed. Over the past 5 years, TFJL returned -3.65%/yr vs -0.98%/yr for IEF. A 0.74 correlation means they provide meaningful diversification when combined. TFJL charges 0.79%/yr vs 0.15%/yr for IEF.
Performance
TFJL vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, TFJL achieves a -1.82% return, which is significantly lower than IEF's -0.40% return.
TFJL
- 1D
- 0.26%
- 1M
- -0.08%
- YTD
- -1.82%
- 6M
- -3.43%
- 1Y
- -2.22%
- 3Y*
- -1.54%
- 5Y*
- -3.65%
- 10Y*
- —
IEF
- 1D
- 0.07%
- 1M
- -0.19%
- YTD
- -0.40%
- 6M
- -0.71%
- 1Y
- 4.23%
- 3Y*
- 2.56%
- 5Y*
- -0.98%
- 10Y*
- 0.66%
TFJL vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -1.82% | -0.81% | -6.79% | 8.23% | -17.17% | -2.46% | -1.98% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.40% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | -1.23% |
Correlation
The correlation between TFJL and IEF is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.74 |
The correlation between TFJL and IEF shifts across timeframes, from 0.74 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TFJL vs. IEF — Risk / Return Rank
TFJL
IEF
TFJL vs. IEF - 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 iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.27 | 0.89 | -1.16 |
Sortino ratioReturn per unit of downside risk | -0.33 | 1.34 | -1.67 |
Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.95 | -1.26 |
Martin ratioReturn relative to average drawdown | -0.70 | 2.86 | -3.56 |
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 | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.27 | 0.89 | -1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.39 | -0.13 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.50 | -0.97 |
Drawdowns
TFJL vs. IEF - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for TFJL and IEF.
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Drawdown Indicators
| TFJL | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -23.93% | -1.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -4.07% | -4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -12.72% | -7.74% | -4.98% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -21.40% | -2.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | -22.42% | -11.12% | -11.30% |
Average DrawdownAverage peak-to-trough decline | -15.01% | -5.34% | -9.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 1.36% | +2.35% |
Volatility
TFJL vs. IEF - Volatility Comparison
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) has a higher volatility of 2.00% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.57%. This indicates that TFJL's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFJL | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 1.57% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 3.37% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.21% | 4.79% | +3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.34% | 7.71% | +1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.03% | 6.62% | +2.41% |
TFJL vs. IEF - Expense Ratio Comparison
TFJL has a 0.79% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
TFJL vs. IEF - Dividend Comparison
TFJL has not paid dividends to shareholders, while IEF's dividend yield for the trailing twelve months is around 3.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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% | 0.00% |
Frequently Asked Questions
TFJL and IEF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFJL has higher volatility (2.00%) compared to IEF (1.57%). In terms of maximum drawdown, TFJL dropped -25.45% vs IEF's -23.93%.
On 5-year performance, IEF leads with -0.98% vs -3.65% for TFJL. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEF has performed better with a -0.98% return vs -3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.79% for TFJL.
IEF has the higher dividend yield at 3.89%, compared with 0.00% for TFJL.
TFJL is categorized as Defined Outcome, while IEF is Government Bonds. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TFJL and 0.15% for IEF.
IEF currently has the higher Sharpe Ratio (0.89 vs -0.27), 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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