TFJL vs. KAPR
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator. TFJL is actively managed, while KAPR is passively managed. Over the past 5 years, TFJL returned -4.34%/yr vs 7.81%/yr for KAPR. Their 0.07 correlation means their historical movements had little consistent relationship. Both charge a 0.79% expense ratio.
Performance
TFJL vs. KAPR - Performance Comparison
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Returns By Period
In the year-to-date period, TFJL achieves a -4.91% return, which is significantly lower than KAPR's 13.09% return.
TFJL
- 1D
- -0.35%
- 1M
- -2.54%
- 6M
- -4.81%
- YTD
- -4.91%
- 1Y
- -5.91%
- 3Y*
- -1.44%
- 5Y*
- -4.34%
- 10Y*
- —
- ALL TIME*
- -4.65%
KAPR
- 1D
- -0.03%
- 1M
- 0.08%
- 6M
- 11.66%
- YTD
- 13.09%
- 1Y
- 22.54%
- 3Y*
- 12.02%
- 5Y*
- 7.81%
- 10Y*
- —
- ALL TIME*
- 9.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $147.78K | $281.73K | $305.41K | |
| $14.49K | $26.29K | $56.01K |
TFJL vs. KAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -4.91% | -0.81% | -6.79% | 8.23% | -17.17% | -2.46% | -2.00% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 7.42% | 12.10% | 15.36% | -8.14% | 2.48% | 3.37% |
Correlation
The correlation between TFJL and KAPR is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | 0.07 |
Over the past year, TFJL and KAPR have become more correlated (0.28) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
TFJL vs. KAPR — Risk / Return Rank
TFJL
KAPR
TFJL vs. KAPR - 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 Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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 | KAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.87 | ||
| Sortino ratioReturn per unit of downside risk | -5.92 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.70 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 8.50 | -9.03 |
| Martin ratioReturn relative to average drawdown | -1.04 | 42.63 | -43.67 |
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Drawdowns
TFJL vs. KAPR - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, which is greater than KAPR's maximum drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for TFJL and KAPR.
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Drawdown Indicators
| TFJL | KAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -16.91% | -8.54% |
Max Drawdown (1Y)Largest decline over 1 year | -9.32% | -2.52% | -6.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.49% | -16.84% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -16.91% | -6.54% |
Current DrawdownCurrent decline from peak | -24.86% | -0.36% | -24.50% |
Average DrawdownAverage peak-to-trough decline | -15.22% | -3.83% | -11.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.69% | 0.50% | +4.19% |
Volatility
TFJL vs. KAPR - Volatility Comparison
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 1.55% and 1.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFJL | KAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 1.52% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 5.99% | 4.77% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.29% | 6.53% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.42% | 11.69% | -2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.00% | 11.56% | -2.56% |
TFJL vs. KAPR - Expense Ratio Comparison
Both TFJL and KAPR have an expense ratio of 0.79%.
Dividends
TFJL vs. KAPR - Dividend Comparison
Neither TFJL nor KAPR has paid dividends to shareholders.
Frequently Asked Questions
TFJL and KAPR have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFJL has higher volatility (1.55%) compared to KAPR (1.52%). In terms of maximum drawdown, TFJL dropped -25.45% vs KAPR's -16.91%.
On 5-year performance, KAPR leads with 7.81% vs -4.34% for TFJL. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KAPR has performed better with a 7.81% return vs -4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFJL and KAPR have the same expense ratio: 0.79% per year.
TFJL and KAPR have nearly identical dividend yields, around 0.00%.
KAPR currently has the higher Sharpe Ratio (3.28 vs -0.59), 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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