TFJL vs. QFLR

Last updated Aug 2, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while QFLR is a Nasdaq-100 fund actively managed by Innovator. Both are actively managed. Over the past year, TFJL returned -5.91% vs 14.44% for QFLR. Their 0.04 correlation means their historical movements had little consistent relationship. TFJL charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

TFJL vs. QFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) and Innovator Nasdaq-100 Managed Floor ETF (QFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFJL achieves a -4.91% return, which is significantly lower than QFLR's 1.93% 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%

QFLR

• 1D: 0.56%
• 1M: -1.96%
• 6M: -0.14%
• YTD: 1.93%
• 1Y: 14.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QFLR Innovator Nasdaq-100 Managed Floor ETF	$2.30M	$2.07M	$2.30M
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	$14.49K	$26.29K	$56.01K

TFJL vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-4.91%	-0.81%	-3.09%
QFLR Innovator Nasdaq-100 Managed Floor ETF	1.93%	17.27%	16.30%

Correlation

The correlation between TFJL and QFLR is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024	0.04

Return for Risk

TFJL vs. QFLR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TFJL

TFJL Risk / Return Rank: 4
TFJL Sharpe Ratio Rank: 4
TFJL Sortino Ratio Rank: 4
TFJL Omega Ratio Rank: 4
TFJL Calmar Ratio Rank: 5
TFJL Martin Ratio Rank: 4

QFLR

QFLR Risk / Return Rank: 40
QFLR Sharpe Ratio Rank: 37
QFLR Sortino Ratio Rank: 35
QFLR Omega Ratio Rank: 36
QFLR Calmar Ratio Rank: 45
QFLR Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TFJL vs. QFLR - 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 Nasdaq-100 Managed Floor ETF (QFLR). 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	QFLR	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	0.92	-1.51
Sortino ratio: Return per unit of downside risk	-0.79	1.32	-2.11
Omega ratio: Gain probability vs. loss probability	0.91	1.17	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.53	1.62	-2.15
Martin ratio: Return relative to average drawdown	-1.04	5.51	-6.55

TFJL vs. QFLR - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.59, which is lower than the QFLR Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TFJL and QFLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TFJL vs. QFLR - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, which is greater than QFLR's maximum drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for TFJL and QFLR.

Drawdown Indicators

	TFJL	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-13.97%	-11.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-7.93%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	—	—
Current Drawdown Current decline from peak	-24.86%	-5.11%	-19.75%
Average Drawdown Average peak-to-trough decline	-15.22%	-2.55%	-12.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	2.34%	+2.35%

Volatility

TFJL vs. QFLR - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 1.55%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 5.30%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than QFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFJL	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	5.30%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	11.25%	-5.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.29%	14.03%	-5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.42%	13.40%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	13.40%	-4.40%

TFJL vs. QFLR - Expense Ratio Comparison

TFJL has a 0.79% expense ratio, which is lower than QFLR's 0.89% expense ratio.

Dividends

TFJL vs. QFLR - Dividend Comparison

Neither TFJL nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFJL and QFLR in my portfolio?

TFJL and QFLR have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFJL or QFLR?

QFLR has higher volatility (5.30%) compared to TFJL (1.55%). In terms of maximum drawdown, TFJL dropped -25.45% vs QFLR's -13.97%.

Which ETF is better, TFJL or QFLR?

On 1-year performance, QFLR leads with 14.44% vs -5.91% for TFJL. On fees, TFJL is cheaper at 0.79% per year. On volatility, TFJL has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFJL or QFLR?

Over the 1-year period, QFLR has performed better with a 14.44% return vs -5.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFJL or QFLR?

TFJL is cheaper with a 0.79% expense ratio, compared with 0.89% for QFLR.

Which ETF pays a higher dividend yield, TFJL or QFLR?

TFJL and QFLR have nearly identical dividend yields, around 0.00%.

What is the main difference between TFJL and QFLR?

TFJL is categorized as Defined Outcome, while QFLR is Nasdaq-100. Their fees differ too: 0.79% for TFJL and 0.89% for QFLR.

Which has better risk-adjusted returns?

QFLR currently has the higher Sharpe Ratio (0.92 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.