TFJL vs. QMAR

Last updated Aug 2, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and QMAR (FT Cboe Vest Nasdaq-100 Buffer ETF - March) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while QMAR is a Nasdaq-100 fund actively managed by First Trust. Both are actively managed. Over the past 5 years, TFJL returned -4.34%/yr vs 11.10%/yr for QMAR. Their 0.04 correlation means their historical movements had little consistent relationship. TFJL charges 0.79%/yr vs 0.90%/yr for QMAR.

Performance

TFJL vs. QMAR - 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 FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR). 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 QMAR's 11.91% 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%

QMAR

• 1D: 0.47%
• 1M: 0.04%
• 6M: 11.24%
• YTD: 11.91%
• 1Y: 18.52%
• 3Y*: 14.85%
• 5Y*: 11.10%
• 10Y*: —
• ALL TIME*: 12.03%

*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)
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	$319.00K	$316.44K	$452.98K
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	$14.49K	$26.29K	$56.01K

TFJL vs. QMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-4.91%	-0.81%	-6.79%	8.23%	-17.17%	1.40%
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	11.91%	10.89%	16.11%	35.47%	-16.56%	12.87%

Correlation

The correlation between TFJL and QMAR is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.05
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.04

Return for Risk

TFJL vs. QMAR — 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

QMAR

QMAR Risk / Return Rank: 95
QMAR Sharpe Ratio Rank: 94
QMAR Sortino Ratio Rank: 94
QMAR Omega Ratio Rank: 95
QMAR Calmar Ratio Rank: 95
QMAR Martin Ratio Rank: 96

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. QMAR - 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 FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR). 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	QMAR	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	2.55	-3.14
Sortino ratio: Return per unit of downside risk	-0.79	3.83	-4.62
Omega ratio: Gain probability vs. loss probability	0.91	1.55	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.53	5.54	-6.07
Martin ratio: Return relative to average drawdown	-1.04	26.00	-27.04

TFJL vs. QMAR - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.59, which is lower than the QMAR Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TFJL and QMAR, 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. QMAR - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, which is greater than QMAR's maximum drawdown of -19.83%. Use the drawdown chart below to compare losses from any high point for TFJL and QMAR.

Drawdown Indicators

	TFJL	QMAR	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-19.83%	-5.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-3.21%	-6.11%
Max Drawdown (3Y) Largest decline over 3 years	-13.49%	-15.91%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	-19.83%	-3.62%
Current Drawdown Current decline from peak	-24.86%	-1.20%	-23.66%
Average Drawdown Average peak-to-trough decline	-15.22%	-3.22%	-12.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	0.68%	+4.01%

Volatility

TFJL vs. QMAR - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 1.55%, while FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) has a volatility of 2.60%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than QMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFJL	QMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	2.60%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	6.16%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	8.29%	6.99%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.42%	14.04%	-4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	13.75%	-4.75%

TFJL vs. QMAR - Expense Ratio Comparison

TFJL has a 0.79% expense ratio, which is lower than QMAR's 0.90% expense ratio.

Dividends

TFJL vs. QMAR - Dividend Comparison

Neither TFJL nor QMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TFJL and QMAR in my portfolio?

TFJL and QMAR have a correlation of 0.12, 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 QMAR?

QMAR has higher volatility (2.60%) compared to TFJL (1.55%). In terms of maximum drawdown, TFJL dropped -25.45% vs QMAR's -19.83%.

Which ETF is better, TFJL or QMAR?

On 5-year performance, QMAR leads with 11.10% vs -4.34% 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 QMAR?

Over the 5-year period, QMAR has performed better with a 11.10% return vs -4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFJL or QMAR?

TFJL is cheaper with a 0.79% expense ratio, compared with 0.90% for QMAR.

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

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

What is the main difference between TFJL and QMAR?

TFJL is categorized as Defined Outcome, while QMAR is Nasdaq-100. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for TFJL and 0.90% for QMAR.

Which has better risk-adjusted returns?

QMAR currently has the higher Sharpe Ratio (2.55 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.