TFJL vs. SFLR

Last updated Jul 14, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and SFLR (Innovator Equity Managed Floor ETF) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while SFLR is a Options Trading fund actively managed by Innovator. Both are actively managed. Over the past 3 years, TFJL returned -1.72%/yr vs 14.17%/yr for SFLR. At a 0.09 correlation, their price movements are largely independent. TFJL charges 0.79%/yr vs 0.89%/yr for SFLR.

Performance

TFJL vs. SFLR - 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 Equity Managed Floor ETF (SFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFJL achieves a -3.81% return, which is significantly lower than SFLR's 5.15% return.

TFJL

• 1D: -0.44%
• 1M: -1.96%
• 6M: -4.06%
• YTD: -3.81%
• 1Y: -3.18%
• 3Y*: -1.72%
• 5Y*: -3.99%
• 10Y*: —

SFLR

• 1D: -0.41%
• 1M: 1.26%
• 6M: 3.63%
• YTD: 5.15%
• 1Y: 14.53%
• 3Y*: 14.17%
• 5Y*: —
• 10Y*: —

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

TFJL vs. SFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-3.81%	-0.81%	-6.79%	8.23%	0.71%
SFLR Innovator Equity Managed Floor ETF	5.15%	13.29%	19.99%	21.20%	0.42%

Correlation

The correlation between TFJL and SFLR is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.09

Return for Risk

TFJL vs. SFLR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TFJL

TFJL Risk / Return Rank: 6
TFJL Sharpe Ratio Rank: 6
TFJL Sortino Ratio Rank: 5
TFJL Omega Ratio Rank: 5
TFJL Calmar Ratio Rank: 6
TFJL Martin Ratio Rank: 6

SFLR

SFLR Risk / Return Rank: 56
SFLR Sharpe Ratio Rank: 55
SFLR Sortino Ratio Rank: 52
SFLR Omega Ratio Rank: 58
SFLR Calmar Ratio Rank: 54
SFLR Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TFJL vs. SFLR - 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 Equity Managed Floor ETF (SFLR). 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	SFLR	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.49	-1.88
Sortino ratio: Return per unit of downside risk	-0.49	2.03	-2.52
Omega ratio: Gain probability vs. loss probability	0.95	1.28	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.38	2.15	-2.52
Martin ratio: Return relative to average drawdown	-0.75	8.22	-8.97

TFJL vs. SFLR - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.38, which is lower than the SFLR Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of TFJL and SFLR, 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. SFLR - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, which is greater than SFLR's maximum drawdown of -12.13%. Use the drawdown chart below to compare losses from any high point for TFJL and SFLR.

Drawdown Indicators

	TFJL	SFLR	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-12.13%	-13.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-6.79%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-12.13%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	—	—
Current Drawdown Current decline from peak	-23.99%	-0.99%	-23.00%
Average Drawdown Average peak-to-trough decline	-15.14%	-1.74%	-13.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	1.77%	+2.47%

Volatility

TFJL vs. SFLR - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 2.95%, while Innovator Equity Managed Floor ETF (SFLR) has a volatility of 3.25%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than SFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFJL	SFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	3.25%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	7.58%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	8.37%	9.79%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.42%	10.28%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.03%	10.28%	-1.25%

TFJL vs. SFLR - Expense Ratio Comparison

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

Dividends

TFJL vs. SFLR - Dividend Comparison

TFJL has not paid dividends to shareholders, while SFLR's dividend yield for the trailing twelve months is around 0.28%.

Position	TTM	2025	2024	2023	2022
SFLR Innovator Equity Managed Floor ETF	0.28%	0.33%	0.42%	1.16%	0.06%
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFJL and SFLR in my portfolio?

TFJL and SFLR have a correlation of 0.13, 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 SFLR?

SFLR has higher volatility (3.25%) compared to TFJL (2.95%). In terms of maximum drawdown, TFJL dropped -25.45% vs SFLR's -12.13%.

Which ETF is better, TFJL or SFLR?

On 3-year performance, SFLR leads with 14.17% vs -1.72% for TFJL. On fees, TFJL is cheaper at 0.79% per year. On volatility, TFJL has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFJL or SFLR?

Over the 3-year period, SFLR has performed better with a 14.17% return vs -1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFJL or SFLR?

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

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

SFLR has the higher dividend yield at 0.28%, compared with 0.00% for TFJL.

What is the main difference between TFJL and SFLR?

TFJL is categorized as Defined Outcome, while SFLR is Options Trading. Their fees differ too: 0.79% for TFJL and 0.89% for SFLR.

Which has better risk-adjusted returns?

SFLR currently has the higher Sharpe Ratio (1.49 vs -0.38), 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.