TFJL vs. SMAX

Last updated Aug 2, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, TFJL returned -5.91% vs 7.96% for SMAX. Their 0.09 correlation means their historical movements had little consistent relationship. TFJL charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

TFJL vs. SMAX - 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 iShares Large Cap Max Buffer Sep ETF (SMAX). 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 SMAX's 3.95% 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%

SMAX

• 1D: 0.11%
• 1M: 0.55%
• 6M: 3.48%
• YTD: 3.95%
• 1Y: 7.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.16%

*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)
SMAX iShares Large Cap Max Buffer Sep ETF	$101.66K	$217.24K	$294.99K
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	$14.49K	$26.29K	$56.01K

TFJL vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-4.91%	-0.81%	-5.25%
SMAX iShares Large Cap Max Buffer Sep ETF	3.95%	8.01%	1.06%

Correlation

The correlation between TFJL and SMAX is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.09

Return for Risk

TFJL vs. SMAX — 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

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 95
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 91
SMAX Martin Ratio Rank: 95

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. SMAX - 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 Large Cap Max Buffer Sep ETF (SMAX). 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	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	2.74	-3.33
Sortino ratio: Return per unit of downside risk	-0.79	4.16	-4.95
Omega ratio: Gain probability vs. loss probability	0.91	1.56	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.53	3.94	-4.47
Martin ratio: Return relative to average drawdown	-1.04	20.98	-22.02

TFJL vs. SMAX - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.59, which is lower than the SMAX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of TFJL and SMAX, 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. SMAX - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for TFJL and SMAX.

Drawdown Indicators

	TFJL	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-3.90%	-21.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-1.91%	-7.41%
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%	0.00%	-24.86%
Average Drawdown Average peak-to-trough decline	-15.22%	-0.38%	-14.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	0.36%	+4.33%

Volatility

TFJL vs. SMAX - Volatility Comparison

Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) has a higher volatility of 1.55% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.74%. This indicates that TFJL's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFJL	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.74%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	2.15%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	8.29%	2.76%	+5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.42%	3.59%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	3.59%	+5.41%

TFJL vs. SMAX - Expense Ratio Comparison

TFJL has a 0.79% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

TFJL vs. SMAX - Dividend Comparison

TFJL has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	0.94%	0.98%	0.27%
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 SMAX in my portfolio?

TFJL and SMAX 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 SMAX?

TFJL has higher volatility (1.55%) compared to SMAX (0.74%). In terms of maximum drawdown, TFJL dropped -25.45% vs SMAX's -3.90%.

Which ETF is better, TFJL or SMAX?

On 1-year performance, SMAX leads with 7.96% vs -5.91% for TFJL. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFJL or SMAX?

Over the 1-year period, SMAX has performed better with a 7.96% 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 SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for TFJL.

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

SMAX has the higher dividend yield at 0.94%, compared with 0.00% for TFJL.

What is the main difference between TFJL and SMAX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TFJL and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (2.74 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.