TFJL vs. TLT

Last updated Jun 4, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TFJL is a Defined Outcome fund actively managed by Innovator, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. TFJL is actively managed, while TLT is passively managed. Over the past 5 years, TFJL returned -3.76%/yr vs -6.31%/yr for TLT. A 0.79 correlation means they provide meaningful diversification when combined. TFJL charges 0.79%/yr vs 0.15%/yr for TLT.

Performance

TFJL vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFJL achieves a -2.35% return, which is significantly lower than TLT's -0.27% return.

TFJL

• 1D: -0.54%
• 1M: -0.05%
• YTD: -2.35%
• 6M: -4.14%
• 1Y: -2.72%
• 3Y*: -1.72%
• 5Y*: -3.76%
• 10Y*: —

TLT

• 1D: -0.40%
• 1M: 0.81%
• YTD: -0.27%
• 6M: -2.02%
• 1Y: 4.93%
• 3Y*: -1.80%
• 5Y*: -6.31%
• 10Y*: -1.66%

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

TFJL vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-2.35%	-0.81%	-6.79%	8.23%	-17.17%	-2.46%	-1.98%
TLT iShares 20+ Year Treasury Bond ETF	-0.27%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	-3.76%

Correlation

The correlation between TFJL and TLT is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020	0.79

The correlation between TFJL and TLT shifts across timeframes, from 0.79 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TFJL vs. TLT — 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

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 15
TLT Calmar Ratio Rank: 17
TLT Martin Ratio Rank: 16

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. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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.

	TFJL	TLT	Difference
Sharpe ratio Return per unit of total volatility	-0.33	0.51	-0.84
Sortino ratio Return per unit of downside risk	-0.42	0.80	-1.22
Omega ratio Gain probability vs. loss probability	0.95	1.09	-0.14
Calmar ratio Return relative to maximum drawdown	-0.32	0.65	-0.97
Martin ratio Return relative to average drawdown	-0.73	1.63	-2.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFJL vs. TLT - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.33, which is lower than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of TFJL and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TFJL	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	0.51	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	-0.40	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.26	-0.74

Drawdowns

TFJL vs. TLT - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TFJL and TLT.

Drawdown Indicators

	TFJL	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-48.35%	+22.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-7.58%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-19.18%	+6.46%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	-43.70%	+20.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-22.83%	-40.44%	+17.61%
Average Drawdown Average peak-to-trough decline	-15.02%	-13.82%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.04%	+0.70%

Volatility

TFJL vs. TLT - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 1.99%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFJL	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	2.76%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	5.67%	6.50%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	8.22%	9.77%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.34%	15.87%	-6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.03%	14.91%	-5.88%

TFJL vs. TLT - Expense Ratio Comparison

TFJL has a 0.79% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

TFJL vs. TLT - Dividend Comparison

TFJL has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLT iShares 20+ Year Treasury Bond ETF	4.59%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Frequently Asked Questions

Can I hold both TFJL and TLT in my portfolio?

With a correlation of 0.95, TFJL and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TFJL or TLT?

TLT has higher volatility (2.76%) compared to TFJL (1.99%). In terms of maximum drawdown, TFJL dropped -25.45% vs TLT's -48.35%.

Which ETF is better, TFJL or TLT?

On 5-year performance, TFJL leads with -3.76% vs -6.31% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TFJL has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFJL or TLT?

Over the 5-year period, TFJL has performed better with a -3.76% return vs -6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFJL or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.79% for TFJL.

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

TLT has the higher dividend yield at 4.59%, compared with 0.00% for TFJL.

What is the main difference between TFJL and TLT?

TFJL is categorized as Defined Outcome, while TLT is Government Bonds. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TFJL and 0.15% for TLT.

Which has better risk-adjusted returns?

TLT currently has the higher Sharpe Ratio (0.51 vs -0.33), 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.