TFJL vs. TWOX

Last updated Aug 2, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and TWOX (iShares Large Cap Accelerated Outcome ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, TFJL returned -5.91% vs 14.89% for TWOX. Their 0.09 correlation means their historical movements had little consistent relationship. TFJL charges 0.79%/yr vs 0.50%/yr for TWOX.

Performance

TFJL vs. TWOX - 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 Accelerated Outcome ETF (TWOX). 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 TWOX's 3.60% 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%

TWOX

• 1D: 0.81%
• 1M: 0.81%
• 6M: 2.32%
• YTD: 3.60%
• 1Y: 14.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.80%

*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)
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	$14.49K	$26.29K	$56.01K
TWOX iShares Large Cap Accelerated Outcome ETF	$60.75K	$39.12K	$186.08K

TFJL vs. TWOX - Yearly Performance Comparison

	2026 (YTD)	2025
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-4.91%	-0.08%
TWOX iShares Large Cap Accelerated Outcome ETF	3.60%	12.99%

Correlation

The correlation between TFJL and TWOX 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 Jan 16, 2025	0.09

Return for Risk

TFJL vs. TWOX — 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

TWOX

TWOX Risk / Return Rank: 49
TWOX Sharpe Ratio Rank: 50
TWOX Sortino Ratio Rank: 46
TWOX Omega Ratio Rank: 57
TWOX Calmar Ratio Rank: 40
TWOX Martin Ratio Rank: 55

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. TWOX - 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 Accelerated Outcome ETF (TWOX). 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	TWOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.23	-1.83
Sortino ratio: Return per unit of downside risk	-0.79	1.72	-2.51
Omega ratio: Gain probability vs. loss probability	0.91	1.25	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.53	1.41	-1.94
Martin ratio: Return relative to average drawdown	-1.04	6.58	-7.63

TFJL vs. TWOX - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.59, which is lower than the TWOX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of TFJL and TWOX, 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. TWOX - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, which is greater than TWOX's maximum drawdown of -19.35%. Use the drawdown chart below to compare losses from any high point for TFJL and TWOX.

Drawdown Indicators

	TFJL	TWOX	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-19.35%	-6.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-9.51%	+0.19%
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%	-0.58%	-24.28%
Average Drawdown Average peak-to-trough decline	-15.22%	-2.41%	-12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	2.04%	+2.65%

Volatility

TFJL vs. TWOX - Volatility Comparison

The current volatility for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is 1.55%, while iShares Large Cap Accelerated Outcome ETF (TWOX) has a volatility of 3.59%. This indicates that TFJL experiences smaller price fluctuations and is considered to be less risky than TWOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFJL	TWOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	3.59%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	8.10%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	8.29%	10.89%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.42%	16.13%	-6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	16.13%	-7.13%

TFJL vs. TWOX - Expense Ratio Comparison

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

Dividends

TFJL vs. TWOX - Dividend Comparison

TFJL has not paid dividends to shareholders, while TWOX's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	0.00%	0.00%
TWOX iShares Large Cap Accelerated Outcome ETF	0.55%	0.57%

Frequently Asked Questions

Can I hold both TFJL and TWOX in my portfolio?

TFJL and TWOX 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 TWOX?

TWOX has higher volatility (3.59%) compared to TFJL (1.55%). In terms of maximum drawdown, TFJL dropped -25.45% vs TWOX's -19.35%.

Which ETF is better, TFJL or TWOX?

On 1-year performance, TWOX leads with 14.89% vs -5.91% for TFJL. On fees, TWOX is cheaper at 0.50% 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 TWOX?

Over the 1-year period, TWOX has performed better with a 14.89% 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 TWOX?

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

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

TWOX has the higher dividend yield at 0.55%, compared with 0.00% for TFJL.

What is the main difference between TFJL and TWOX?

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

Which has better risk-adjusted returns?

TWOX currently has the higher Sharpe Ratio (1.23 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.