TFJL vs. ZFEB
TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and ZFEB (Innovator Equity Defined Protection ETF - 1 Yr February) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, TFJL returned -1.74% vs 7.24% for ZFEB. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
TFJL vs. ZFEB - Performance Comparison
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Returns By Period
In the year-to-date period, TFJL achieves a -1.34% return, which is significantly lower than ZFEB's 2.19% return.
TFJL
- 1D
- 0.15%
- 1M
- 1.73%
- YTD
- -1.34%
- 6M
- -1.61%
- 1Y
- -1.74%
- 3Y*
- -1.49%
- 5Y*
- -3.56%
- 10Y*
- —
ZFEB
- 1D
- -0.06%
- 1M
- 0.00%
- YTD
- 2.19%
- 6M
- 2.25%
- 1Y
- 7.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TFJL vs. ZFEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | -1.34% | -0.78% |
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February | 2.19% | 6.19% |
Correlation
The correlation between TFJL and ZFEB is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025 | 0.11 |
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Return for Risk
TFJL vs. ZFEB — Risk / Return Rank
TFJL
ZFEB
TFJL vs. ZFEB - 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 Defined Protection ETF - 1 Yr February (ZFEB). 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 | ZFEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.56 | ||
| Sortino ratioReturn per unit of downside risk | -5.56 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.73 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 5.39 | -5.60 |
| Martin ratioReturn relative to average drawdown | -0.44 | 26.07 | -26.50 |
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Drawdowns
TFJL vs. ZFEB - Drawdown Comparison
The maximum TFJL drawdown since its inception was -25.45%, which is greater than ZFEB's maximum drawdown of -3.00%. Use the drawdown chart below to compare losses from any high point for TFJL and ZFEB.
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Drawdown Indicators
| TFJL | ZFEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.45% | -3.00% | -22.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -1.35% | -7.15% |
Max Drawdown (3Y)Largest decline over 3 years | -12.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | — | — |
Current DrawdownCurrent decline from peak | -22.04% | -0.23% | -21.81% |
Average DrawdownAverage peak-to-trough decline | -15.07% | -0.36% | -14.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 0.28% | +3.73% |
Volatility
TFJL vs. ZFEB - Volatility Comparison
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) has a higher volatility of 2.05% compared to Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) at 0.56%. This indicates that TFJL's price experiences larger fluctuations and is considered to be riskier than ZFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFJL | ZFEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 0.56% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.82% | 1.51% | +4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.31% | 2.18% | +6.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.38% | 2.86% | +6.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.02% | 2.86% | +6.16% |
TFJL vs. ZFEB - Expense Ratio Comparison
Both TFJL and ZFEB have an expense ratio of 0.79%.
Dividends
TFJL vs. ZFEB - Dividend Comparison
Neither TFJL nor ZFEB has paid dividends to shareholders.
Frequently Asked Questions
TFJL and ZFEB have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFJL has higher volatility (2.05%) compared to ZFEB (0.56%). In terms of maximum drawdown, TFJL dropped -25.45% vs ZFEB's -3.00%.
On 1-year performance, ZFEB leads with 7.24% vs -1.74% for TFJL. Both ETFs have the same 0.79% expense ratio. On volatility, ZFEB has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZFEB has performed better with a 7.24% return vs -1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFJL and ZFEB have the same expense ratio: 0.79% per year.
TFJL and ZFEB have nearly identical dividend yields, around 0.00%.
ZFEB currently has the higher Sharpe Ratio (3.35 vs -0.21), 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.
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