TJAN vs. BNO
TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TJAN is a Options Trading fund actively managed by Innovator, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TJAN is actively managed, while BNO is passively managed. Over the past year, TJAN returned 7.84% vs 82.92% for BNO. At a correlation of -0.14, they often move in opposite directions. TJAN charges 0.79%/yr vs 0.90%/yr for BNO.
Performance
TJAN vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TJAN achieves a 2.43% return, which is significantly lower than BNO's 80.79% return.
TJAN
- 1D
- -0.36%
- 1M
- 0.25%
- YTD
- 2.43%
- 6M
- 2.81%
- 1Y
- 7.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.44%
- 1M
- -4.35%
- YTD
- 80.79%
- 6M
- 73.97%
- 1Y
- 82.92%
- 3Y*
- 25.89%
- 5Y*
- 22.87%
- 10Y*
- 12.62%
TJAN vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027 | 2.43% | 7.40% |
BNO United States Brent Oil Fund LP | 80.79% | -7.57% |
Correlation
The correlation between TJAN and BNO is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | -0.14 |
The correlation between TJAN and BNO shifts across timeframes, from -0.28 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TJAN vs. BNO — Risk / Return Rank
TJAN
BNO
TJAN vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and United States Brent Oil Fund LP (BNO). 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.
| TJAN | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.34 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 4.66 | -0.92 |
| Martin ratioReturn relative to average drawdown | 19.86 | 8.73 | +11.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TJAN | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.84 | 2.00 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 0.13 | +1.46 |
Drawdowns
TJAN vs. BNO - Drawdown Comparison
The maximum TJAN drawdown since its inception was -4.83%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TJAN and BNO.
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Drawdown Indicators
| TJAN | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -87.06% | +82.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.10% | -17.87% | +15.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.36% | -14.85% | +14.49% |
Average DrawdownAverage peak-to-trough decline | -0.44% | -40.16% | +39.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 9.53% | -9.13% |
Volatility
TJAN vs. BNO - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) is 0.47%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that TJAN experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TJAN | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 11.71% | -11.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 36.33% | -34.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 41.63% | -38.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 35.41% | -31.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 36.69% | -32.28% |
TJAN vs. BNO - Expense Ratio Comparison
TJAN has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
TJAN vs. BNO - Dividend Comparison
Neither TJAN nor BNO has paid dividends to shareholders.
Frequently Asked Questions
TJAN and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.71%) compared to TJAN (0.47%). In terms of maximum drawdown, TJAN dropped -4.83% vs BNO's -87.06%.
On 1-year performance, BNO leads with 82.92% vs 7.84% for TJAN. On fees, TJAN is cheaper at 0.79% per year. On volatility, TJAN has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 82.92% return vs 7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TJAN is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.
TJAN and BNO have nearly identical dividend yields, around 0.00%.
TJAN is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for TJAN and 0.90% for BNO.
TJAN currently has the higher Sharpe Ratio (2.84 vs 2.00), 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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