TJAN vs. DCMT

Last updated Jun 6, 2026

TJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2027) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - TJAN is a Options Trading fund actively managed by Innovator, while DCMT is a Commodities fund actively managed by DoubleLine. Both are actively managed. Over the past year, TJAN returned 7.84% vs 36.29% for DCMT. At a correlation of -0.07, they often move in opposite directions. TJAN charges 0.79%/yr vs 0.66%/yr for DCMT.

Performance

TJAN vs. DCMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) and DoubleLine Commodity Strategy ETF (DCMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TJAN achieves a 2.43% return, which is significantly lower than DCMT's 29.86% return.

TJAN

• 1D: -0.36%
• 1M: 0.25%
• YTD: 2.43%
• 6M: 2.81%
• 1Y: 7.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DCMT

• 1D: -1.80%
• 1M: -1.98%
• YTD: 29.86%
• 6M: 27.91%
• 1Y: 36.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TJAN vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	2.43%	7.40%
DCMT DoubleLine Commodity Strategy ETF	29.86%	5.11%

Correlation

The correlation between TJAN and DCMT is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	-0.07

The correlation between TJAN and DCMT shifts across timeframes, from -0.17 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TJAN vs. DCMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TJAN

TJAN Risk / Return Rank: 89
TJAN Sharpe Ratio Rank: 89
TJAN Sortino Ratio Rank: 93
TJAN Omega Ratio Rank: 92
TJAN Calmar Ratio Rank: 77
TJAN Martin Ratio Rank: 90

DCMT

DCMT Risk / Return Rank: 70
DCMT Sharpe Ratio Rank: 63
DCMT Sortino Ratio Rank: 60
DCMT Omega Ratio Rank: 62
DCMT Calmar Ratio Rank: 90
DCMT Martin Ratio Rank: 76

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.

TJAN vs. DCMT - 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 DoubleLine Commodity Strategy ETF (DCMT). 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	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	2.84	1.98	+0.86
Sortino ratio: Return per unit of downside risk	4.42	2.62	+1.80
Omega ratio: Gain probability vs. loss probability	1.59	1.35	+0.24
Calmar ratio: Return relative to maximum drawdown	3.74	5.38	-1.63
Martin ratio: Return relative to average drawdown	19.86	13.74	+6.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TJAN vs. DCMT - Sharpe Ratio Comparison

The current TJAN Sharpe Ratio is 2.84, which is higher than the DCMT Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of TJAN and DCMT, 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

	TJAN	DCMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	1.98	+0.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.08	+0.50

Drawdowns

TJAN vs. DCMT - Drawdown Comparison

The maximum TJAN drawdown since its inception was -4.83%, smaller than the maximum DCMT drawdown of -11.95%. Use the drawdown chart below to compare losses from any high point for TJAN and DCMT.

Drawdown Indicators

	TJAN	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-11.95%	+7.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-6.78%	+4.68%
Current Drawdown Current decline from peak	-0.36%	-6.78%	+6.42%
Average Drawdown Average peak-to-trough decline	-0.44%	-3.14%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	2.65%	-2.25%

Volatility

TJAN vs. DCMT - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2027 (TJAN) is 0.47%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 6.07%. This indicates that TJAN experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TJAN	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	6.07%	-5.60%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	16.09%	-13.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	18.46%	-15.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	15.83%	-11.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	15.83%	-11.42%

TJAN vs. DCMT - Expense Ratio Comparison

TJAN has a 0.79% expense ratio, which is higher than DCMT's 0.66% expense ratio.

Dividends

TJAN vs. DCMT - Dividend Comparison

TJAN has not paid dividends to shareholders, while DCMT's dividend yield for the trailing twelve months is around 2.83%.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.83%	3.67%	1.59%
TJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2027	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TJAN and DCMT in my portfolio?

TJAN and DCMT have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TJAN or DCMT?

DCMT has higher volatility (6.07%) compared to TJAN (0.47%). In terms of maximum drawdown, TJAN dropped -4.83% vs DCMT's -11.95%.

Which ETF is better, TJAN or DCMT?

On 1-year performance, DCMT leads with 36.29% vs 7.84% for TJAN. On fees, DCMT is cheaper at 0.66% 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.

Which ETF has performed better, TJAN or DCMT?

Over the 1-year period, DCMT has performed better with a 36.29% return vs 7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TJAN or DCMT?

DCMT is cheaper with a 0.66% expense ratio, compared with 0.79% for TJAN.

Which ETF pays a higher dividend yield, TJAN or DCMT?

DCMT has the higher dividend yield at 2.83%, compared with 0.00% for TJAN.

What is the main difference between TJAN and DCMT?

TJAN is categorized as Options Trading, while DCMT is Commodities. They also come from different issuers: Innovator and DoubleLine. Their fees differ too: 0.79% for TJAN and 0.66% for DCMT.

Which has better risk-adjusted returns?

TJAN currently has the higher Sharpe Ratio (2.84 vs 1.98), 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.