TMB vs. AJUL

Last updated Jun 25, 2026

TMB (Thornburg Multi Sector Bond ETF) and AJUL (Innovator Equity Defined Protection ETF - 2 Yr To July 2026) are both exchange-traded funds - TMB is a Multisector Bonds fund actively managed by Thornburg, while AJUL is a Options Trading fund actively managed by Innovator. Both are actively managed. At a correlation of -0.31, they often move in opposite directions. TMB charges 0.55%/yr vs 0.79%/yr for AJUL.

Performance

TMB vs. AJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Multi Sector Bond ETF (TMB) and Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TMB

• 1D: 0.16%
• 1M: 0.68%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AJUL

• 1D: 0.00%
• 1M: 0.37%
• YTD: 3.30%
• 6M: 3.27%
• 1Y: 8.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMB vs. AJUL - Yearly Performance Comparison

	2026 (YTD)
TMB Thornburg Multi Sector Bond ETF	0.68%
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	0.37%

Correlation

The correlation between TMB and AJUL is -0.31, 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 (All Time) Calculated using the full available price history since May 26, 2026	-0.31

Return for Risk

TMB vs. AJUL — Risk / Return Rank

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

TMB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AJUL

AJUL Risk / Return Rank: 91
AJUL Sharpe Ratio Rank: 91
AJUL Sortino Ratio Rank: 94
AJUL Omega Ratio Rank: 95
AJUL Calmar Ratio Rank: 82
AJUL Martin Ratio Rank: 94

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.

TMB vs. AJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Multi Sector Bond ETF (TMB) and Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL). 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.

	TMB	AJUL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.70	—
Sortino ratio: Return per unit of downside risk	—	4.29	—
Omega ratio: Gain probability vs. loss probability	—	1.62	—
Calmar ratio: Return relative to maximum drawdown	—	3.82	—
Martin ratio: Return relative to average drawdown	—	22.63	—

Drawdowns

TMB vs. AJUL - Drawdown Comparison

The maximum TMB drawdown since its inception was -0.59%, smaller than the maximum AJUL drawdown of -6.06%. Use the drawdown chart below to compare losses from any high point for TMB and AJUL.

Drawdown Indicators

	TMB	AJUL	Difference
Max Drawdown Largest peak-to-trough decline	-0.59%	-6.06%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.19%	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.49%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.37%	—

Volatility

Volatility by Period

	TMB	AJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.10%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	4.93%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	4.93%	-1.41%

TMB vs. AJUL - Expense Ratio Comparison

TMB has a 0.55% expense ratio, which is lower than AJUL's 0.79% expense ratio.

Dividends

TMB vs. AJUL - Dividend Comparison

TMB's dividend yield for the trailing twelve months is around 0.36%, while AJUL has not paid dividends to shareholders.

Position	TTM
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	0.00%
TMB Thornburg Multi Sector Bond ETF	0.36%

Frequently Asked Questions

Can I hold both TMB and AJUL in my portfolio?

TMB and AJUL have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMB or AJUL?

On fees, TMB is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMB or AJUL?

TMB is cheaper with a 0.55% expense ratio, compared with 0.79% for AJUL.

Which ETF pays a higher dividend yield, TMB or AJUL?

TMB has the higher dividend yield at 0.36%, compared with 0.00% for AJUL.

What is the main difference between TMB and AJUL?

TMB is categorized as Multisector Bonds, while AJUL is Options Trading. They also come from different issuers: Thornburg and Innovator. Their fees differ too: 0.55% for TMB and 0.79% for AJUL.