TRSY vs. JAJL

Last updated Jun 23, 2026

TRSY (Xtrackers US 0-1 Year Treasury ETF) and JAJL (Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul) are both exchange-traded funds - TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index, while JAJL is a Defined Outcome fund actively managed by Innovator. TRSY is passively managed, while JAJL is actively managed. Over the past year, TRSY returned 3.90% vs 8.02% for JAJL. At a correlation of -0.11, they often move in opposite directions. TRSY charges 0.06%/yr vs 0.79%/yr for JAJL.

Performance

TRSY vs. JAJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers US 0-1 Year Treasury ETF (TRSY) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRSY achieves a 1.63% return, which is significantly lower than JAJL's 2.76% return.

TRSY

• 1D: 0.03%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.75%
• 1Y: 3.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAJL

• 1D: -0.01%
• 1M: 0.41%
• YTD: 2.76%
• 6M: 2.87%
• 1Y: 8.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRSY vs. JAJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TRSY Xtrackers US 0-1 Year Treasury ETF	1.63%	4.22%	1.49%
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	2.76%	6.56%	2.17%

Correlation

The correlation between TRSY and JAJL is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Oct 9, 2024	-0.11

Return for Risk

TRSY vs. JAJL — Risk / Return Rank

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

TRSY

TRSY Risk / Return Rank: 99
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 99
TRSY Omega Ratio Rank: 99
TRSY Calmar Ratio Rank: 99
TRSY Martin Ratio Rank: 100

JAJL

JAJL Risk / Return Rank: 97
JAJL Sharpe Ratio Rank: 96
JAJL Sortino Ratio Rank: 98
JAJL Omega Ratio Rank: 97
JAJL Calmar Ratio Rank: 96
JAJL Martin Ratio Rank: 97

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.

TRSY vs. JAJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US 0-1 Year Treasury ETF (TRSY) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). 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.

	TRSY	JAJL	Difference
Sharpe ratio: Return per unit of total volatility	10.13	3.96	+6.17
Sortino ratio: Return per unit of downside risk	26.09	7.35	+18.74
Omega ratio: Gain probability vs. loss probability	6.18	1.98	+4.20
Calmar ratio: Return relative to maximum drawdown	59.08	7.98	+51.10
Martin ratio: Return relative to average drawdown	356.66	42.83	+313.83

TRSY vs. JAJL - Sharpe Ratio Comparison

The current TRSY Sharpe Ratio is 10.13, which is higher than the JAJL Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of TRSY and JAJL, 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

TRSY vs. JAJL - Drawdown Comparison

The maximum TRSY drawdown since its inception was -0.82%, smaller than the maximum JAJL drawdown of -2.16%. Use the drawdown chart below to compare losses from any high point for TRSY and JAJL.

Drawdown Indicators

	TRSY	JAJL	Difference
Max Drawdown Largest peak-to-trough decline	-0.82%	-2.16%	+1.34%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-1.01%	+0.94%
Current Drawdown Current decline from peak	-0.02%	-0.01%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.27%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.19%	-0.18%

Volatility

TRSY vs. JAJL - Volatility Comparison

The current volatility for Xtrackers US 0-1 Year Treasury ETF (TRSY) is 0.12%, while Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) has a volatility of 0.46%. This indicates that TRSY experiences smaller price fluctuations and is considered to be less risky than JAJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSY	JAJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.46%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	0.24%	1.43%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	2.04%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.10%	2.66%	-1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.10%	2.66%	-1.56%

TRSY vs. JAJL - Expense Ratio Comparison

TRSY has a 0.06% expense ratio, which is lower than JAJL's 0.79% expense ratio.

Dividends

TRSY vs. JAJL - Dividend Comparison

TRSY's dividend yield for the trailing twelve months is around 3.72%, while JAJL has not paid dividends to shareholders.

Position	TTM	2025	2024
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	0.00%	0.00%	0.00%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%

Frequently Asked Questions

Can I hold both TRSY and JAJL in my portfolio?

TRSY and JAJL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRSY or JAJL?

JAJL has higher volatility (0.46%) compared to TRSY (0.12%). In terms of maximum drawdown, TRSY dropped -0.82% vs JAJL's -2.16%.

Which ETF is better, TRSY or JAJL?

On 1-year performance, JAJL leads with 8.02% vs 3.90% for TRSY. On fees, TRSY is cheaper at 0.06% per year. On volatility, TRSY has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRSY or JAJL?

Over the 1-year period, JAJL has performed better with a 8.02% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRSY or JAJL?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.79% for JAJL.

Which ETF pays a higher dividend yield, TRSY or JAJL?

TRSY has the higher dividend yield at 3.72%, compared with 0.00% for JAJL.

What is the main difference between TRSY and JAJL?

TRSY is categorized as Government Bonds, while JAJL is Defined Outcome. They also come from different issuers: Xtrackers and Innovator. Their fees differ too: 0.06% for TRSY and 0.79% for JAJL.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.13 vs 3.96), 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.