Innovator 20+ Year Treasury Bond Buffer ETF ?… (TBJL) Performance
TBJL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −4.6% since Dec 31, 2025
- 1 year
- −7.2% total return
- 5 years
- −4.6% a year
- Since first price
- −4.2% a year since 2020
TBJL trailing returns vs SPY, QQQ, AGG
| Period | TBJL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.2% | +1.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.2% | −0.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −4.3% | −4.3% | +7.8% | +8.4% | −1.5% |
| YTD | −4.6% | −4.6% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.2% | −7.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +6.1%+2.0%/yr | +6.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −21.1%−4.6%/yr | −21.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionAug 20, 2020 | −23.5%−4.2%/yr | −23.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TBJL vs SPY
From Aug 20, 2020: TBJL grew to $7,648, SPY to $24,456.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TBJL returns by calendar year
2 of 5 full years positive. Best 2023 (+4.1%), worst 2022 (−20.8%). 2026 is year to date.
TBJL annual returns table
| Year | TBJL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −4.6% | −10.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +1.7% | −6.1% | +17.7% | +20.8% | +7.2% |
| 2024 | −3.2% | −8.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +4.1% | −15.1% | +26.2% | +54.9% | +5.7% |
| 2022 | −20.8% | −25.1% | −18.2% | −32.6% | −13.0% |
| 2021 | −0.3% | −9.5% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TBJL largest drawdowns
Now 24.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 24, 2020 | −29.2% | Oct 20, 2023 | not yet | 3.2 years | 6.2 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TBJL risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | −0.5% | −5.2% | −4.8% |
| Volatility (annualized) | 9.4% | 10.2% | 9.7% |
| Sharpe ratio | -0.47 | -0.83 | -0.76 |
| Sortino ratio | -0.62 | -1.01 | -0.93 |
| Best month | +7.6% | +7.6% | +7.6% |
| Worst month | −4.9% | −6.3% | −6.3% |
| Best 12 months | +13.4% | +13.4% | +13.4% |
| Worst 12 months | −8.6% | −23.7% | −23.7% |
| Positive months | 56% | 47% | 48% |
| Beta vs S&P 500 | 0.39 | 0.36 | — |
| Correlation with S&P 500 | 0.52 | 0.56 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TBJL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 63 | −23.7% | −2.7% | +13.4% | 29% |
| 3-year (a year) | 39 | −10.0% | −4.1% | +2.9% | 15% |
| 5-year (a year) | 15 | −5.2% | −3.8% | −2.5% | 0% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
TBJL performance overview
Innovator 20+ Year Treasury Bond Buffer ETF ?… (TBJL) returned −7.2% over the past year and −4.6% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned −4.2% a year, turning $10,000 into about $7,648. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −29.2%, from Aug 24, 2020 to Oct 20, 2023; the fund has not yet regained that high. TBJL finished 2 of its 5 full calendar years with a gain; the best year was 2023 (+4.1%) and the worst 2022 (−20.8%). Volatility has been 9.7% a year.
Related: TBJL chart. See the TBJL overview for the latest quote and fund facts.
TBJL performance FAQ
What is the TBJL return over the past year?
TBJL returned −7.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 7.2%.
What is the average annual return of TBJL?
TBJL has returned −4.6% a year over 5 years, −4.2% a year since August 20, 2020 (total return, distributions reinvested).
How much would $10,000 invested in TBJL be worth?
$10,000 invested in TBJL at its first recorded close on August 20, 2020 would be worth about $7,648 on October 23, 2026 with distributions reinvested.
What was the worst year for TBJL?
The worst calendar year was 2022, with a total return of −20.8%. The best was 2023 at +4.1%.
What is the biggest drawdown of TBJL?
The largest peak-to-trough decline was −29.2% between August 24, 2020 and October 20, 2023. It has not yet recovered to that high; it is 24.1% below its peak.
How volatile is TBJL?
Over the past 3 years TBJL had an annualized volatility of 9.4% and a Sharpe ratio of -0.47 (excess return over 1–3 month T-bills per unit of risk).