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Data as of Oct 28, 2026.

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TBJL vs TLT: Differences, Returns & Fees

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Over the year to Oct 28, 2026, TBJL returned −8.1% to TLT's −7.9%, and TLT charges 0.15% to TBJL's 0.79%.

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Net assets: $8.5m on Oct 28, 2026 for Innovator 20+ Year Treasury Bond 9 Buffer ETF - Jul, and $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF.

TBJL on its own →TLT on its own →
At a glance
−8.1%
TBJL total return, 1 year
−7.9%
TLT total return, 1 year
0.79%
TBJL expense ratio
0.15%
TLT expense ratio

Pair scorecard

TLT costs 0.64 points a year less; their one-year returns differ by 0.2 points; TLT is far larger, $47.4bn against $8.6m.

TBJL vs TLT: Differences, Returns & Fees
MeasureTBJLTLT
Return
Total return, 1 year−8.1%−7.9%
Drawdown
Below its high42.6%, high on Aug 4, 2020
Benchmark
What it tracksTLTICE U.S. Treasury 20+ Year Bond Index
The outcome period
Room to the cap59.3%
Buffer left, in index points2.6% of 9.0%
Days left in the period245
Period endsJun 30, 2027
Cost and size
Expense ratio0.79%0.15%
Net assets, as of Oct 27, 2026$8.6m$47.4bn
Holdings
Holdings in commonnot published

Method

Side by side

TBJL Innovator 20+ Year Treasury Bond 9 Buffer ETF - Jul TLT iShares 20+ Year Treasury Bond ETF
Where it sits Buffer ETF Bond ETF
Issuer Innovator iShares
What it is Defined outcome, 9% on TLT Tracks an index of 20+ year Treasuries
Total return, 1 year −8.1% −7.9%
Its benchmark over the same days −12.0% (TLT) −7.8% (BBLB)
Gap to its benchmark +3.9 pts vs TLT −0.1 pts vs BBLB
Expense ratio 0.79% 0.15%
Holdings not read by ETFIQ 47
Net assets, TBJL as of Oct 28, 2026 and TLT as of Oct 27, 2026 $8.5m $47.4bn

TBJL and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
TBJL

From its price on Oct 28, 2026, the fund can gain about 59.3% more before it reaches its cap. Protection left, in index points: 2.6% of the 9.0% buffer still sits below today's TLT level. 245 days remained on Oct 28, 2026. On Jun 30, 2027 the period ends and a new cap is set.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.

Questions people ask

Are TBJL and TLT in the same category?
TBJL is a buffer ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, TBJL or TLT?
In the year to Oct 28, 2026, with distributions reinvested, TBJL returned −8.1% and TLT −7.9%.
Which is cheaper, TBJL or TLT?
TLT is cheaper, by 0.64 percentage points a year. That is about $64 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
TBJL vs VGLTTFJL vs TLTLTTI vs TLTFIYY vs TLTBITO vs TLTTLT vs TMFTLT vs TLTXTLT vs TLTI
Where to next
TBJL on its own →TLT on its own →Hold both: look the portfolio through →Rankings →TLT dividend history →TLT holdings →Standards and sources →
Sources and dates
TBJL filings on SEC EDGAR ↗
Innovator page for TBJL ↗
TLT filings on SEC EDGAR ↗
TLT prospectus with the expense ratio (SEC) ↗
iShares page for TLT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, TBJL against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/tbjl-vs-tlt

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