BDEC vs. BSEP

Last updated Jun 9, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and BSEP (Innovator U.S. Equity Buffer ETF - September) are both Defined Outcome funds from Innovator - BDEC tracks the Cboe S&P 500 Buffer Protect Index December while BSEP tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, BDEC returned 9.92%/yr vs 10.62%/yr for BSEP. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BDEC vs. BSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator U.S. Equity Buffer ETF - September (BSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BDEC having a 6.23% return and BSEP slightly lower at 6.02%.

BDEC

• 1D: 0.10%
• 1M: 0.41%
• YTD: 6.23%
• 6M: 6.54%
• 1Y: 19.69%
• 3Y*: 14.44%
• 5Y*: 9.92%
• 10Y*: —

BSEP

• 1D: 0.15%
• 1M: 0.68%
• YTD: 6.02%
• 6M: 6.59%
• 1Y: 18.71%
• 3Y*: 16.14%
• 5Y*: 10.62%
• 10Y*: —

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

BDEC vs. BSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDEC Innovator U.S. Equity Buffer ETF - December	6.23%	14.96%	12.71%	19.86%	-9.42%	15.45%	13.39%	1.55%
BSEP Innovator U.S. Equity Buffer ETF - September	6.02%	14.80%	16.96%	20.94%	-9.20%	14.64%	12.44%	1.56%

Correlation

The correlation between BDEC and BSEP is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019	0.94

The correlation between BDEC and BSEP has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

BDEC vs. BSEP - Sectors Allocation Comparison

Sectors	BDEC	BSEP
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BDEC vs. BSEP — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 77
BDEC Sharpe Ratio Rank: 77
BDEC Sortino Ratio Rank: 78
BDEC Omega Ratio Rank: 80
BDEC Calmar Ratio Rank: 67
BDEC Martin Ratio Rank: 81

BSEP

BSEP Risk / Return Rank: 82
BSEP Sharpe Ratio Rank: 83
BSEP Sortino Ratio Rank: 85
BSEP Omega Ratio Rank: 85
BSEP Calmar Ratio Rank: 72
BSEP Martin Ratio Rank: 86

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.

BDEC vs. BSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator U.S. Equity Buffer ETF - September (BSEP). 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.

	BDEC	BSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.41	-0.18
Sortino ratio: Return per unit of downside risk	3.12	3.44	-0.32
Omega ratio: Gain probability vs. loss probability	1.43	1.47	-0.04
Calmar ratio: Return relative to maximum drawdown	3.03	3.30	-0.26
Martin ratio: Return relative to average drawdown	14.45	16.41	-1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDEC vs. BSEP - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 2.23, which is comparable to the BSEP Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of BDEC and BSEP, 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

	BDEC	BSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.41	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.92	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.88	-0.09

Drawdowns

BDEC vs. BSEP - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, which is greater than BSEP's maximum drawdown of -23.98%. Use the drawdown chart below to compare losses from any high point for BDEC and BSEP.

Drawdown Indicators

	BDEC	BSEP	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-23.98%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-5.70%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-13.36%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	-15.02%	-1.42%
Current Drawdown Current decline from peak	-1.40%	-0.80%	-0.60%
Average Drawdown Average peak-to-trough decline	-3.05%	-2.74%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	1.14%	+0.23%

Volatility

BDEC vs. BSEP - Volatility Comparison

Innovator U.S. Equity Buffer ETF - December (BDEC) has a higher volatility of 1.97% compared to Innovator U.S. Equity Buffer ETF - September (BSEP) at 1.26%. This indicates that BDEC's price experiences larger fluctuations and is considered to be riskier than BSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	BSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.26%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	5.89%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	8.88%	7.81%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.98%	11.62%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.26%	13.76%	+0.50%

BDEC vs. BSEP - Expense Ratio Comparison

Both BDEC and BSEP have an expense ratio of 0.79%.

Dividends

BDEC vs. BSEP - Dividend Comparison

Neither BDEC nor BSEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BDEC Innovator U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%

Frequently Asked Questions

Can I hold both BDEC and BSEP in my portfolio?

With a correlation of 0.98, BDEC and BSEP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BDEC or BSEP?

BDEC has higher volatility (1.97%) compared to BSEP (1.26%). In terms of maximum drawdown, BDEC dropped -25.60% vs BSEP's -23.98%.

Which ETF is better, BDEC or BSEP?

On 5-year performance, BSEP leads with 10.62% vs 9.92% for BDEC. Both ETFs have the same 0.79% expense ratio. On volatility, BSEP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDEC or BSEP?

Over the 5-year period, BSEP has performed better with a 10.62% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDEC or BSEP?

BDEC and BSEP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BDEC or BSEP?

BDEC and BSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between BDEC and BSEP?

BDEC tracks Cboe S&P 500 Buffer Protect Index December, while BSEP tracks S&P 500 Index.

Which has better risk-adjusted returns?

BSEP currently has the higher Sharpe Ratio (2.41 vs 2.23), 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.