BDEC vs. SPY

Last updated Jun 3, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BDEC is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index December, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, BDEC returned 10.32%/yr vs 14.20%/yr for SPY. With a 0.95 correlation, they move nearly in lockstep. BDEC charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

BDEC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - December (BDEC) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDEC achieves a 7.75% return, which is significantly lower than SPY's 11.69% return.

BDEC

• 1D: 0.09%
• 1M: 3.25%
• YTD: 7.75%
• 6M: 8.29%
• 1Y: 22.49%
• 3Y*: 15.10%
• 5Y*: 10.32%
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

BDEC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BDEC Innovator U.S. Equity Buffer ETF - December	7.75%	14.96%	12.71%	19.86%	-9.42%	15.45%	13.39%	2.40%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	3.79%

Correlation

The correlation between BDEC and SPY 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 3, 2019	0.95

The correlation between BDEC and SPY has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

BDEC vs. SPY - Sectors Allocation Comparison

Sectors	BDEC	SPY
Technology	36.2%	35.9%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.4%	8.4%
Industrials	8.1%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BDEC vs. SPY — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 78
BDEC Sharpe Ratio Rank: 78
BDEC Sortino Ratio Rank: 79
BDEC Omega Ratio Rank: 81
BDEC Calmar Ratio Rank: 69
BDEC Martin Ratio Rank: 82

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.58	2.52	+0.05
Sortino ratio Return per unit of downside risk	3.62	3.42	+0.20
Omega ratio Gain probability vs. loss probability	1.49	1.46	+0.04
Calmar ratio Return relative to maximum drawdown	3.49	3.42	+0.08
Martin ratio Return relative to average drawdown	16.74	15.93	+0.81
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. SPY - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 2.58, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BDEC and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.52	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.84	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.59	+0.22

Drawdowns

BDEC vs. SPY - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BDEC and SPY.

Drawdown Indicators

	BDEC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-55.19%	+29.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-8.88%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-18.76%	+4.81%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	-24.50%	+8.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.05%	-9.05%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	1.91%	-0.55%

Volatility

BDEC vs. SPY - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - December (BDEC) is 1.53%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that BDEC experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	2.75%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	6.33%	8.89%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	8.77%	11.81%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	17.05%	-5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	17.94%	-3.67%

BDEC vs. SPY - Expense Ratio Comparison

BDEC has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BDEC vs. SPY - Dividend Comparison

BDEC has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDEC Innovator U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BDEC and SPY in my portfolio?

With a correlation of 0.98, BDEC and SPY 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 SPY?

SPY has higher volatility (2.75%) compared to BDEC (1.53%). In terms of maximum drawdown, BDEC dropped -25.60% vs SPY's -55.19%.

Which ETF is better, BDEC or SPY?

On 5-year performance, SPY leads with 14.20% vs 10.32% for BDEC. On fees, SPY is cheaper at 0.09% per year. On volatility, BDEC has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDEC or SPY?

Over the 5-year period, SPY has performed better with a 14.20% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDEC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for BDEC.

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

SPY has the higher dividend yield at 0.97%, compared with 0.00% for BDEC.

What is the main difference between BDEC and SPY?

BDEC is categorized as Defined Outcome, while SPY is S&P 500. BDEC tracks Cboe S&P 500 Buffer Protect Index December, while SPY tracks S&P 500 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for BDEC and 0.09% for SPY.

Which has better risk-adjusted returns?

BDEC currently has the higher Sharpe Ratio (2.58 vs 2.52), 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.