BFEB vs. SCHD

Last updated Jun 24, 2026

BFEB (Innovator S&P 500 Buffer ETF - February) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - BFEB is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index February Series, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, BFEB returned 11.29%/yr vs 8.71%/yr for SCHD. A 0.70 correlation means they provide meaningful diversification when combined. BFEB charges 0.79%/yr vs 0.06%/yr for SCHD.

Performance

BFEB vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P 500 Buffer ETF - February (BFEB) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFEB achieves a 7.13% return, which is significantly lower than SCHD's 17.72% return.

BFEB

• 1D: -0.71%
• 1M: -0.31%
• YTD: 7.13%
• 6M: 6.83%
• 1Y: 19.04%
• 3Y*: 15.76%
• 5Y*: 11.29%
• 10Y*: —

SCHD

• 1D: 0.41%
• 1M: -2.47%
• YTD: 17.72%
• 6M: 17.25%
• 1Y: 24.56%
• 3Y*: 14.60%
• 5Y*: 8.71%
• 10Y*: 12.72%

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

BFEB vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BFEB Innovator S&P 500 Buffer ETF - February	7.13%	12.99%	17.58%	22.35%	-6.76%	18.05%	6.01%
SCHD Schwab U.S. Dividend Equity ETF	17.72%	4.34%	11.66%	4.54%	-3.26%	29.87%	17.09%

Correlation

The correlation between BFEB and SCHD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020	0.70

Over the past year, the correlation between BFEB and SCHD has dropped to 0.35 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

BFEB vs. SCHD — Risk / Return Rank

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

BFEB

BFEB Risk / Return Rank: 77
BFEB Sharpe Ratio Rank: 78
BFEB Sortino Ratio Rank: 79
BFEB Omega Ratio Rank: 81
BFEB Calmar Ratio Rank: 65
BFEB Martin Ratio Rank: 81

SCHD

SCHD Risk / Return Rank: 77
SCHD Sharpe Ratio Rank: 72
SCHD Sortino Ratio Rank: 80
SCHD Omega Ratio Rank: 70
SCHD Calmar Ratio Rank: 90
SCHD Martin Ratio Rank: 71

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.

BFEB vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P 500 Buffer ETF - February (BFEB) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	BFEB	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.23	+0.08
Sortino ratio: Return per unit of downside risk	3.25	3.40	-0.15
Omega ratio: Gain probability vs. loss probability	1.44	1.40	+0.04
Calmar ratio: Return relative to maximum drawdown	2.98	5.35	-2.36
Martin ratio: Return relative to average drawdown	14.92	12.94	+1.99

BFEB vs. SCHD - Sharpe Ratio Comparison

The current BFEB Sharpe Ratio is 2.30, which is comparable to the SCHD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of BFEB and SCHD, 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

BFEB vs. SCHD - Drawdown Comparison

The maximum BFEB drawdown since its inception was -27.20%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for BFEB and SCHD.

Drawdown Indicators

	BFEB	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-27.20%	-33.37%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-4.61%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-16.13%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-14.84%	-16.85%	+2.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-1.31%	-2.47%	+1.16%
Average Drawdown Average peak-to-trough decline	-2.77%	-3.31%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.90%	-0.62%

Volatility

BFEB vs. SCHD - Volatility Comparison

The current volatility for Innovator S&P 500 Buffer ETF - February (BFEB) is 2.70%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.58%. This indicates that BFEB experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFEB	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	3.58%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	7.73%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	8.34%	11.07%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	14.36%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.25%	16.71%	-2.46%

BFEB vs. SCHD - Expense Ratio Comparison

BFEB has a 0.79% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

BFEB vs. SCHD - Dividend Comparison

BFEB has not paid dividends to shareholders, while SCHD's dividend yield for the trailing twelve months is around 3.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFEB Innovator S&P 500 Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.30%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both BFEB and SCHD in my portfolio?

BFEB and SCHD have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFEB or SCHD?

SCHD has higher volatility (3.58%) compared to BFEB (2.70%). In terms of maximum drawdown, BFEB dropped -27.20% vs SCHD's -33.37%.

Which ETF is better, BFEB or SCHD?

On 5-year performance, BFEB leads with 11.29% vs 8.71% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, BFEB has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BFEB or SCHD?

Over the 5-year period, BFEB has performed better with a 11.29% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BFEB or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.79% for BFEB.

Which ETF pays a higher dividend yield, BFEB or SCHD?

SCHD has the higher dividend yield at 3.30%, compared with 0.00% for BFEB.

What is the main difference between BFEB and SCHD?

BFEB is categorized as Options Trading, while SCHD is Dividend. BFEB tracks Cboe S&P 500 Buffer Protect Index February Series, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.79% for BFEB and 0.06% for SCHD.

Which has better risk-adjusted returns?

BFEB currently has the higher Sharpe Ratio (2.30 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.