BFEB vs. SPXT
BFEB (Innovator S&P 500 Buffer ETF - February) and SPXT (ProShares S&P 500 Ex-Technology ETF) are both exchange-traded funds - BFEB is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index February Series, while SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index. Both are passively managed. Over the past 5 years, BFEB returned 11.29%/yr vs 9.36%/yr for SPXT. Their correlation of 0.89 suggests significant overlap in exposure. BFEB charges 0.79%/yr vs 0.09%/yr for SPXT.
Performance
BFEB vs. SPXT - Performance Comparison
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Returns By Period
In the year-to-date period, BFEB achieves a 7.13% return, which is significantly higher than SPXT's 3.59% return.
BFEB
- 1D
- -0.71%
- 1M
- -0.31%
- YTD
- 7.13%
- 6M
- 6.83%
- 1Y
- 19.04%
- 3Y*
- 15.76%
- 5Y*
- 11.29%
- 10Y*
- —
SPXT
- 1D
- 0.06%
- 1M
- -1.20%
- YTD
- 3.59%
- 6M
- 2.96%
- 1Y
- 15.71%
- 3Y*
- 16.04%
- 5Y*
- 9.36%
- 10Y*
- 11.62%
BFEB vs. SPXT - 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% |
SPXT ProShares S&P 500 Ex-Technology ETF | 3.59% | 15.10% | 19.93% | 16.23% | -14.24% | 26.36% | 11.75% |
Correlation
The correlation between BFEB and SPXT is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020 | 0.89 |
The correlation between BFEB and SPXT has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.
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Return for Risk
BFEB vs. SPXT — Risk / Return Rank
BFEB
SPXT
BFEB vs. SPXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P 500 Buffer ETF - February (BFEB) and ProShares S&P 500 Ex-Technology ETF (SPXT). 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 | SPXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.26 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 2.00 | +0.99 |
| Martin ratioReturn relative to average drawdown | 14.92 | 8.59 | +6.34 |
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Drawdowns
BFEB vs. SPXT - Drawdown Comparison
The maximum BFEB drawdown since its inception was -27.20%, smaller than the maximum SPXT drawdown of -34.38%. Use the drawdown chart below to compare losses from any high point for BFEB and SPXT.
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Drawdown Indicators
| BFEB | SPXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.20% | -34.38% | +7.18% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -7.90% | +1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -15.58% | +1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -14.84% | -21.47% | +6.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.38% | — |
Current DrawdownCurrent decline from peak | -1.31% | -1.90% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -4.13% | +1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.83% | -0.55% |
Volatility
BFEB vs. SPXT - Volatility Comparison
The current volatility for Innovator S&P 500 Buffer ETF - February (BFEB) is 2.70%, while ProShares S&P 500 Ex-Technology ETF (SPXT) has a volatility of 3.49%. This indicates that BFEB experiences smaller price fluctuations and is considered to be less risky than SPXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BFEB | SPXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 3.49% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.75% | 7.90% | -1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.34% | 10.54% | -2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 14.74% | -3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.25% | 16.24% | -1.99% |
BFEB vs. SPXT - Expense Ratio Comparison
BFEB has a 0.79% expense ratio, which is higher than SPXT's 0.09% expense ratio.
Dividends
BFEB vs. SPXT - Dividend Comparison
BFEB has not paid dividends to shareholders, while SPXT's dividend yield for the trailing twelve months is around 1.38%.
| 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% |
SPXT ProShares S&P 500 Ex-Technology ETF | 1.38% | 1.38% | 1.29% | 1.53% | 1.86% | 1.15% | 1.63% | 1.63% | 2.03% | 1.55% | 2.67% | 0.56% |
Frequently Asked Questions
BFEB and SPXT have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXT has higher volatility (3.49%) compared to BFEB (2.70%). In terms of maximum drawdown, BFEB dropped -27.20% vs SPXT's -34.38%.
On 5-year performance, BFEB leads with 11.29% vs 9.36% for SPXT. On fees, SPXT is cheaper at 0.09% 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.
Over the 5-year period, BFEB has performed better with a 11.29% return vs 9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXT is cheaper with a 0.09% expense ratio, compared with 0.79% for BFEB.
SPXT has the higher dividend yield at 1.38%, compared with 0.00% for BFEB.
BFEB is categorized as Options Trading, while SPXT is S&P 500. BFEB tracks Cboe S&P 500 Buffer Protect Index February Series, while SPXT tracks S&P 500 Ex-Information Technology Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for BFEB and 0.09% for SPXT.
BFEB currently has the higher Sharpe Ratio (2.30 vs 1.50), 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.
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