BFEB vs. XUSP

Last updated Jun 4, 2026

BFEB (Innovator S&P 500 Buffer ETF - February) and XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) are both Options Trading funds from Innovator. BFEB is passively managed, while XUSP is actively managed. Over the past 3 years, BFEB returned 16.68%/yr vs 25.24%/yr for XUSP. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

BFEB vs. XUSP - Performance Comparison

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

Returns By Period

In the year-to-date period, BFEB achieves a 8.25% return, which is significantly lower than XUSP's 12.67% return.

BFEB

• 1D: -0.29%
• 1M: 2.99%
• YTD: 8.25%
• 6M: 9.24%
• 1Y: 21.21%
• 3Y*: 16.68%
• 5Y*: 11.70%
• 10Y*: —

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 5Y*: —
• 10Y*: —

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

BFEB vs. XUSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BFEB Innovator S&P 500 Buffer ETF - February	8.25%	12.99%	17.58%	22.35%	-3.17%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	30.60%	26.46%	-9.24%

Correlation

The correlation between BFEB and XUSP is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 12, 2022	0.95

The correlation between BFEB and XUSP has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

BFEB vs. XUSP - Sectors Allocation Comparison

Sectors	BFEB	XUSP
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

BFEB vs. XUSP — Risk / Return Rank

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

BFEB

BFEB Risk / Return Rank: 80
BFEB Sharpe Ratio Rank: 81
BFEB Sortino Ratio Rank: 83
BFEB Omega Ratio Rank: 84
BFEB Calmar Ratio Rank: 67
BFEB Martin Ratio Rank: 83

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

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. XUSP - Risk-Adjusted Trends Comparison

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

	BFEB	XUSP	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.13	+0.50
Sortino ratio: Return per unit of downside risk	3.76	2.87	+0.89
Omega ratio: Gain probability vs. loss probability	1.51	1.37	+0.14
Calmar ratio: Return relative to maximum drawdown	3.32	2.80	+0.53
Martin ratio: Return relative to average drawdown	16.95	11.82	+5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BFEB vs. XUSP - Sharpe Ratio Comparison

The current BFEB Sharpe Ratio is 2.63, which is comparable to the XUSP Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of BFEB and XUSP, 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

	BFEB	XUSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.13	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.04	-0.14

Drawdowns

BFEB vs. XUSP - Drawdown Comparison

The maximum BFEB drawdown since its inception was -26.37%, which is greater than XUSP's maximum drawdown of -22.59%. Use the drawdown chart below to compare losses from any high point for BFEB and XUSP.

Drawdown Indicators

	BFEB	XUSP	Difference
Max Drawdown Largest peak-to-trough decline	-26.37%	-22.59%	-3.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-12.13%	+5.72%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-22.59%	+8.77%
Max Drawdown (5Y) Largest decline over 5 years	-14.84%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.86%	+0.57%
Average Drawdown Average peak-to-trough decline	-2.69%	-4.42%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	2.86%	-1.61%

Volatility

BFEB vs. XUSP - Volatility Comparison

The current volatility for Innovator S&P 500 Buffer ETF - February (BFEB) is 1.51%, while Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) has a volatility of 4.13%. This indicates that BFEB experiences smaller price fluctuations and is considered to be less risky than XUSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFEB	XUSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	4.13%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	6.31%	11.89%	-5.58%
Volatility (1Y) Calculated over the trailing 1-year period	8.10%	15.90%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	19.21%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.19%	19.21%	-5.02%

BFEB vs. XUSP - Expense Ratio Comparison

Both BFEB and XUSP have an expense ratio of 0.79%.

Dividends

BFEB vs. XUSP - Dividend Comparison

Neither BFEB nor XUSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BFEB and XUSP in my portfolio?

With a correlation of 0.97, BFEB and XUSP 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, BFEB or XUSP?

XUSP has higher volatility (4.13%) compared to BFEB (1.51%). In terms of maximum drawdown, BFEB dropped -26.37% vs XUSP's -22.59%.

Which ETF is better, BFEB or XUSP?

On 3-year performance, XUSP leads with 25.24% vs 16.68% for BFEB. Both ETFs have the same 0.79% expense ratio. On volatility, BFEB has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BFEB or XUSP?

Over the 3-year period, XUSP has performed better with a 25.24% return vs 16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BFEB or XUSP?

BFEB and XUSP have the same expense ratio: 0.79% per year.

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

BFEB and XUSP have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

BFEB currently has the higher Sharpe Ratio (2.63 vs 2.13), 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.